CM vs RY: Correlation
Measured on weekly returns over the past three years, Canadian Imperial Bank of Commerce (CM) and Royal Bank Of Canada (RY) carry a correlation of 0.80, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CM and RY?
Over the past 3 years, CM and RY moved with a correlation of 0.80, which is very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.73 over 1 year against 0.80 over 3. Over 5 years the correlation is 0.82, and the annualized covariance of weekly returns is 247.4 %².
In CM's tracked universe of 10 assets, RY sits right near the top at #1. On 12-month performance CM holds a 12.2-point edge, +54.8% against +42.6%.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
CM vs RY: side by side
| CM (Canadian Imperial Bank of Commerce) | RY (Royal Bank Of Canada) | |
|---|---|---|
| 1-year return | +54.8% | +42.6% |
| 5-year return | +145.1% | +132.0% |
| Volatility (ann.) | 19.2% | 16.1% |
| Beta vs S&P 500 | 0.57 | 0.57 |
| Max drawdown (3Y) | -17.4% | -14.6% |
| Market cap | $104.3B | $283.2B |
| P/E (trailing) | 16.2 | 18.7 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CM | RY |
|---|---|---|
| 2022 | -26.8% | -8.0% |
| 2023 | +26.5% | +12.2% |
| 2024 | +37.8% | +23.8% |
| 2025 | +46.5% | +45.2% |
| 2026 | +28.6% | +21.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CM and RY good diversifiers for each other?
No: a correlation of 0.80 means CM and RY tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between CM and RY?
The CM/RY correlation stands at 0.80 on a 3-year window (1 year: 0.73, 5 years: 0.82), computed from weekly returns as of 2026-08-27.
Is RY a good diversifier for CM?
No: a correlation of 0.80 means CM and RY tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.80 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cm-vs-ry.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cm-vs-ry/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CM correlations · RY correlations
