KEY vs USB: Correlation
How closely do KeyCorp (KEY) and U.S. Bancorp (USB) trade together? Their weekly returns over three years give a correlation of 0.85, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KEY and USB?
Across a 3-year window, the weekly returns of KEY and USB correlate at 0.85, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.89 over 1 year against 0.85 over 3. Stretching to 5 years gives 0.85, with an annualized covariance of 748.8 %².
By 3-year correlation, USB places #14 of the 59 assets tracked against KEY. Over the last 12 months USB came out ahead by 14.7 percentage points (+18.4% against +33.1%). The link looks structural: the rolling one-year correlation barely moved, holding between 0.75 and 0.94.
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.
KEY vs USB: side by side
| KEY (KeyCorp) | USB (U.S. Bancorp) | |
|---|---|---|
| 1-year return | +18.4% | +33.1% |
| 5-year return | +38.0% | +36.0% |
| Volatility (ann.) | 32.1% | 27.3% |
| Beta vs S&P 500 | 1.25 | 1.09 |
| Max drawdown (3Y) | -32.2% | -30.6% |
| Market cap | $23.5B | $97.2B |
| P/E (trailing) | 13.0 | 12.5 |
| Dividend yield | 3.71% | 3.31% |
| Sector / category | Financials | Financials |
Year-by-year returns
| Year | KEY | USB |
|---|---|---|
| 2022 | -21.7% | -19.1% |
| 2023 | -11.5% | +4.8% |
| 2024 | +25.3% | +15.6% |
| 2025 | +26.2% | +16.5% |
| 2026 | +8.8% | +19.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KEY and USB good diversifiers for each other?
No. With a correlation of 0.85, KEY and USB move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between KEY and USB?
The KEY/USB correlation stands at 0.85 on a 3-year window (1 year: 0.89, 5 years: 0.85), computed from weekly returns as of 2026-08-27.
Is USB a good diversifier for KEY?
No. With a correlation of 0.85, KEY and USB move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.85 mean?
On the −1 to +1 scale, 0.85 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/key-vs-usb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/key-vs-usb/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: KEY correlations · USB correlations
