BMO vs CM: Correlation
Bank Of Montreal (BMO) and Canadian Imperial Bank of Commerce (CM) show a strong relationship: their 3-year correlation of weekly returns is 0.67.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BMO and CM?
Over the past 3 years, BMO and CM moved with a correlation of 0.67, which is strong. The link has tightened recently: the 1-year correlation (0.78) runs above the 3-year figure (0.67). Over 5 years the correlation is 0.74, and the annualized covariance of weekly returns is 259.6 %².
In BMO's tracked universe of 11 assets, CM sits right near the top at #1. On 12-month performance CM holds a 8.1-point edge, +46.7% against +54.8%.
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.
BMO vs CM: side by side
| BMO (Bank Of Montreal) | CM (Canadian Imperial Bank of Commerce) | |
|---|---|---|
| 1-year return | +46.7% | +54.8% |
| 5-year return | +109.4% | +145.1% |
| Volatility (ann.) | 20.3% | 19.2% |
| Beta vs S&P 500 | 0.75 | 0.57 |
| Max drawdown (3Y) | -17.6% | -17.4% |
| Market cap | $120.0B | $104.3B |
| P/E (trailing) | 19.4 | 16.2 |
| Dividend yield | 3.86% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BMO | CM |
|---|---|---|
| 2022 | -12.4% | -26.8% |
| 2023 | +14.6% | +26.5% |
| 2024 | +3.0% | +37.8% |
| 2025 | +38.3% | +46.5% |
| 2026 | +34.6% | +28.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BMO and CM good diversifiers for each other?
To a limited degree. At 0.67 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between BMO and CM?
Using weekly returns as of 2026-08-27: 0.67 over 3 years, with 0.78 over the last year and 0.74 over 5 years.
Is CM a good diversifier for BMO?
To a limited degree. At 0.67 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.67 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bmo-vs-cm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bmo-vs-cm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BMO correlations · CM correlations
