MTB vs SSB: Correlation
M&T Bank (MTB) and SouthState Bank Corporation (SSB) show a very strong relationship: their 3-year correlation of weekly returns is 0.84.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTB and SSB?
Over the past 3 years, MTB and SSB moved with a correlation of 0.84, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.87) sits close to the 3-year figure. Over 5 years the correlation is 0.79, and the annualized covariance of weekly returns is 637.5 %².
By 3-year correlation, SSB places #13 of the 35 assets tracked against MTB. The trailing year gives MTB the advantage: +21.7% versus +6.8%, a 14.9-point spread.
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 SSB: side by side
| MTB (M&T Bank) | SSB (SouthState Bank Corporation) | |
|---|---|---|
| 1-year return | +21.7% | +6.8% |
| 5-year return | +101.3% | +76.5% |
| Volatility (ann.) | 26.5% | 28.6% |
| Beta vs S&P 500 | 0.83 | 0.95 |
| Max drawdown (3Y) | -28.5% | -27.6% |
| Market cap | $34.5B | $10.3B |
| P/E (trailing) | 12.8 | 11.2 |
| Dividend yield | 2.48% | 2.26% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | MTB | SSB |
|---|---|---|
| 2022 | -2.9% | -2.4% |
| 2023 | -1.7% | +13.8% |
| 2024 | +41.7% | +20.7% |
| 2025 | +10.4% | -3.1% |
| 2026 | +20.1% | +14.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTB and SSB good diversifiers for each other?
No: a correlation of 0.84 means MTB and SSB tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between MTB and SSB?
The MTB/SSB correlation stands at 0.84 on a 3-year window (1 year: 0.87, 5 years: 0.79), computed from weekly returns as of 2026-08-27.
Is SSB a good diversifier for MTB?
No: a correlation of 0.84 means MTB and SSB tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.84 mean?
A reading of 0.84 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: MTB correlations · SSB correlations
