KEY vs ZION: Correlation
KeyCorp (KEY) and Zions Bancorporation N.A. (ZION) show a very strong relationship: their 3-year correlation of weekly returns is 0.91.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KEY and ZION?
On 3 years of weekly data the KEY/ZION correlation comes out at 0.91, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.93) sits close to the 3-year figure. The 5-year figure is 0.90, and annualized covariance runs at 1035.6 %².
ZION is one of the assets that tracks KEY most closely: it ranks #3 out of the 59 assets we track against KEY. Their 12-month results are close: +18.4% for KEY against +20.7% for ZION.
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 ZION: side by side
| KEY (KeyCorp) | ZION (Zions Bancorporation N.A.) | |
|---|---|---|
| 1-year return | +18.4% | +20.7% |
| 5-year return | +38.0% | +41.1% |
| Volatility (ann.) | 32.1% | 35.5% |
| Beta vs S&P 500 | 1.25 | 1.29 |
| Max drawdown (3Y) | -32.2% | -32.4% |
| Market cap | $23.5B | $9.9B |
| P/E (trailing) | 13.0 | 8.7 |
| Dividend yield | 3.71% | 2.63% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | KEY | ZION |
|---|---|---|
| 2022 | -21.7% | -20.0% |
| 2023 | -11.5% | -6.3% |
| 2024 | +25.3% | +28.2% |
| 2025 | +26.2% | +11.6% |
| 2026 | +8.8% | +18.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KEY and ZION good diversifiers for each other?
No: a correlation of 0.91 means KEY and ZION tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between KEY and ZION?
As of 2026-08-27, the correlation of weekly returns between KEY and ZION is 0.91 over 3 years, 0.93 over 1 year and 0.90 over 5 years.
Is ZION a good diversifier for KEY?
No: a correlation of 0.91 means KEY and ZION tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.91 mean?
On the −1 to +1 scale, 0.91 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-zion.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/key-vs-zion/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: KEY correlations · ZION correlations
