MTB vs NGEN: Correlation
M&T Bank (MTB) and NervGen Pharma Corp. (NGEN) show a negative relationship: their 3-year correlation of weekly returns is -0.16.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTB and NGEN?
On 3 years of weekly data the MTB/NGEN correlation comes out at -0.16, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.19 over 1 year against -0.16 over 3. The 5-year figure is -0.05, and annualized covariance runs at -361.5 %².
By 3-year correlation, NGEN places #27 of the 35 assets tracked against MTB. Correlation aside, the last 12 months split them widely, with MTB ahead by 24.8 points (+21.7% versus -3.1%). One caveat on sizing: NGEN is 3.2 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 NGEN: side by side
| MTB (M&T Bank) | NGEN (NervGen Pharma Corp.) | |
|---|---|---|
| 1-year return | +21.7% | -3.1% |
| 5-year return | +101.3% | +44.1% |
| Volatility (ann.) | 26.5% | 84.7% |
| Beta vs S&P 500 | 0.83 | 0.57 |
| Max drawdown (3Y) | -28.5% | -73.4% |
| Market cap | $34.5B | $0.3B |
| P/E (trailing) | 12.8 | – |
| Dividend yield | 2.48% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | MTB | NGEN |
|---|---|---|
| 2022 | -2.9% | -44.1% |
| 2023 | -1.7% | +71.4% |
| 2024 | +41.7% | +6.9% |
| 2025 | +10.4% | +156.9% |
| 2026 | +20.1% | -58.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTB and NGEN good diversifiers for each other?
By historical standards, yes. A correlation of -0.16 means the two rarely move for the same reasons.
FAQ
What is the correlation between MTB and NGEN?
As of 2026-08-27, the correlation of weekly returns between MTB and NGEN is -0.16 over 3 years, -0.19 over 1 year and -0.05 over 5 years.
Is NGEN a good diversifier for MTB?
By historical standards, yes. A correlation of -0.16 means the two rarely move for the same reasons.
What does a correlation of -0.16 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/mtb-vs-ngen.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mtb-vs-ngen/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MTB correlations · NGEN correlations
