HBAN vs MTB: Correlation
Measured on weekly returns over the past three years, Huntington Bancshares (HBAN) and M&T Bank (MTB) carry a correlation of 0.88, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HBAN and MTB?
Over the past 3 years, HBAN and MTB moved with a correlation of 0.88, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.89) sits close to the 3-year figure. Over 5 years the correlation is 0.81, and the annualized covariance of weekly returns is 694.4 %².
Within HBAN's tracked universe of 55 assets, MTB comes in at #8 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MTB ahead by 23.4 points (-1.7% versus +21.7%). The rolling one-year correlation moved between 0.62 and 0.95 over the past three years, a moderate range.
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.
HBAN vs MTB: side by side
| HBAN (Huntington Bancshares) | MTB (M&T Bank) | |
|---|---|---|
| 1-year return | -1.7% | +21.7% |
| 5-year return | +36.8% | +101.3% |
| Volatility (ann.) | 29.8% | 26.5% |
| Beta vs S&P 500 | 1.07 | 0.83 |
| Max drawdown (3Y) | -30.0% | -28.5% |
| Market cap | $34.1B | $34.5B |
| P/E (trailing) | 13.1 | 12.8 |
| Dividend yield | 3.64% | 2.48% |
| Sector / category | Financials | Financials |
Year-by-year returns
| Year | HBAN | MTB |
|---|---|---|
| 2022 | -4.4% | -2.9% |
| 2023 | -4.7% | -1.7% |
| 2024 | +33.7% | +41.7% |
| 2025 | +10.8% | +10.4% |
| 2026 | -0.9% | +20.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HBAN and MTB good diversifiers for each other?
No: a correlation of 0.88 means HBAN and MTB tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between HBAN and MTB?
The HBAN/MTB correlation stands at 0.88 on a 3-year window (1 year: 0.89, 5 years: 0.81), computed from weekly returns as of 2026-08-27.
Is MTB a good diversifier for HBAN?
No: a correlation of 0.88 means HBAN and MTB tend to fall together, which is precisely when diversification is supposed to help.
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
$ curl https://www.pairbook.io/api/v1/pairs/hban-vs-mtb.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/hban-vs-mtb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HBAN correlations · MTB correlations
