HWC vs MTB: Correlation
Hancock Whitney Corporation (HWC) and M&T Bank (MTB) show a very strong relationship: their 3-year correlation of weekly returns is 0.84.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HWC and MTB?
On 3 years of weekly data the HWC/MTB correlation comes out at 0.84, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.83 over 1 year against 0.84 over 3. The 5-year figure is 0.75, and annualized covariance runs at 680.2 %².
Among the 34 assets we track against HWC, MTB ranks #16 by 3-year correlation. Their 12-month results are close: +21.6% for HWC against +21.7% for MTB.
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.
HWC vs MTB: side by side
| HWC (Hancock Whitney Corporation) | MTB (M&T Bank) | |
|---|---|---|
| 1-year return | +21.6% | +21.7% |
| 5-year return | +89.0% | +101.3% |
| Volatility (ann.) | 30.7% | 26.5% |
| Beta vs S&P 500 | 1.03 | 0.83 |
| Max drawdown (3Y) | -23.9% | -28.5% |
| Market cap | $6.0B | $34.5B |
| P/E (trailing) | 14.7 | 12.8 |
| Dividend yield | 2.53% | 2.48% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | HWC | MTB |
|---|---|---|
| 2022 | -1.2% | -2.9% |
| 2023 | +3.3% | -1.7% |
| 2024 | +16.1% | +41.7% |
| 2025 | +20.0% | +10.4% |
| 2026 | +19.5% | +20.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HWC and MTB good diversifiers for each other?
No. With a correlation of 0.84, HWC and MTB move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between HWC and MTB?
As of 2026-08-27, the correlation of weekly returns between HWC and MTB is 0.84 over 3 years, 0.83 over 1 year and 0.75 over 5 years.
Is MTB a good diversifier for HWC?
No. With a correlation of 0.84, HWC and MTB move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.84 mean?
A reading of 0.84 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/hwc-vs-mtb.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/hwc-vs-mtb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HWC correlations · MTB correlations
