FITB vs MTB: Correlation
Measured on weekly returns over the past three years, Fifth Third Bancorp (FITB) and M&T Bank (MTB) carry a correlation of 0.91, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FITB and MTB?
On 3 years of weekly data the FITB/MTB correlation comes out at 0.91, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.93 over 1 year against 0.91 over 3. The 5-year figure is 0.84, and annualized covariance runs at 708.1 %².
Within FITB's tracked universe of 45 assets, MTB comes in at #4 by 3-year correlation. Twelve-month performance is nearly a tie, at +24.6% for FITB and +21.7% for MTB. The link looks structural: the rolling one-year correlation barely moved, holding between 0.75 and 0.95.
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 MTB: side by side
| FITB (Fifth Third Bancorp) | MTB (M&T Bank) | |
|---|---|---|
| 1-year return | +24.6% | +21.7% |
| 5-year return | +71.2% | +101.3% |
| Volatility (ann.) | 29.4% | 26.5% |
| Beta vs S&P 500 | 1.03 | 0.83 |
| Max drawdown (3Y) | -29.9% | -28.5% |
| Market cap | $49.7B | $34.5B |
| P/E (trailing) | 18.5 | 12.8 |
| Dividend yield | 2.90% | 2.48% |
| Sector / category | Financials | Financials |
Year-by-year returns
| Year | FITB | MTB |
|---|---|---|
| 2022 | -21.9% | -2.9% |
| 2023 | +10.4% | -1.7% |
| 2024 | +27.2% | +41.7% |
| 2025 | +14.8% | +10.4% |
| 2026 | +19.1% | +20.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FITB and MTB good diversifiers for each other?
No. With a correlation of 0.91, FITB and MTB move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between FITB and MTB?
As of 2026-08-27, the correlation of weekly returns between FITB and MTB is 0.91 over 3 years, 0.93 over 1 year and 0.84 over 5 years.
Is MTB a good diversifier for FITB?
No. With a correlation of 0.91, FITB and MTB move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.91 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/fitb-vs-mtb.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fitb-vs-mtb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FITB correlations · MTB correlations
