FNB vs MTB: Correlation
F.N.B. Corporation (FNB) and M&T Bank (MTB) show a very strong relationship: their 3-year correlation of weekly returns is 0.86.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNB and MTB?
Across a 3-year window, the weekly returns of FNB and MTB correlate at 0.86, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.89 over 1 year against 0.86 over 3. Stretching to 5 years gives 0.79, with an annualized covariance of 621.8 %².
By 3-year correlation, MTB places #20 of the 53 assets tracked against FNB. Over the last 12 months MTB came out ahead by 8.3 percentage points (+13.4% against +21.7%).
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.
FNB vs MTB: side by side
| FNB (F.N.B. Corporation) | MTB (M&T Bank) | |
|---|---|---|
| 1-year return | +13.4% | +21.7% |
| 5-year return | +91.1% | +101.3% |
| Volatility (ann.) | 27.4% | 26.5% |
| Beta vs S&P 500 | 1.03 | 0.83 |
| Max drawdown (3Y) | -32.6% | -28.5% |
| Market cap | $6.6B | $34.5B |
| P/E (trailing) | 11.0 | 12.8 |
| Dividend yield | 2.65% | 2.48% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | FNB | MTB |
|---|---|---|
| 2022 | +11.7% | -2.9% |
| 2023 | +9.8% | -1.7% |
| 2024 | +11.0% | +41.7% |
| 2025 | +19.4% | +10.4% |
| 2026 | +9.7% | +20.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNB and MTB good diversifiers for each other?
Not really. At 0.86, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between FNB and MTB?
Using weekly returns as of 2026-08-27: 0.86 over 3 years, with 0.89 over the last year and 0.79 over 5 years.
Is MTB a good diversifier for FNB?
Not really. At 0.86, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.86 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/fnb-vs-mtb.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fnb-vs-mtb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FNB correlations · MTB correlations
