TRN vs WAL: Correlation
How closely do Trinity Industries, Inc. (TRN) and Western Alliance Bancorporation (WAL) trade together? Their weekly returns over three years give a correlation of 0.59, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TRN and WAL?
Across a 3-year window, the weekly returns of TRN and WAL correlate at 0.59, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.40 versus 0.59 over 3 years. Stretching to 5 years gives 0.52, with an annualized covariance of 871.9 %².
Few assets follow TRN as closely as WAL, which ranks #2 of 10 tracked partners. The last year tells two different stories: TRN led by 15.8 percentage points, +6.5% for TRN 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.
TRN vs WAL: side by side
| TRN (Trinity Industries, Inc.) | WAL (Western Alliance Bancorporation) | |
|---|---|---|
| 1-year return | +6.5% | -9.3% |
| 5-year return | +22.0% | -9.7% |
| Volatility (ann.) | 37.5% | 39.5% |
| Beta vs S&P 500 | 0.89 | 1.51 |
| Max drawdown (3Y) | -39.6% | -36.0% |
| Market cap | $2.3B | $8.6B |
| P/E (trailing) | 7.0 | 9.0 |
| Dividend yield | 4.17% | 2.06% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | TRN | WAL |
|---|---|---|
| 2022 | +1.5% | -43.7% |
| 2023 | -6.2% | +14.1% |
| 2024 | +37.2% | +29.7% |
| 2025 | -21.5% | +2.5% |
| 2026 | +14.8% | -4.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TRN and WAL good diversifiers for each other?
Only partially. A correlation of 0.59 means TRN 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 TRN and WAL?
As of 2026-08-27, the correlation of weekly returns between TRN and WAL is 0.59 over 3 years, 0.40 over 1 year and 0.52 over 5 years.
Is WAL a good diversifier for TRN?
Only partially. A correlation of 0.59 means TRN 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 0.59 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/trn-vs-wal.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/trn-vs-wal/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: TRN correlations · WAL correlations
