FITB vs WAL: Correlation
Fifth Third Bancorp (FITB) and Western Alliance Bancorporation (WAL) show a very strong relationship: their 3-year correlation of weekly returns is 0.88.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FITB and WAL?
Over the past 3 years, FITB and WAL moved with a correlation of 0.88, which is very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.84 over 1 year against 0.88 over 3. Over 5 years the correlation is 0.82, and the annualized covariance of weekly returns is 1023.2 %².
Among the 45 assets we track against FITB, WAL ranks #10 by 3-year correlation. Correlation aside, the last 12 months split them widely, with FITB ahead by 33.9 points (+24.6% versus -9.3%).
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.
FITB vs WAL: side by side
| FITB (Fifth Third Bancorp) | WAL (Western Alliance Bancorporation) | |
|---|---|---|
| 1-year return | +24.6% | -9.3% |
| 5-year return | +71.2% | -9.7% |
| Volatility (ann.) | 29.4% | 39.5% |
| Beta vs S&P 500 | 1.03 | 1.51 |
| Max drawdown (3Y) | -29.9% | -36.0% |
| Market cap | $49.7B | $8.6B |
| P/E (trailing) | 18.5 | 9.0 |
| Dividend yield | 2.90% | 2.06% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | FITB | WAL |
|---|---|---|
| 2022 | -21.9% | -43.7% |
| 2023 | +10.4% | +14.1% |
| 2024 | +27.2% | +29.7% |
| 2025 | +14.8% | +2.5% |
| 2026 | +19.1% | -4.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FITB and WAL good diversifiers for each other?
Not really. At 0.88, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between FITB and WAL?
The FITB/WAL correlation stands at 0.88 on a 3-year window (1 year: 0.84, 5 years: 0.82), computed from weekly returns as of 2026-08-27.
Is WAL a good diversifier for FITB?
Not really. At 0.88, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.88 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.
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Related comparisons
Hubs: FITB correlations · WAL correlations
