CFG vs. WAL

Last updated Jun 4, 2026

CFG (Citizens Financial Group, Inc.) and WAL (Western Alliance Bancorporation) are both stocks. Both operate in the Banks - Regional industry within the Financial Services sector. Over the past 10 years, CFG returned 14.47%/yr vs 9.17%/yr for WAL. A 0.77 correlation means they provide meaningful diversification when combined.

Performance

CFG vs. WAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Citizens Financial Group, Inc. (CFG) and Western Alliance Bancorporation (WAL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CFG achieves a 6.84% return, which is significantly higher than WAL's -6.57% return. Over the past 10 years, CFG has outperformed WAL with an annualized return of 14.47%, while WAL has yielded a comparatively lower 9.17% annualized return.

CFG

• 1D: -1.25%
• 1M: -3.19%
• YTD: 6.84%
• 6M: 12.08%
• 1Y: 55.57%
• 3Y*: 35.98%
• 5Y*: 8.70%
• 10Y*: 14.47%

WAL

• 1D: -3.05%
• 1M: -2.08%
• YTD: -6.57%
• 6M: -7.49%
• 1Y: 8.33%
• 3Y*: 29.77%
• 5Y*: -3.29%
• 10Y*: 9.17%

*Multi-year figures are annualized to reflect compound growth (CAGR)

CFG vs. WAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CFG Citizens Financial Group, Inc.	6.84%	38.60%	38.01%	-11.01%	-13.37%	37.02%	-6.73%	41.84%	-27.44%	19.91%
WAL Western Alliance Bancorporation	-6.57%	2.55%	29.67%	14.12%	-43.68%	81.72%	7.77%	45.90%	-30.25%	16.24%

Correlation

The correlation between CFG and WAL is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Sep 25, 2014	0.77

The correlation between CFG and WAL has been stable across timeframes, ranging from 0.77 to 0.79 - a consistent structural relationship.

Fundamentals

EPS CFG : $4.55 WAL : $11.59
PE Ratio CFG : 13.53 WAL : 6.71
PS Ratio CFG : 2.37 WAL : 1.21
Total Revenue (TTM) CFG : $11.28B WAL : $5.28B
Gross Profit (TTM) CFG : $8.02B WAL : $2.51B
EBITDA (TTM) CFG : $2.75B WAL : $1.03B

Return for Risk

CFG vs. WAL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CFG

CFG Risk / Return Rank: 85
CFG Sharpe Ratio Rank: 89
CFG Sortino Ratio Rank: 85
CFG Omega Ratio Rank: 85
CFG Calmar Ratio Rank: 82
CFG Martin Ratio Rank: 86

WAL

WAL Risk / Return Rank: 46
WAL Sharpe Ratio Rank: 49
WAL Sortino Ratio Rank: 42
WAL Omega Ratio Rank: 43
WAL Calmar Ratio Rank: 47
WAL Martin Ratio Rank: 48

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CFG vs. WAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Citizens Financial Group, Inc. (CFG) and Western Alliance Bancorporation (WAL). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	CFG	WAL	Difference
Sharpe ratio Return per unit of total volatility	2.14	0.22	+1.92
Sortino ratio Return per unit of downside risk	2.79	0.54	+2.25
Omega ratio Gain probability vs. loss probability	1.36	1.07	+0.29
Calmar ratio Return relative to maximum drawdown	3.05	0.28	+2.77
Martin ratio Return relative to average drawdown	9.42	0.66	+8.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CFG vs. WAL - Sharpe Ratio Comparison

The current CFG Sharpe Ratio is 2.14, which is higher than the WAL Sharpe Ratio of 0.22. The chart below compares the historical Sharpe Ratios of CFG and WAL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CFG	WAL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.14	0.22	+1.92
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	-0.05	+0.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.38	0.18	+0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.11	+0.23

Drawdowns

CFG vs. WAL - Drawdown Comparison

The maximum CFG drawdown since its inception was -65.60%, smaller than the maximum WAL drawdown of -92.14%. Use the drawdown chart below to compare losses from any high point for CFG and WAL.

Drawdown Indicators

	CFG	WAL	Difference
Max Drawdown Largest peak-to-trough decline	-65.60%	-92.14%	+26.54%
Max Drawdown (1Y) Largest decline over 1 year	-18.32%	-30.26%	+11.94%
Max Drawdown (3Y) Largest decline over 3 years	-29.08%	-35.98%	+6.90%
Max Drawdown (5Y) Largest decline over 5 years	-56.19%	-84.79%	+28.60%
Max Drawdown (10Y) Largest decline over 10 years	-65.60%	-84.79%	+19.19%
Current Drawdown Current decline from peak	-9.02%	-29.78%	+20.76%
Average Drawdown Average peak-to-trough decline	-17.95%	-38.51%	+20.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.92%	12.73%	-6.81%

Volatility

CFG vs. WAL - Volatility Comparison

The current volatility for Citizens Financial Group, Inc. (CFG) is 7.07%, while Western Alliance Bancorporation (WAL) has a volatility of 10.54%. This indicates that CFG experiences smaller price fluctuations and is considered to be less risky than WAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CFG	WAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.07%	10.54%	-3.47%
Volatility (6M) Calculated over the trailing 6-month period	18.95%	26.82%	-7.87%
Volatility (1Y) Calculated over the trailing 1-year period	26.11%	37.52%	-11.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.02%	60.28%	-26.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.19%	52.30%	-14.11%

Dividends

CFG vs. WAL - Dividend Comparison

CFG's dividend yield for the trailing twelve months is around 2.93%, more than WAL's 2.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CFG Citizens Financial Group, Inc.	2.93%	2.94%	3.84%	5.07%	4.11%	3.30%	4.36%	3.35%	3.30%	1.52%	1.29%	1.53%
WAL Western Alliance Bancorporation	2.11%	1.86%	1.78%	2.20%	2.38%	1.11%	1.67%	0.88%	0.00%	0.00%	0.00%	0.00%

Financials

CFG vs. WAL - Profitability Comparison

The chart below illustrates the profitability comparison between Citizens Financial Group, Inc. and Western Alliance Bancorporation over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

CFG - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Citizens Financial Group, Inc. reported a gross profit of 2.03B and revenue of 3.03B. Therefore, the gross margin over that period was 67.0%.

WAL - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Western Alliance Bancorporation reported a gross profit of 0.00 and revenue of 1.19B. Therefore, the gross margin over that period was 0.0%.

CFG - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Citizens Financial Group, Inc. reported an operating income of 650.00M and revenue of 3.03B, resulting in an operating margin of 21.5%.

WAL - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Western Alliance Bancorporation reported an operating income of 0.00 and revenue of 1.19B, resulting in an operating margin of 0.0%.

CFG - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Citizens Financial Group, Inc. reported a net income of 517.00M and revenue of 3.03B, resulting in a net margin of 17.1%.

WAL - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Western Alliance Bancorporation reported a net income of 182.10M and revenue of 1.19B, resulting in a net margin of 15.3%.

Frequently Asked Questions

Can I hold both CFG and WAL in my portfolio?

CFG and WAL have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CFG or WAL?

WAL has higher volatility (10.54%) compared to CFG (7.07%). In terms of maximum drawdown, CFG dropped -65.60% vs WAL's -92.14%.

Which has better risk-adjusted returns?

CFG currently has the higher Sharpe Ratio (2.14 vs 0.22), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.