MS vs RJF: Correlation
Morgan Stanley (MS) and Raymond James Financial (RJF) show a strong relationship: their 3-year correlation of weekly returns is 0.70.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MS and RJF?
Over the past 3 years, MS and RJF moved with a correlation of 0.70, which is strong. The past 12 months show a weaker link (0.49) than the 3-year average (0.70). Over 5 years the correlation is 0.69, and the annualized covariance of weekly returns is 489.7 %².
Among the 46 assets we track against MS, RJF ranks #23 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MS outperformed by 40.8 percentage points (+47.1% for MS against +6.3% for RJF). Across three years, the rolling one-year figure varied moderately, from 0.49 to 0.86.
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.
MS vs RJF: side by side
| MS (Morgan Stanley) | RJF (Raymond James Financial) | |
|---|---|---|
| 1-year return | +47.1% | +6.3% |
| 5-year return | +142.0% | +102.1% |
| Volatility (ann.) | 28.3% | 24.8% |
| Beta vs S&P 500 | 1.43 | 1.03 |
| Max drawdown (3Y) | -29.2% | -28.1% |
| Market cap | $337.5B | $33.8B |
| P/E (trailing) | 17.4 | 15.4 |
| Dividend yield | 1.94% | 1.20% |
| Sector / category | Financials | Financials |
Year-by-year returns
| Year | MS | RJF |
|---|---|---|
| 2022 | -10.3% | +8.3% |
| 2023 | +13.9% | +6.1% |
| 2024 | +39.7% | +40.8% |
| 2025 | +45.2% | +4.7% |
| 2026 | +23.0% | +10.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MS and RJF good diversifiers for each other?
Only partially. A correlation of 0.70 means MS and RJF share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between MS and RJF?
The MS/RJF correlation stands at 0.70 on a 3-year window (1 year: 0.49, 5 years: 0.69), computed from weekly returns as of 2026-08-27.
Is RJF a good diversifier for MS?
Only partially. A correlation of 0.70 means MS and RJF share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.70 mean?
On the −1 to +1 scale, 0.70 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/ms-vs-rjf.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ms-vs-rjf/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MS correlations · RJF correlations
