MTB vs SPRB: Correlation
M&T Bank (MTB) and Spruce Biosciences, Inc. (SPRB) 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 SPRB?
Across a 3-year window, the weekly returns of MTB and SPRB correlate at -0.16, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.35 versus -0.16 over 3 years. Stretching to 5 years gives -0.10, with an annualized covariance of -4623.7 %².
Among the 35 assets we track against MTB, SPRB ranks #29 by 3-year correlation. The last year tells two different stories: SPRB led by 724.6 percentage points, +21.7% for MTB against +746.3% for SPRB. Risk is not evenly split, since SPRB carries 41.0 times the volatility of the other side.
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 SPRB: side by side
| MTB (M&T Bank) | SPRB (Spruce Biosciences, Inc.) | |
|---|---|---|
| 1-year return | +21.7% | +746.3% |
| 5-year return | +101.3% | -99.8% |
| Volatility (ann.) | 26.5% | 1086.4% |
| Beta vs S&P 500 | 0.83 | -7.82 |
| Max drawdown (3Y) | -28.5% | -100.0% |
| Market cap | $34.5B | $0.2B |
| P/E (trailing) | 12.8 | – |
| Dividend yield | 2.48% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | MTB | SPRB |
|---|---|---|
| 2022 | -2.9% | -75.4% |
| 2023 | -1.7% | +167.1% |
| 2024 | +41.7% | -85.7% |
| 2025 | +10.4% | -96.3% |
| 2026 | +20.1% | -27.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTB and SPRB good diversifiers for each other?
Yes: at -0.16, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MTB and SPRB?
Using weekly returns as of 2026-08-27: -0.16 over 3 years, with -0.35 over the last year and -0.10 over 5 years.
Is SPRB a good diversifier for MTB?
Yes: at -0.16, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.16 mean?
On the −1 to +1 scale, -0.16 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-sprb.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mtb-vs-sprb/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MTB correlations · SPRB correlations
