SLM vs WAL: Correlation
Measured on weekly returns over the past three years, SLM Corporation (SLM) and Western Alliance Bancorporation (WAL) carry a correlation of 0.59, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SLM and WAL?
Across a 3-year window, the weekly returns of SLM and WAL correlate at 0.59, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.46 versus 0.59 over 3 years. Stretching to 5 years gives 0.51, with an annualized covariance of 772.6 %².
Among the 10 assets we track against SLM, WAL ranks #5 by 3-year correlation. Their 12-month results are close: -13.8% for SLM 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.
SLM vs WAL: side by side
| SLM (SLM Corporation) | WAL (Western Alliance Bancorporation) | |
|---|---|---|
| 1-year return | -13.8% | -9.3% |
| 5-year return | +62.3% | -9.7% |
| Volatility (ann.) | 33.1% | 39.5% |
| Beta vs S&P 500 | 0.96 | 1.51 |
| Max drawdown (3Y) | -45.1% | -36.0% |
| Market cap | $5.0B | $8.6B |
| P/E (trailing) | 7.5 | 9.0 |
| Dividend yield | 1.94% | 2.06% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SLM | WAL |
|---|---|---|
| 2022 | -13.5% | -43.7% |
| 2023 | +18.7% | +14.1% |
| 2024 | +47.3% | +29.7% |
| 2025 | -0.2% | +2.5% |
| 2026 | +0.2% | -4.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SLM and WAL good diversifiers for each other?
Somewhat, no more. With 0.59 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between SLM and WAL?
Using weekly returns as of 2026-08-27: 0.59 over 3 years, with 0.46 over the last year and 0.51 over 5 years.
Is WAL a good diversifier for SLM?
Somewhat, no more. With 0.59 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.59 mean?
A reading of 0.59 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: SLM correlations · WAL correlations
