MTB vs NB: Correlation
Measured on weekly returns over the past three years, M&T Bank (MTB) and NioCorp Developments Ltd. (NB) carry a correlation of -0.20, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTB and NB?
Across a 3-year window, the weekly returns of MTB and NB correlate at -0.20, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.14 lands near the 3-year figure. Stretching to 5 years gives n/a, with an annualized covariance of -482.4 %².
Out of 35 assets tracked against MTB, NB lands near the bottom at #32. The last year tells two different stories: MTB led by 27.3 percentage points, +21.7% for MTB against -5.6% for NB. One caveat on sizing: NB is 3.4 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
MTB vs NB: side by side
| MTB (M&T Bank) | NB (NioCorp Developments Ltd.) | |
|---|---|---|
| 1-year return | +21.7% | -5.6% |
| 5-year return | +101.3% | n/a |
| Volatility (ann.) | 26.5% | 90.1% |
| Beta vs S&P 500 | 0.83 | 0.33 |
| Max drawdown (3Y) | -28.5% | -74.7% |
| Market cap | $34.5B | $0.6B |
| P/E (trailing) | 12.8 | – |
| Dividend yield | 2.48% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | MTB | NB |
|---|---|---|
| 2022 | -2.9% | – |
| 2023 | -1.7% | – |
| 2024 | +41.7% | -51.4% |
| 2025 | +10.4% | +241.9% |
| 2026 | +20.1% | -17.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTB and NB good diversifiers for each other?
Yes. With a correlation of -0.20, MTB and NB have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MTB and NB?
Using weekly returns as of 2026-08-27: -0.20 over 3 years, with -0.14 over the last year and n/a over 5 years.
Is NB a good diversifier for MTB?
Yes. With a correlation of -0.20, MTB and NB have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.20 mean?
On the −1 to +1 scale, -0.20 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mtb-vs-nb.json
Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: MTB correlations · NB correlations
