PHIN vs WAL: Correlation
How closely do PHINIA Inc. (PHIN) and Western Alliance Bancorporation (WAL) trade together? Their weekly returns over three years give a correlation of 0.64, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PHIN and WAL?
On 3 years of weekly data the PHIN/WAL correlation comes out at 0.64, strong. Little has changed lately, as the 1-year reading of 0.63 lands near the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at 830.0 %².
Among the 12 assets we track against PHIN, WAL ranks #5 by 3-year correlation. The last year tells two different stories: PHIN led by 26.2 percentage points, +16.9% for PHIN against -9.3% for WAL.
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.
PHIN vs WAL: side by side
| PHIN (PHINIA Inc.) | WAL (Western Alliance Bancorporation) | |
|---|---|---|
| 1-year return | +16.9% | -9.3% |
| 5-year return | n/a | -9.7% |
| Volatility (ann.) | 33.0% | 39.5% |
| Beta vs S&P 500 | 1.01 | 1.51 |
| Max drawdown (3Y) | -32.9% | -36.0% |
| Market cap | $2.5B | $8.6B |
| P/E (trailing) | 20.1 | 9.0 |
| Dividend yield | 1.63% | 2.06% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PHIN | WAL |
|---|---|---|
| 2022 | – | -43.7% |
| 2023 | – | +14.1% |
| 2024 | +62.7% | +29.7% |
| 2025 | +33.0% | +2.5% |
| 2026 | +9.5% | -4.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PHIN and WAL good diversifiers for each other?
Only partially. A correlation of 0.64 means PHIN and WAL 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 PHIN and WAL?
Using weekly returns as of 2026-08-27: 0.64 over 3 years, with 0.63 over the last year and n/a over 5 years.
Is WAL a good diversifier for PHIN?
Only partially. A correlation of 0.64 means PHIN and WAL share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.64 mean?
On the −1 to +1 scale, 0.64 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.
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Related comparisons
Hubs: PHIN correlations · WAL correlations
