WAFD vs. FHN

Last updated Jun 4, 2026

WAFD (Washington Federal, Inc.) and FHN (First Horizon Corporation) are both stocks. Both operate in the Banks - Regional industry within the Financial Services sector. Over the past 10 years, WAFD returned 6.56%/yr vs 8.71%/yr for FHN. A 0.51 correlation means they provide meaningful diversification when combined.

Performance

WAFD vs. FHN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Washington Federal, Inc. (WAFD) and First Horizon Corporation (FHN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WAFD achieves a 9.63% return, which is significantly higher than FHN's -0.37% return. Over the past 10 years, WAFD has underperformed FHN with an annualized return of 6.56%, while FHN has yielded a comparatively higher 8.71% annualized return.

WAFD

• 1D: -2.23%
• 1M: -1.15%
• YTD: 9.63%
• 6M: 9.26%
• 1Y: 23.91%
• 3Y*: 10.67%
• 5Y*: 3.88%
• 10Y*: 6.56%

FHN

• 1D: -1.54%
• 1M: -4.06%
• YTD: -0.37%
• 6M: 5.47%
• 1Y: 21.04%
• 3Y*: 33.74%
• 5Y*: 8.05%
• 10Y*: 8.71%

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

WAFD vs. FHN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WAFD Washington Federal, Inc.	9.63%	2.99%	1.09%	1.74%	3.39%	33.50%	-27.26%	40.64%	-20.30%	2.26%
FHN First Horizon Corporation	-0.37%	22.12%	47.68%	-39.44%	53.94%	32.61%	-18.45%	30.48%	-32.35%	1.93%

Correlation

The correlation between WAFD and FHN is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Mar 27, 1990	0.51

The correlation between WAFD and FHN shifts across timeframes, from 0.51 (all time) to 0.70 (1 year), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap WAFD : $2.61B FHN : $11.51B
EPS WAFD : $3.24 FHN : $2.05
PE Ratio WAFD : 10.65 FHN : 11.54
PEG Ratio WAFD : 1.74 FHN : 3.24
PS Ratio WAFD : 2.59 FHN : 2.58
Total Revenue (TTM) WAFD : $1.04B FHN : $4.60B
Gross Profit (TTM) WAFD : $557.58M FHN : $3.40B
EBITDA (TTM) WAFD : $224.92M FHN : $1.40B

Return for Risk

WAFD vs. FHN — Risk / Return Rank

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

WAFD

WAFD Risk / Return Rank: 70
WAFD Sharpe Ratio Rank: 71
WAFD Sortino Ratio Rank: 66
WAFD Omega Ratio Rank: 65
WAFD Calmar Ratio Rank: 73
WAFD Martin Ratio Rank: 77

FHN

FHN Risk / Return Rank: 63
FHN Sharpe Ratio Rank: 67
FHN Sortino Ratio Rank: 58
FHN Omega Ratio Rank: 59
FHN Calmar Ratio Rank: 65
FHN Martin Ratio Rank: 67

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.

WAFD vs. FHN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Washington Federal, Inc. (WAFD) and First Horizon Corporation (FHN). 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.

	WAFD	FHN	Difference
Sharpe ratio Return per unit of total volatility	0.99	0.82	+0.17
Sortino ratio Return per unit of downside risk	1.56	1.19	+0.37
Omega ratio Gain probability vs. loss probability	1.20	1.16	+0.03
Calmar ratio Return relative to maximum drawdown	1.86	1.28	+0.58
Martin ratio Return relative to average drawdown	5.53	3.19	+2.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WAFD vs. FHN - Sharpe Ratio Comparison

The current WAFD Sharpe Ratio is 0.99, which is comparable to the FHN Sharpe Ratio of 0.82. The chart below compares the historical Sharpe Ratios of WAFD and FHN, 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

	WAFD	FHN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.99	0.82	+0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.13	0.22	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.21	0.22	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	0.28	-0.08

Drawdowns

WAFD vs. FHN - Drawdown Comparison

The maximum WAFD drawdown since its inception was -61.56%, smaller than the maximum FHN drawdown of -87.74%. Use the drawdown chart below to compare losses from any high point for WAFD and FHN.

Drawdown Indicators

	WAFD	FHN	Difference
Max Drawdown Largest peak-to-trough decline	-61.56%	-87.74%	+26.18%
Max Drawdown (1Y) Largest decline over 1 year	-12.90%	-16.52%	+3.62%
Max Drawdown (3Y) Largest decline over 3 years	-34.63%	-27.14%	-7.49%
Max Drawdown (5Y) Largest decline over 5 years	-36.01%	-60.76%	+24.75%
Max Drawdown (10Y) Largest decline over 10 years	-45.53%	-64.25%	+18.72%
Current Drawdown Current decline from peak	-3.89%	-9.22%	+5.33%
Average Drawdown Average peak-to-trough decline	-15.97%	-20.08%	+4.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.34%	6.62%	-2.28%

Volatility

WAFD vs. FHN - Volatility Comparison

The current volatility for Washington Federal, Inc. (WAFD) is 5.39%, while First Horizon Corporation (FHN) has a volatility of 6.47%. This indicates that WAFD experiences smaller price fluctuations and is considered to be less risky than FHN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WAFD	FHN	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.39%	6.47%	-1.08%
Volatility (6M) Calculated over the trailing 6-month period	17.52%	17.27%	+0.25%
Volatility (1Y) Calculated over the trailing 1-year period	24.38%	25.80%	-1.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.28%	37.14%	-6.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.12%	38.99%	-7.87%

Dividends

WAFD vs. FHN - Dividend Comparison

WAFD's dividend yield for the trailing twelve months is around 3.12%, more than FHN's 2.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FHN First Horizon Corporation	2.62%	2.51%	2.98%	4.24%	2.45%	3.67%	4.70%	3.38%	3.65%	1.80%	1.40%	1.65%
WAFD Washington Federal, Inc.	3.12%	3.37%	3.23%	3.03%	2.86%	2.76%	3.42%	2.24%	2.62%	2.48%	1.63%	2.18%

Financials

Frequently Asked Questions

Can I hold both WAFD and FHN in my portfolio?

WAFD and FHN have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WAFD or FHN?

FHN has higher volatility (6.47%) compared to WAFD (5.39%). In terms of maximum drawdown, WAFD dropped -61.56% vs FHN's -87.74%.

Which has better risk-adjusted returns?

WAFD currently has the higher Sharpe Ratio (0.99 vs 0.82), 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.