BY vs INDB: Correlation
Byline Bancorp, Inc. (BY) and Independent Bank Corp. (INDB) show a very strong relationship: their 3-year correlation of weekly returns is 0.87.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BY and INDB?
Across a 3-year window, the weekly returns of BY and INDB correlate at 0.87, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.85) sits close to the 3-year figure. Stretching to 5 years gives 0.82, with an annualized covariance of 717.8 %².
By 3-year correlation, INDB places #14 of the 70 assets tracked against BY. Over the last 12 months BY came out ahead by 14.2 percentage points (+32.5% against +18.3%).
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 INDB: side by side
| BY (Byline Bancorp, Inc.) | INDB (Independent Bank Corp.) | |
|---|---|---|
| 1-year return | +32.5% | +18.3% |
| 5-year return | +66.2% | +28.6% |
| Volatility (ann.) | 26.8% | 30.9% |
| Beta vs S&P 500 | 0.80 | 0.85 |
| Max drawdown (3Y) | -27.2% | -30.8% |
| Market cap | $1.7B | $3.9B |
| P/E (trailing) | 11.5 | 14.9 |
| Dividend yield | 1.15% | 2.97% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BY | INDB |
|---|---|---|
| 2022 | -14.7% | +6.3% |
| 2023 | +4.3% | -18.9% |
| 2024 | +25.0% | +1.6% |
| 2025 | +2.0% | +17.9% |
| 2026 | +32.7% | +14.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BY and INDB good diversifiers for each other?
No. With a correlation of 0.87, BY and INDB move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between BY and INDB?
As of 2026-08-27, the correlation of weekly returns between BY and INDB is 0.87 over 3 years, 0.85 over 1 year and 0.82 over 5 years.
Is INDB a good diversifier for BY?
No. With a correlation of 0.87, BY and INDB move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.87 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-indb.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/by-vs-indb/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BY correlations · INDB correlations
