MTB vs SPY: Correlation
Measured on weekly returns over the past three years, M&T Bank (MTB) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.45, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTB and SPY?
Across a 3-year window, the weekly returns of MTB and SPY correlate at 0.45, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.21 versus 0.45 over 3 years. Stretching to 5 years gives 0.43, with an annualized covariance of 173.5 %².
Within MTB's tracked universe of 35 assets, SPY comes in at #24 by 3-year correlation. Twelve-month performance is nearly a tie, at +21.7% for MTB and +20.6% for SPY. The relationship is regime-dependent: the rolling one-year correlation swung between 0.11 and 0.75 over the past three years, so this pair behaves very differently depending on the market environment. Risk is not evenly split, since MTB carries 1.8 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 SPY: side by side
| MTB (M&T Bank) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +21.7% | +20.6% |
| 5-year return | +101.3% | +82.4% |
| Volatility (ann.) | 26.5% | 14.5% |
| Beta vs S&P 500 | 0.83 | 1.00 |
| Max drawdown (3Y) | -28.5% | -18.8% |
| Market cap | $34.5B | – |
| P/E (trailing) | 12.8 | – |
| Dividend yield | 2.48% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Financials | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | MTB | SPY |
|---|---|---|
| 2022 | -2.9% | -18.2% |
| 2023 | -1.7% | +26.2% |
| 2024 | +41.7% | +24.9% |
| 2025 | +10.4% | +17.7% |
| 2026 | +20.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.05% of SPY is MTB itself, so the fund partly moves with the stock by construction.
Are MTB and SPY good diversifiers for each other?
Reasonably. At 0.45, MTB and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between MTB and SPY?
Using weekly returns as of 2026-08-27: 0.45 over 3 years, with 0.21 over the last year and 0.43 over 5 years.
Is SPY a good diversifier for MTB?
Reasonably. At 0.45, MTB and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.45 mean?
A reading of 0.45 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mtb-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mtb-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MTB correlations · SPY correlations
