NTRS vs RJF: Correlation
Measured on weekly returns over the past three years, Northern Trust (NTRS) and Raymond James Financial (RJF) carry a correlation of 0.70, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NTRS and RJF?
Over the past 3 years, NTRS and RJF moved with a correlation of 0.70, which is strong. Recent behaviour matches the longer record: 0.61 over 1 year against 0.70 over 3. Over 5 years the correlation is 0.72, and the annualized covariance of weekly returns is 411.5 %².
By 3-year correlation, RJF places #16 of the 33 assets tracked against NTRS. Correlation aside, the last 12 months split them widely, with NTRS ahead by 38.5 points (+44.8% versus +6.3%). Stability stands out here, with the rolling one-year correlation confined to 0.59 through 0.81.
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.
NTRS vs RJF: side by side
| NTRS (Northern Trust) | RJF (Raymond James Financial) | |
|---|---|---|
| 1-year return | +44.8% | +6.3% |
| 5-year return | +83.2% | +102.1% |
| Volatility (ann.) | 23.7% | 24.8% |
| Beta vs S&P 500 | 1.08 | 1.03 |
| Max drawdown (3Y) | -25.2% | -28.1% |
| Market cap | $34.1B | $33.8B |
| P/E (trailing) | 16.1 | 15.4 |
| Dividend yield | 1.71% | 1.20% |
| Sector / category | Financials | Financials |
Year-by-year returns
| Year | NTRS | RJF |
|---|---|---|
| 2022 | -23.8% | +8.3% |
| 2023 | -1.0% | +6.1% |
| 2024 | +25.6% | +40.8% |
| 2025 | +36.9% | +4.7% |
| 2026 | +37.8% | +10.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NTRS and RJF good diversifiers for each other?
Only partially. A correlation of 0.70 means NTRS 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 NTRS and RJF?
As of 2026-08-27, the correlation of weekly returns between NTRS and RJF is 0.70 over 3 years, 0.61 over 1 year and 0.72 over 5 years.
Is RJF a good diversifier for NTRS?
Only partially. A correlation of 0.70 means NTRS 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/ntrs-vs-rjf.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ntrs-vs-rjf/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NTRS correlations · RJF correlations
