USB vs ZION: Correlation
Measured on weekly returns over the past three years, U.S. Bancorp (USB) and Zions Bancorporation N.A. (ZION) carry a correlation of 0.86, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are USB and ZION?
Over the past 3 years, USB and ZION moved with a correlation of 0.86, which is very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.88 lands near the 3-year figure. Over 5 years the correlation is 0.84, and the annualized covariance of weekly returns is 832.7 %².
Among the 55 assets we track against USB, ZION ranks #7 by 3-year correlation. The trailing year gives USB the advantage: +33.1% versus +20.7%, a 12.4-point spread.
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.
USB vs ZION: side by side
| USB (U.S. Bancorp) | ZION (Zions Bancorporation N.A.) | |
|---|---|---|
| 1-year return | +33.1% | +20.7% |
| 5-year return | +36.0% | +41.1% |
| Volatility (ann.) | 27.3% | 35.5% |
| Beta vs S&P 500 | 1.09 | 1.29 |
| Max drawdown (3Y) | -30.6% | -32.4% |
| Market cap | $97.2B | $9.9B |
| P/E (trailing) | 12.5 | 8.7 |
| Dividend yield | 3.31% | 2.63% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | USB | ZION |
|---|---|---|
| 2022 | -19.1% | -20.0% |
| 2023 | +4.8% | -6.3% |
| 2024 | +15.6% | +28.2% |
| 2025 | +16.5% | +11.6% |
| 2026 | +19.2% | +18.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are USB and ZION good diversifiers for each other?
No: a correlation of 0.86 means USB and ZION tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between USB and ZION?
Using weekly returns as of 2026-08-27: 0.86 over 3 years, with 0.88 over the last year and 0.84 over 5 years.
Is ZION a good diversifier for USB?
No: a correlation of 0.86 means USB and ZION tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.86 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/usb-vs-zion.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/usb-vs-zion/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: USB correlations · ZION correlations
