FCF vs WAFD: Correlation
First Commonwealth Financial Corporation (FCF) and WaFd, Inc. (WAFD) show a very strong relationship: their 3-year correlation of weekly returns is 0.83.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FCF and WAFD?
Over the past 3 years, FCF and WAFD moved with a correlation of 0.83, which is very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.73 over 1 year against 0.83 over 3. Over 5 years the correlation is 0.79, and the annualized covariance of weekly returns is 645.1 %².
Within FCF's tracked universe of 64 assets, WAFD comes in at #39 by 3-year correlation. Neither side won the trailing year by much: +20.3% against +16.9%.
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.
FCF vs WAFD: side by side
| FCF (First Commonwealth Financial Corporation) | WAFD (WaFd, Inc.) | |
|---|---|---|
| 1-year return | +20.3% | +16.9% |
| 5-year return | +83.7% | +28.1% |
| Volatility (ann.) | 26.9% | 28.8% |
| Beta vs S&P 500 | 0.72 | 0.70 |
| Max drawdown (3Y) | -26.9% | -34.6% |
| Market cap | $2.1B | $2.7B |
| P/E (trailing) | 12.7 | 11.4 |
| Dividend yield | 2.64% | 2.95% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FCF | WAFD |
|---|---|---|
| 2022 | -10.3% | +3.4% |
| 2023 | +14.8% | +1.7% |
| 2024 | +13.4% | +1.1% |
| 2025 | +3.0% | +3.0% |
| 2026 | +26.0% | +15.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FCF and WAFD good diversifiers for each other?
No: a correlation of 0.83 means FCF and WAFD tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between FCF and WAFD?
Using weekly returns as of 2026-08-27: 0.83 over 3 years, with 0.73 over the last year and 0.79 over 5 years.
Is WAFD a good diversifier for FCF?
No: a correlation of 0.83 means FCF and WAFD tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.83 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/fcf-vs-wafd.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fcf-vs-wafd/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FCF correlations · WAFD correlations
