RY vs USB: Correlation
Measured on weekly returns over the past three years, Royal Bank Of Canada (RY) and U.S. Bancorp (USB) carry a correlation of 0.67, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RY and USB?
On 3 years of weekly data the RY/USB correlation comes out at 0.67, strong. Little has changed lately, as the 1-year reading of 0.69 lands near the 3-year figure. The 5-year figure is 0.65, and annualized covariance runs at 296.0 %².
Among the 11 assets we track against RY, USB ranks #4 by 3-year correlation. Over the last 12 months RY came out ahead by 9.5 percentage points (+42.6% against +33.1%). One caveat on sizing: USB is 1.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
RY vs USB: side by side
| RY (Royal Bank Of Canada) | USB (U.S. Bancorp) | |
|---|---|---|
| 1-year return | +42.6% | +33.1% |
| 5-year return | +132.0% | +36.0% |
| Volatility (ann.) | 16.1% | 27.3% |
| Beta vs S&P 500 | 0.57 | 1.09 |
| Max drawdown (3Y) | -14.6% | -30.6% |
| Market cap | $283.2B | $97.2B |
| P/E (trailing) | 18.7 | 12.5 |
| Dividend yield | 0.00% | 3.31% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | RY | USB |
|---|---|---|
| 2022 | -8.0% | -19.1% |
| 2023 | +12.2% | +4.8% |
| 2024 | +23.8% | +15.6% |
| 2025 | +45.2% | +16.5% |
| 2026 | +21.5% | +19.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RY and USB good diversifiers for each other?
To a limited degree. At 0.67 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between RY and USB?
As of 2026-08-27, the correlation of weekly returns between RY and USB is 0.67 over 3 years, 0.69 over 1 year and 0.65 over 5 years.
Is USB a good diversifier for RY?
To a limited degree. At 0.67 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.67 mean?
A reading of 0.67 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ry-vs-usb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ry-vs-usb/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: RY correlations · USB correlations
