LUV vs MTB: Correlation
Southwest Airlines (LUV) and M&T Bank (MTB) show a moderate relationship: their 3-year correlation of weekly returns is 0.54.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LUV and MTB?
On 3 years of weekly data the LUV/MTB correlation comes out at 0.54, moderate. Little has changed lately, as the 1-year reading of 0.60 lands near the 3-year figure. The 5-year figure is 0.46, and annualized covariance runs at 579.0 %².
Within LUV's tracked universe of 32 assets, MTB comes in at #12 by 3-year correlation. Their 12-month results are close: +22.0% for LUV against +21.7% for MTB. On a rolling one-year basis the correlation drifted between 0.31 and 0.76, a moderate band. Risk is not evenly split, since LUV carries 1.5 times the volatility of the other side.
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.
LUV vs MTB: side by side
| LUV (Southwest Airlines) | MTB (M&T Bank) | |
|---|---|---|
| 1-year return | +22.0% | +21.7% |
| 5-year return | -12.3% | +101.3% |
| Volatility (ann.) | 40.5% | 26.5% |
| Beta vs S&P 500 | 1.11 | 0.83 |
| Max drawdown (3Y) | -33.5% | -28.5% |
| Market cap | $19.5B | $34.5B |
| P/E (trailing) | 25.5 | 12.8 |
| Dividend yield | 1.77% | 2.48% |
| Sector / category | Industrials | Financials |
Year-by-year returns
| Year | LUV | MTB |
|---|---|---|
| 2022 | -21.4% | -2.9% |
| 2023 | -11.8% | -1.7% |
| 2024 | +19.1% | +41.7% |
| 2025 | +25.6% | +10.4% |
| 2026 | -3.0% | +20.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LUV and MTB good diversifiers for each other?
Somewhat, no more. With 0.54 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between LUV and MTB?
Using weekly returns as of 2026-08-27: 0.54 over 3 years, with 0.60 over the last year and 0.46 over 5 years.
Is MTB a good diversifier for LUV?
Somewhat, no more. With 0.54 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.54 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/luv-vs-mtb.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/luv-vs-mtb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: LUV correlations · MTB correlations
