KEY vs MTB: Correlation
How closely do KeyCorp (KEY) and M&T Bank (MTB) trade together? Their weekly returns over three years give a correlation of 0.84, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KEY and MTB?
On 3 years of weekly data the KEY/MTB correlation comes out at 0.84, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.88) sits close to the 3-year figure. The 5-year figure is 0.75, and annualized covariance runs at 711.9 %².
Among the 59 assets we track against KEY, MTB ranks #16 by 3-year correlation. Twelve-month performance is nearly a tie, at +18.4% for KEY and +21.7% for MTB. On a rolling one-year basis the correlation drifted between 0.59 and 0.93, a moderate band.
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.
KEY vs MTB: side by side
| KEY (KeyCorp) | MTB (M&T Bank) | |
|---|---|---|
| 1-year return | +18.4% | +21.7% |
| 5-year return | +38.0% | +101.3% |
| Volatility (ann.) | 32.1% | 26.5% |
| Beta vs S&P 500 | 1.25 | 0.83 |
| Max drawdown (3Y) | -32.2% | -28.5% |
| Market cap | $23.5B | $34.5B |
| P/E (trailing) | 13.0 | 12.8 |
| Dividend yield | 3.71% | 2.48% |
| Sector / category | Financials | Financials |
Year-by-year returns
| Year | KEY | MTB |
|---|---|---|
| 2022 | -21.7% | -2.9% |
| 2023 | -11.5% | -1.7% |
| 2024 | +25.3% | +41.7% |
| 2025 | +26.2% | +10.4% |
| 2026 | +8.8% | +20.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KEY and MTB good diversifiers for each other?
No: a correlation of 0.84 means KEY and MTB tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between KEY and MTB?
As of 2026-08-27, the correlation of weekly returns between KEY and MTB is 0.84 over 3 years, 0.88 over 1 year and 0.75 over 5 years.
Is MTB a good diversifier for KEY?
No: a correlation of 0.84 means KEY and MTB tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.84 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/key-vs-mtb.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/key-vs-mtb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: KEY correlations · MTB correlations
