ZION vs. WAL
ZION (Zions Bancorporation, National Association) 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, ZION returned 12.68%/yr vs 10.56%/yr for WAL. A 0.68 correlation means they provide meaningful diversification when combined.
Performance
ZION vs. WAL - Performance Comparison
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Returns By Period
In the year-to-date period, ZION achieves a 14.71% return, which is significantly higher than WAL's -3.97% return. Over the past 10 years, ZION has outperformed WAL with an annualized return of 12.68%, while WAL has yielded a comparatively lower 10.56% annualized return.
ZION
- 1D
- 0.03%
- 1M
- 9.88%
- YTD
- 14.71%
- 6M
- 12.75%
- 1Y
- 41.33%
- 3Y*
- 37.06%
- 5Y*
- 9.36%
- 10Y*
- 12.68%
WAL
- 1D
- 1.89%
- 1M
- 4.99%
- YTD
- -3.97%
- 6M
- -6.99%
- 1Y
- 12.63%
- 3Y*
- 31.58%
- 5Y*
- -0.06%
- 10Y*
- 10.56%
ZION vs. WAL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZION Zions Bancorporation, National Association | 14.71% | 11.58% | 28.19% | -6.29% | -20.02% | 49.11% | -13.17% | 31.00% | -18.25% | 19.29% |
WAL Western Alliance Bancorporation | -3.97% | 2.55% | 29.67% | 14.12% | -43.68% | 81.72% | 7.77% | 45.90% | -30.25% | 16.24% |
Correlation
The correlation between ZION 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 | 0.83 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.80 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.81 |
Correlation (All Time) Calculated using the full available price history since Jul 1, 2005 | 0.68 |
The correlation between ZION and WAL shifts across timeframes, from 0.68 (all time) to 0.83 (3 years), reflecting how their relationship changes across market environments.
Fundamentals
ZION:
$6.54
WAL:
$11.59
ZION:
10.12
WAL:
6.90
ZION:
2.05
WAL:
1.24
ZION:
$4.74B
WAL:
$5.28B
ZION:
$2.54B
WAL:
$2.51B
ZION:
$992.96M
WAL:
$1.03B
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Return for Risk
ZION vs. WAL — Risk / Return Rank
ZION
WAL
ZION vs. WAL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Zions Bancorporation, National Association (ZION) 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| ZION | WAL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.03 | ||
| Sortino ratioReturn per unit of downside risk | +1.06 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.09 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 2.01 | 0.42 | +1.59 |
| Martin ratioReturn relative to average drawdown | 5.71 | 0.97 | +4.74 |
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Drawdowns
ZION vs. WAL - Drawdown Comparison
The maximum ZION drawdown since its inception was -92.20%, roughly equal to the maximum WAL drawdown of -92.14%. Use the drawdown chart below to compare losses from any high point for ZION and WAL.
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Drawdown Indicators
| ZION | WAL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.20% | -92.14% | -0.06% |
Max Drawdown (1Y)Largest decline over 1 year | -20.66% | -30.26% | +9.60% |
Max Drawdown (3Y)Largest decline over 3 years | -32.43% | -35.98% | +3.55% |
Max Drawdown (5Y)Largest decline over 5 years | -72.23% | -84.79% | +12.56% |
Max Drawdown (10Y)Largest decline over 10 years | -72.23% | -84.79% | +12.56% |
Current DrawdownCurrent decline from peak | -1.61% | -27.83% | +26.22% |
Average DrawdownAverage peak-to-trough decline | -32.41% | -38.48% | +6.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.26% | 13.09% | -5.83% |
Volatility
ZION vs. WAL - Volatility Comparison
The current volatility for Zions Bancorporation, National Association (ZION) is 6.72%, while Western Alliance Bancorporation (WAL) has a volatility of 8.81%. This indicates that ZION 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.
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Volatility by Period
| ZION | WAL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.72% | 8.81% | -2.09% |
Volatility (6M)Calculated over the trailing 6-month period | 19.08% | 26.87% | -7.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.43% | 37.63% | -7.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 42.56% | 60.23% | -17.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 39.56% | 52.30% | -12.74% |
Dividends
ZION vs. WAL - Dividend Comparison
ZION's dividend yield for the trailing twelve months is around 2.72%, more than WAL's 2.05% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
WAL Western Alliance Bancorporation | 2.05% | 1.86% | 1.78% | 2.20% | 2.38% | 1.11% | 1.67% | 0.88% | 0.00% | 0.00% | 0.00% | 0.00% |
ZION Zions Bancorporation, National Association | 2.72% | 3.01% | 3.06% | 3.74% | 3.21% | 2.28% | 3.13% | 2.47% | 2.55% | 0.87% | 0.65% | 0.81% |
Financials
ZION vs. WAL - Financials Comparison
This section allows you to compare key financial metrics between Zions Bancorporation, National Association and Western Alliance Bancorporation. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
ZION vs. WAL - Profitability Comparison
ZION - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Zions Bancorporation, National Association reported a gross profit of 0.00 and revenue of 996.00M. Therefore, the gross margin over that period was 0.0%.
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%.
ZION - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Zions Bancorporation, National Association reported an operating income of 0.00 and revenue of 996.00M, resulting in an operating margin of 0.0%.
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%.
ZION - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Zions Bancorporation, National Association reported a net income of 233.00M and revenue of 996.00M, resulting in a net margin of 23.4%.
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
ZION 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.
WAL has higher volatility (8.81%) compared to ZION (6.72%). In terms of maximum drawdown, ZION dropped -92.20% vs WAL's -92.14%.
ZION currently has the higher Sharpe Ratio (1.37 vs 0.34), 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.
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