BY vs MATW: Correlation
How closely do Byline Bancorp, Inc. (BY) and Matthews International Corporation (MATW) trade together? Their weekly returns over three years give a correlation of 0.51, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BY and MATW?
Over the past 3 years, BY and MATW moved with a correlation of 0.51, which is moderate. Recent behaviour matches the longer record: 0.44 over 1 year against 0.51 over 3. Over 5 years the correlation is 0.48, and the annualized covariance of weekly returns is 491.1 %².
Within BY's tracked universe of 70 assets, MATW comes in at #64 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months BY outperformed by 41.1 percentage points (+32.5% for BY against -8.6% for MATW).
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 MATW: side by side
| BY (Byline Bancorp, Inc.) | MATW (Matthews International Corporation) | |
|---|---|---|
| 1-year return | +32.5% | -8.6% |
| 5-year return | +66.2% | -30.2% |
| Volatility (ann.) | 26.8% | 36.3% |
| Beta vs S&P 500 | 0.80 | 0.87 |
| Max drawdown (3Y) | -27.2% | -54.7% |
| Market cap | $1.7B | $0.7B |
| P/E (trailing) | 11.5 | – |
| Dividend yield | 1.15% | 4.73% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BY | MATW |
|---|---|---|
| 2022 | -14.7% | -14.5% |
| 2023 | +4.3% | +23.4% |
| 2024 | +25.0% | -21.9% |
| 2025 | +2.0% | -1.5% |
| 2026 | +32.7% | -17.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BY and MATW good diversifiers for each other?
To a limited degree. At 0.51 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 BY and MATW?
As of 2026-08-27, the correlation of weekly returns between BY and MATW is 0.51 over 3 years, 0.44 over 1 year and 0.48 over 5 years.
Is MATW a good diversifier for BY?
To a limited degree. At 0.51 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 0.51 mean?
On the −1 to +1 scale, 0.51 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/by-vs-matw.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/by-vs-matw/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BY correlations · MATW correlations
