BAC vs MTB: Correlation
How closely do Bank of America (BAC) and M&T Bank (MTB) trade together? Their weekly returns over three years give a correlation of 0.79, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BAC and MTB?
Over the past 3 years, BAC and MTB moved with a correlation of 0.79, which is strong. Little has changed lately, as the 1-year reading of 0.78 lands near the 3-year figure. Over 5 years the correlation is 0.71, and the annualized covariance of weekly returns is 549.9 %².
Within BAC's tracked universe of 45 assets, MTB comes in at #13 by 3-year correlation. Twelve-month performance is nearly a tie, at +24.1% for BAC and +21.7% for MTB. The rolling one-year correlation moved between 0.54 and 0.85 over the past three years, a moderate range.
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.
BAC vs MTB: side by side
| BAC (Bank of America) | MTB (M&T Bank) | |
|---|---|---|
| 1-year return | +24.1% | +21.7% |
| 5-year return | +66.0% | +101.3% |
| Volatility (ann.) | 26.5% | 26.5% |
| Beta vs S&P 500 | 1.11 | 0.83 |
| Max drawdown (3Y) | -27.5% | -28.5% |
| Market cap | $427.7B | $34.5B |
| P/E (trailing) | 14.1 | 12.8 |
| Dividend yield | 1.80% | 2.48% |
| Sector / category | Financials | Financials |
Year-by-year returns
| Year | BAC | MTB |
|---|---|---|
| 2022 | -23.8% | -2.9% |
| 2023 | +4.8% | -1.7% |
| 2024 | +33.9% | +41.7% |
| 2025 | +28.0% | +10.4% |
| 2026 | +12.4% | +20.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BAC and MTB good diversifiers for each other?
Only partially. A correlation of 0.79 means BAC and MTB share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between BAC and MTB?
Using weekly returns as of 2026-08-27: 0.79 over 3 years, with 0.78 over the last year and 0.71 over 5 years.
Is MTB a good diversifier for BAC?
Only partially. A correlation of 0.79 means BAC and MTB share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.79 mean?
A reading of 0.79 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/bac-vs-mtb.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/bac-vs-mtb/)
No key needed, free to use. Full endpoint list in the API documentation.
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Hubs: BAC correlations · MTB correlations
