MTB vs RF: Correlation
Measured on weekly returns over the past three years, M&T Bank (MTB) and Regions Financial Corporation (RF) carry a correlation of 0.88, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTB and RF?
Over the past 3 years, MTB and RF moved with a correlation of 0.88, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.93) sits close to the 3-year figure. Over 5 years the correlation is 0.86, and the annualized covariance of weekly returns is 678.6 %².
Within MTB's tracked universe of 35 assets, RF comes in at #5 by 3-year correlation. The trailing year gives MTB the advantage: +21.7% versus +15.4%, a 6.3-point spread. The rolling one-year correlation stayed in a tight band between 0.78 and 0.93 over the past three years, which points to a structural rather than episodic relationship.
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 RF: side by side
| MTB (M&T Bank) | RF (Regions Financial Corporation) | |
|---|---|---|
| 1-year return | +21.7% | +15.4% |
| 5-year return | +101.3% | +83.5% |
| Volatility (ann.) | 26.5% | 29.2% |
| Beta vs S&P 500 | 0.83 | 1.09 |
| Max drawdown (3Y) | -28.5% | -31.9% |
| Market cap | $34.5B | $25.9B |
| P/E (trailing) | 12.8 | 12.4 |
| Dividend yield | 2.48% | 3.45% |
| Sector / category | Financials | Financials |
Year-by-year returns
| Year | MTB | RF |
|---|---|---|
| 2022 | -2.9% | +2.3% |
| 2023 | -1.7% | -5.7% |
| 2024 | +41.7% | +27.0% |
| 2025 | +10.4% | +20.2% |
| 2026 | +20.1% | +14.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTB and RF good diversifiers for each other?
No. With a correlation of 0.88, MTB and RF move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between MTB and RF?
The MTB/RF correlation stands at 0.88 on a 3-year window (1 year: 0.93, 5 years: 0.86), computed from weekly returns as of 2026-08-27.
Is RF a good diversifier for MTB?
No. With a correlation of 0.88, MTB and RF move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.88 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-rf.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mtb-vs-rf/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MTB correlations · RF correlations
