BY vs IBCP: Correlation
How closely do Byline Bancorp, Inc. (BY) and Independent Bank Corporation (IBCP) trade together? Their weekly returns over three years give a correlation of 0.86, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BY and IBCP?
Over the past 3 years, BY and IBCP moved with a correlation of 0.86, which is very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.85 over 1 year against 0.86 over 3. Over 5 years the correlation is 0.80, and the annualized covariance of weekly returns is 662.1 %².
Within BY's tracked universe of 70 assets, IBCP comes in at #17 by 3-year correlation. The last year tells two different stories: BY led by 18.8 percentage points, +32.5% for BY against +13.7% for IBCP.
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.
BY vs IBCP: side by side
| BY (Byline Bancorp, Inc.) | IBCP (Independent Bank Corporation) | |
|---|---|---|
| 1-year return | +32.5% | +13.7% |
| 5-year return | +66.2% | +112.7% |
| Volatility (ann.) | 26.8% | 28.7% |
| Beta vs S&P 500 | 0.80 | 0.77 |
| Max drawdown (3Y) | -27.2% | -27.5% |
| Market cap | $1.7B | $0.8B |
| P/E (trailing) | 11.5 | 10.6 |
| Dividend yield | 1.15% | 2.94% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BY | IBCP |
|---|---|---|
| 2022 | -14.7% | +4.3% |
| 2023 | +4.3% | +14.0% |
| 2024 | +25.0% | +38.5% |
| 2025 | +2.0% | -3.5% |
| 2026 | +32.7% | +15.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BY and IBCP good diversifiers for each other?
No. With a correlation of 0.86, BY and IBCP move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between BY and IBCP?
Using weekly returns as of 2026-08-27: 0.86 over 3 years, with 0.85 over the last year and 0.80 over 5 years.
Is IBCP a good diversifier for BY?
No. With a correlation of 0.86, BY and IBCP move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.86 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/by-vs-ibcp.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/by-vs-ibcp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BY correlations · IBCP correlations
