PGC vs WASH: Correlation
How closely do Peapack-Gl (PGC) and Washington Trust Bancorp, Inc. (WASH) trade together? Their weekly returns over three years give a correlation of 0.82, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PGC and WASH?
Across a 3-year window, the weekly returns of PGC and WASH correlate at 0.82, very strong, meaning they move nearly in lockstep. The link has loosened recently: the 1-year correlation (0.70) runs below the 3-year figure (0.82). Stretching to 5 years gives 0.77, with an annualized covariance of 981.0 %².
Within PGC's tracked universe of 12 assets, WASH comes in at #5 by 3-year correlation. The last year tells two different stories: PGC led by 17.6 percentage points, +57.7% for PGC 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.
PGC vs WASH: side by side
| PGC (Peapack-Gl) | WASH (Washington Trust Bancorp, Inc.) | |
|---|---|---|
| 1-year return | +57.7% | +40.1% |
| 5-year return | +41.8% | +4.8% |
| Volatility (ann.) | 34.4% | 34.9% |
| Beta vs S&P 500 | 0.88 | 1.04 |
| Max drawdown (3Y) | -34.2% | -32.3% |
| Market cap | $0.8B | $0.8B |
| P/E (trailing) | 15.7 | 13.7 |
| Dividend yield | 0.44% | 5.64% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PGC | WASH |
|---|---|---|
| 2022 | +5.7% | -12.5% |
| 2023 | -19.3% | -26.1% |
| 2024 | +8.3% | +2.7% |
| 2025 | -12.5% | +1.7% |
| 2026 | +62.8% | +41.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PGC and WASH good diversifiers for each other?
No: a correlation of 0.82 means PGC and WASH tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between PGC and WASH?
Using weekly returns as of 2026-08-27: 0.82 over 3 years, with 0.70 over the last year and 0.77 over 5 years.
Is WASH a good diversifier for PGC?
No: a correlation of 0.82 means PGC and WASH tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.82 mean?
On the −1 to +1 scale, 0.82 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/pgc-vs-wash.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/pgc-vs-wash/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: PGC correlations · WASH correlations
