CATY vs MSBI: Correlation
How closely do Cathay General Bancorp (CATY) and Midland States Bancorp, Inc. (MSBI) trade together? Their weekly returns over three years give a correlation of 0.73, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CATY and MSBI?
Across a 3-year window, the weekly returns of CATY and MSBI correlate at 0.73, strong. The relationship has been stable: the 1-year correlation (0.72) sits close to the 3-year figure. Stretching to 5 years gives 0.74, with an annualized covariance of 673.8 %².
By 3-year correlation, MSBI places #18 of the 28 assets tracked against CATY. Their recent paths diverged sharply: over the last 12 months MSBI outperformed by 60.4 percentage points (+26.7% for CATY against +87.1% for MSBI).
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.
CATY vs MSBI: side by side
| CATY (Cathay General Bancorp) | MSBI (Midland States Bancorp, Inc.) | |
|---|---|---|
| 1-year return | +26.7% | +87.1% |
| 5-year return | +83.2% | +70.9% |
| Volatility (ann.) | 26.8% | 34.4% |
| Beta vs S&P 500 | 0.82 | 0.70 |
| Max drawdown (3Y) | -29.7% | -44.3% |
| Market cap | $4.1B | $0.7B |
| P/E (trailing) | 12.1 | 20.9 |
| Dividend yield | 2.39% | 3.90% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CATY | MSBI |
|---|---|---|
| 2022 | -2.1% | +12.0% |
| 2023 | +13.5% | +9.1% |
| 2024 | +10.3% | -6.7% |
| 2025 | +4.6% | -6.9% |
| 2026 | +30.2% | +60.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CATY and MSBI good diversifiers for each other?
To a limited degree. At 0.73 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 CATY and MSBI?
The CATY/MSBI correlation stands at 0.73 on a 3-year window (1 year: 0.72, 5 years: 0.74), computed from weekly returns as of 2026-08-27.
Is MSBI a good diversifier for CATY?
To a limited degree. At 0.73 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 0.73 mean?
On the −1 to +1 scale, 0.73 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/caty-vs-msbi.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/caty-vs-msbi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CATY correlations · MSBI correlations
