BY vs MBWM: Correlation
Byline Bancorp, Inc. (BY) and Mercantile Bank Corporation (MBWM) show a very strong relationship: their 3-year correlation of weekly returns is 0.88.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BY and MBWM?
Over the past 3 years, BY and MBWM moved with a correlation of 0.88, which is very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.88 over 1 year against 0.88 over 3. Over 5 years the correlation is 0.81, and the annualized covariance of weekly returns is 704.6 %².
Within BY's tracked universe of 70 assets, MBWM comes in at #11 by 3-year correlation. The trailing year gives BY the advantage: +32.5% versus +23.7%, a 8.8-point spread.
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 MBWM: side by side
| BY (Byline Bancorp, Inc.) | MBWM (Mercantile Bank Corporation) | |
|---|---|---|
| 1-year return | +32.5% | +23.7% |
| 5-year return | +66.2% | +126.2% |
| Volatility (ann.) | 26.8% | 29.8% |
| Beta vs S&P 500 | 0.80 | 0.82 |
| Max drawdown (3Y) | -27.2% | -25.0% |
| Market cap | $1.7B | $1.0B |
| P/E (trailing) | 11.5 | 10.5 |
| Dividend yield | 1.15% | 2.57% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BY | MBWM |
|---|---|---|
| 2022 | -14.7% | -0.8% |
| 2023 | +4.3% | +25.8% |
| 2024 | +25.0% | +14.0% |
| 2025 | +2.0% | +11.7% |
| 2026 | +32.7% | +26.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BY and MBWM good diversifiers for each other?
Not really. At 0.88, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between BY and MBWM?
The BY/MBWM correlation stands at 0.88 on a 3-year window (1 year: 0.88, 5 years: 0.81), computed from weekly returns as of 2026-08-27.
Is MBWM a good diversifier for BY?
Not really. At 0.88, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.88 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
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Related comparisons
Hubs: BY correlations · MBWM correlations
