PFS vs WASH: Correlation
Measured on weekly returns over the past three years, Provident Financial Services, Inc (PFS) and Washington Trust Bancorp, Inc. (WASH) carry a correlation of 0.83, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PFS and WASH?
Over the past 3 years, PFS and WASH moved with a correlation of 0.83, which is very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.80 over 1 year against 0.83 over 3. Over 5 years the correlation is 0.79, and the annualized covariance of weekly returns is 881.2 %².
By 3-year correlation, WASH places #10 of the 28 assets tracked against PFS. Their recent paths diverged sharply: over the last 12 months WASH outperformed by 16.2 percentage points (+23.9% for PFS against +40.1% for WASH).
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.
PFS vs WASH: side by side
| PFS (Provident Financial Services, Inc) | WASH (Washington Trust Bancorp, Inc.) | |
|---|---|---|
| 1-year return | +23.9% | +40.1% |
| 5-year return | +37.5% | +4.8% |
| Volatility (ann.) | 30.4% | 34.9% |
| Beta vs S&P 500 | 0.87 | 1.04 |
| Max drawdown (3Y) | -31.3% | -32.3% |
| Market cap | $3.1B | $0.8B |
| P/E (trailing) | 9.8 | 13.7 |
| Dividend yield | 2.04% | 5.64% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PFS | WASH |
|---|---|---|
| 2022 | -8.0% | -12.5% |
| 2023 | -10.8% | -26.1% |
| 2024 | +10.7% | +2.7% |
| 2025 | +10.2% | +1.7% |
| 2026 | +23.1% | +41.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PFS and WASH good diversifiers for each other?
No. With a correlation of 0.83, PFS and WASH move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between PFS and WASH?
As of 2026-08-27, the correlation of weekly returns between PFS and WASH is 0.83 over 3 years, 0.80 over 1 year and 0.79 over 5 years.
Is WASH a good diversifier for PFS?
No. With a correlation of 0.83, PFS and WASH move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.83 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/pfs-vs-wash.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/pfs-vs-wash/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: PFS correlations · WASH correlations
