MTB vs QQQ: Correlation
How closely do M&T Bank (MTB) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.28, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTB and QQQ?
Over the past 3 years, MTB and QQQ moved with a correlation of 0.28, which is weak. The link has loosened recently: the 1-year correlation (0.04) runs below the 3-year figure (0.28). Over 5 years the correlation is 0.28, and the annualized covariance of weekly returns is 143.3 %².
Within MTB's tracked universe of 35 assets, QQQ comes in at #25 by 3-year correlation. Their 12-month results are close: +21.7% for MTB against +26.3% for QQQ. The relationship is regime-dependent: the rolling one-year correlation swung between -0.10 and 0.64 over the past three years, so this pair behaves very differently depending on the market environment.
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 QQQ: side by side
| MTB (M&T Bank) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +21.7% | +26.3% |
| 5-year return | +101.3% | +95.4% |
| Volatility (ann.) | 26.5% | 19.6% |
| Beta vs S&P 500 | 0.83 | 1.28 |
| Max drawdown (3Y) | -28.5% | -22.8% |
| Market cap | $34.5B | – |
| P/E (trailing) | 12.8 | – |
| Dividend yield | 2.48% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | Financials | ETF · US Growth & Tech |
QQQ is a Large Growth fund from Invesco: $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | MTB | QQQ |
|---|---|---|
| 2022 | -2.9% | -32.6% |
| 2023 | -1.7% | +54.9% |
| 2024 | +41.7% | +25.6% |
| 2025 | +10.4% | +20.8% |
| 2026 | +20.1% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTB and QQQ good diversifiers for each other?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between MTB and QQQ?
Using weekly returns as of 2026-08-27: 0.28 over 3 years, with 0.04 over the last year and 0.28 over 5 years.
Is QQQ a good diversifier for MTB?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.28 mean?
On the −1 to +1 scale, 0.28 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-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mtb-vs-qqq/)
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Related comparisons
Hubs: MTB correlations · QQQ correlations
