FITB vs MCHB: Correlation
Measured on weekly returns over the past three years, Fifth Third Bancorp (FITB) and Mechanics Bancorp (MCHB) carry a correlation of 0.53, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FITB and MCHB?
Across a 3-year window, the weekly returns of FITB and MCHB correlate at 0.53, moderate. Little has changed lately, as the 1-year reading of 0.47 lands near the 3-year figure. Stretching to 5 years gives 0.51, with an annualized covariance of 995.3 %².
By 3-year correlation, MCHB places #30 of the 45 assets tracked against FITB. Neither side won the trailing year by much: +24.6% against +26.0%. Note the risk asymmetry: MCHB runs 2.2 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
FITB vs MCHB: side by side
| FITB (Fifth Third Bancorp) | MCHB (Mechanics Bancorp) | |
|---|---|---|
| 1-year return | +24.6% | +26.0% |
| 5-year return | +71.2% | -51.9% |
| Volatility (ann.) | 29.4% | 63.9% |
| Beta vs S&P 500 | 1.03 | 1.12 |
| Max drawdown (3Y) | -29.9% | -56.1% |
| Market cap | $49.7B | $3.6B |
| P/E (trailing) | 18.5 | 12.3 |
| Dividend yield | 2.90% | 8.16% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | FITB | MCHB |
|---|---|---|
| 2022 | -21.9% | -44.8% |
| 2023 | +10.4% | -60.6% |
| 2024 | +27.2% | +10.9% |
| 2025 | +14.8% | +29.9% |
| 2026 | +19.1% | +18.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FITB and MCHB good diversifiers for each other?
Only partially. A correlation of 0.53 means FITB and MCHB share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between FITB and MCHB?
As of 2026-08-27, the correlation of weekly returns between FITB and MCHB is 0.53 over 3 years, 0.47 over 1 year and 0.51 over 5 years.
Is MCHB a good diversifier for FITB?
Only partially. A correlation of 0.53 means FITB and MCHB share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.53 mean?
A reading of 0.53 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fitb-vs-mchb.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fitb-vs-mchb/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FITB correlations · MCHB correlations
