HBAN vs ZION: Correlation
Measured on weekly returns over the past three years, Huntington Bancshares (HBAN) and Zions Bancorporation N.A. (ZION) carry a correlation of 0.88, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HBAN and ZION?
Over the past 3 years, HBAN and ZION moved with a correlation of 0.88, which is very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.90 over 1 year against 0.88 over 3. Over 5 years the correlation is 0.84, and the annualized covariance of weekly returns is 928.9 %².
Among the 55 assets we track against HBAN, ZION ranks #11 by 3-year correlation. Correlation aside, the last 12 months split them widely, with ZION ahead by 22.4 points (-1.7% versus +20.7%).
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.
HBAN vs ZION: side by side
| HBAN (Huntington Bancshares) | ZION (Zions Bancorporation N.A.) | |
|---|---|---|
| 1-year return | -1.7% | +20.7% |
| 5-year return | +36.8% | +41.1% |
| Volatility (ann.) | 29.8% | 35.5% |
| Beta vs S&P 500 | 1.07 | 1.29 |
| Max drawdown (3Y) | -30.0% | -32.4% |
| Market cap | $34.1B | $9.9B |
| P/E (trailing) | 13.1 | 8.7 |
| Dividend yield | 3.64% | 2.63% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | HBAN | ZION |
|---|---|---|
| 2022 | -4.4% | -20.0% |
| 2023 | -4.7% | -6.3% |
| 2024 | +33.7% | +28.2% |
| 2025 | +10.8% | +11.6% |
| 2026 | -0.9% | +18.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HBAN and ZION good diversifiers for each other?
No. With a correlation of 0.88, HBAN and ZION move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between HBAN and ZION?
As of 2026-08-27, the correlation of weekly returns between HBAN and ZION is 0.88 over 3 years, 0.90 over 1 year and 0.84 over 5 years.
Is ZION a good diversifier for HBAN?
No. With a correlation of 0.88, HBAN and ZION move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.88 mean?
On the −1 to +1 scale, 0.88 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hban-vs-zion.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hban-vs-zion/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HBAN correlations · ZION correlations
