BY vs MBIN: Correlation
How closely do Byline Bancorp, Inc. (BY) and Merchants Bancorp (MBIN) trade together? Their weekly returns over three years give a correlation of 0.69, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BY and MBIN?
Across a 3-year window, the weekly returns of BY and MBIN correlate at 0.69, strong. Lately the two have drifted apart, with the 1-year correlation at 0.54 versus 0.69 over 3 years. Stretching to 5 years gives 0.66, with an annualized covariance of 731.5 %².
Among the 70 assets we track against BY, MBIN ranks #51 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MBIN outperformed by 30.8 percentage points (+32.5% for BY against +63.3% for MBIN).
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 MBIN: side by side
| BY (Byline Bancorp, Inc.) | MBIN (Merchants Bancorp) | |
|---|---|---|
| 1-year return | +32.5% | +63.3% |
| 5-year return | +66.2% | +132.1% |
| Volatility (ann.) | 26.8% | 39.8% |
| Beta vs S&P 500 | 0.80 | 0.90 |
| Max drawdown (3Y) | -27.2% | -43.9% |
| Market cap | $1.7B | $2.4B |
| P/E (trailing) | 11.5 | 10.7 |
| Dividend yield | 1.15% | 0.79% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BY | MBIN |
|---|---|---|
| 2022 | -14.7% | -22.1% |
| 2023 | +4.3% | +77.0% |
| 2024 | +25.0% | -13.6% |
| 2025 | +2.0% | -5.5% |
| 2026 | +32.7% | +57.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BY and MBIN good diversifiers for each other?
To a limited degree. At 0.69 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 MBIN?
The BY/MBIN correlation stands at 0.69 on a 3-year window (1 year: 0.54, 5 years: 0.66), computed from weekly returns as of 2026-08-27.
Is MBIN a good diversifier for BY?
To a limited degree. At 0.69 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 0.69 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-mbin.json
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Related comparisons
Hubs: BY correlations · MBIN correlations
