WAL vs WD: Correlation
How closely do Western Alliance Bancorporation (WAL) and Walker & Dunlop, Inc (WD) trade together? Their weekly returns over three years give a correlation of 0.68, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are WAL and WD?
Over the past 3 years, WAL and WD moved with a correlation of 0.68, which is strong. The past 12 months show a weaker link (0.53) than the 3-year average (0.68). Over 5 years the correlation is 0.55, and the annualized covariance of weekly returns is 1033.7 %².
Within WAL's tracked universe of 25 assets, WD comes in at #9 by 3-year correlation. Correlation aside, the last 12 months split them widely, with WAL ahead by 41.7 points (-9.3% versus -51.0%).
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.
WAL vs WD: side by side
| WAL (Western Alliance Bancorporation) | WD (Walker & Dunlop, Inc) | |
|---|---|---|
| 1-year return | -9.3% | -51.0% |
| 5-year return | -9.7% | -53.5% |
| Volatility (ann.) | 39.5% | 38.5% |
| Beta vs S&P 500 | 1.51 | 1.12 |
| Max drawdown (3Y) | -36.0% | -63.4% |
| Market cap | $8.6B | $1.4B |
| P/E (trailing) | 9.0 | 36.0 |
| Dividend yield | 2.06% | 6.70% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | WAL | WD |
|---|---|---|
| 2022 | -43.7% | -46.8% |
| 2023 | +14.1% | +46.0% |
| 2024 | +29.7% | -10.1% |
| 2025 | +2.5% | -35.9% |
| 2026 | -4.9% | -29.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are WAL and WD good diversifiers for each other?
To a limited degree. At 0.68 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 WAL and WD?
Using weekly returns as of 2026-08-27: 0.68 over 3 years, with 0.53 over the last year and 0.55 over 5 years.
Is WD a good diversifier for WAL?
To a limited degree. At 0.68 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 0.68 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/wal-vs-wd.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/wal-vs-wd/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: WAL correlations · WD correlations
