ASB vs MTB: Correlation
Associated Banc-Corp (ASB) and M&T Bank (MTB) show a very strong relationship: their 3-year correlation of weekly returns is 0.84.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASB and MTB?
Over the past 3 years, ASB and MTB moved with a correlation of 0.84, which is very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.84 lands near the 3-year figure. Over 5 years the correlation is 0.77, and the annualized covariance of weekly returns is 647.6 %².
By 3-year correlation, MTB places #22 of the 47 assets tracked against ASB. Neither side won the trailing year by much: +18.5% against +21.7%.
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.
ASB vs MTB: side by side
| ASB (Associated Banc-Corp) | MTB (M&T Bank) | |
|---|---|---|
| 1-year return | +18.5% | +21.7% |
| 5-year return | +82.7% | +101.3% |
| Volatility (ann.) | 29.0% | 26.5% |
| Beta vs S&P 500 | 1.03 | 0.83 |
| Max drawdown (3Y) | -31.6% | -28.5% |
| Market cap | $5.8B | $34.5B |
| P/E (trailing) | 10.8 | 12.8 |
| Dividend yield | 3.08% | 2.48% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | ASB | MTB |
|---|---|---|
| 2022 | +6.0% | -2.9% |
| 2023 | -2.9% | -1.7% |
| 2024 | +16.2% | +41.7% |
| 2025 | +11.8% | +10.4% |
| 2026 | +21.7% | +20.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASB and MTB good diversifiers for each other?
No: a correlation of 0.84 means ASB and MTB tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between ASB and MTB?
As of 2026-08-27, the correlation of weekly returns between ASB and MTB is 0.84 over 3 years, 0.84 over 1 year and 0.77 over 5 years.
Is MTB a good diversifier for ASB?
No: a correlation of 0.84 means ASB and MTB tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.84 mean?
A reading of 0.84 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/asb-vs-mtb.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/asb-vs-mtb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ASB correlations · MTB correlations
