AMAL vs BY: Correlation
How closely do Amalgamated Financial Corp. (AMAL) and Byline Bancorp, Inc. (BY) trade together? Their weekly returns over three years give a correlation of 0.81, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AMAL and BY?
Over the past 3 years, AMAL and BY moved with a correlation of 0.81, which is very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.83 lands near the 3-year figure. Over 5 years the correlation is 0.69, and the annualized covariance of weekly returns is 694.8 %².
In AMAL's tracked universe of 11 assets, BY sits right near the top at #3. Their recent paths diverged sharply: over the last 12 months AMAL outperformed by 34.2 percentage points (+66.7% for AMAL against +32.5% for BY).
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.
AMAL vs BY: side by side
| AMAL (Amalgamated Financial Corp.) | BY (Byline Bancorp, Inc.) | |
|---|---|---|
| 1-year return | +66.7% | +32.5% |
| 5-year return | +247.4% | +66.2% |
| Volatility (ann.) | 32.0% | 26.8% |
| Beta vs S&P 500 | 0.84 | 0.80 |
| Max drawdown (3Y) | -32.8% | -27.2% |
| Market cap | $1.5B | $1.7B |
| P/E (trailing) | 13.0 | 11.5 |
| Dividend yield | 1.34% | 1.15% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AMAL | BY |
|---|---|---|
| 2022 | +39.8% | -14.7% |
| 2023 | +19.4% | +4.3% |
| 2024 | +26.3% | +25.0% |
| 2025 | -2.5% | +2.0% |
| 2026 | +53.6% | +32.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AMAL and BY good diversifiers for each other?
No. With a correlation of 0.81, AMAL and BY move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between AMAL and BY?
The AMAL/BY correlation stands at 0.81 on a 3-year window (1 year: 0.83, 5 years: 0.69), computed from weekly returns as of 2026-08-27.
Is BY a good diversifier for AMAL?
No. With a correlation of 0.81, AMAL and BY move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.81 mean?
On the −1 to +1 scale, 0.81 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/amal-vs-by.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/amal-vs-by/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AMAL correlations · BY correlations
