MTB vs PNC: Correlation
Measured on weekly returns over the past three years, M&T Bank (MTB) and PNC Financial Services (PNC) carry a correlation of 0.90, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTB and PNC?
Across a 3-year window, the weekly returns of MTB and PNC correlate at 0.90, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.92 lands near the 3-year figure. Stretching to 5 years gives 0.80, with an annualized covariance of 608.7 %².
Few assets follow MTB as closely as PNC, which ranks #2 of 35 tracked partners. Their 12-month results are close: +21.7% for MTB against +22.1% for PNC. The rolling one-year correlation moved between 0.60 and 0.94 over the past three years, a moderate range.
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 PNC: side by side
| MTB (M&T Bank) | PNC (PNC Financial Services) | |
|---|---|---|
| 1-year return | +21.7% | +22.1% |
| 5-year return | +101.3% | +53.5% |
| Volatility (ann.) | 26.5% | 25.6% |
| Beta vs S&P 500 | 0.83 | 0.92 |
| Max drawdown (3Y) | -28.5% | -29.8% |
| Market cap | $34.5B | $97.1B |
| P/E (trailing) | 12.8 | 13.5 |
| Dividend yield | 2.48% | 2.78% |
| Sector / category | Financials | Financials |
Year-by-year returns
| Year | MTB | PNC |
|---|---|---|
| 2022 | -2.9% | -18.6% |
| 2023 | -1.7% | +2.7% |
| 2024 | +41.7% | +29.4% |
| 2025 | +10.4% | +12.2% |
| 2026 | +20.1% | +19.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTB and PNC good diversifiers for each other?
Not really. At 0.90, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between MTB and PNC?
Using weekly returns as of 2026-08-27: 0.90 over 3 years, with 0.92 over the last year and 0.80 over 5 years.
Is PNC a good diversifier for MTB?
Not really. At 0.90, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.90 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-pnc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mtb-vs-pnc/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MTB correlations · PNC correlations
