RF vs ZION: Correlation
Regions Financial Corporation (RF) and Zions Bancorporation N.A. (ZION) show a very strong relationship: their 3-year correlation of weekly returns is 0.91.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RF and ZION?
On 3 years of weekly data the RF/ZION correlation comes out at 0.91, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.91 over 1 year against 0.91 over 3. The 5-year figure is 0.87, and annualized covariance runs at 940.7 %².
In RF's tracked universe of 44 assets, ZION sits right near the top at #3. Over the last 12 months ZION came out ahead by 5.3 percentage points (+15.4% against +20.7%).
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.
RF vs ZION: side by side
| RF (Regions Financial Corporation) | ZION (Zions Bancorporation N.A.) | |
|---|---|---|
| 1-year return | +15.4% | +20.7% |
| 5-year return | +83.5% | +41.1% |
| Volatility (ann.) | 29.2% | 35.5% |
| Beta vs S&P 500 | 1.09 | 1.29 |
| Max drawdown (3Y) | -31.9% | -32.4% |
| Market cap | $25.9B | $9.9B |
| P/E (trailing) | 12.4 | 8.7 |
| Dividend yield | 3.45% | 2.63% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | RF | ZION |
|---|---|---|
| 2022 | +2.3% | -20.0% |
| 2023 | -5.7% | -6.3% |
| 2024 | +27.0% | +28.2% |
| 2025 | +20.2% | +11.6% |
| 2026 | +14.3% | +18.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RF and ZION good diversifiers for each other?
No: a correlation of 0.91 means RF and ZION tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between RF and ZION?
The RF/ZION correlation stands at 0.91 on a 3-year window (1 year: 0.91, 5 years: 0.87), computed from weekly returns as of 2026-08-27.
Is ZION a good diversifier for RF?
No: a correlation of 0.91 means RF and ZION tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.91 mean?
On the −1 to +1 scale, 0.91 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/rf-vs-zion.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/rf-vs-zion/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: RF correlations · ZION correlations
