MTB vs UAL: Correlation
How closely do M&T Bank (MTB) and United Airlines Holdings (UAL) trade together? Their weekly returns over three years give a correlation of 0.54, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTB and UAL?
Across a 3-year window, the weekly returns of MTB and UAL correlate at 0.54, moderate. Recent behaviour matches the longer record: 0.48 over 1 year against 0.54 over 3. Stretching to 5 years gives 0.47, with an annualized covariance of 668.0 %².
Within MTB's tracked universe of 35 assets, UAL comes in at #23 by 3-year correlation. On 12-month performance MTB holds a 13.9-point edge, +21.7% against +7.8%. The rolling one-year correlation moved between 0.28 and 0.62 over the past three years, a moderate range. One caveat on sizing: UAL is 1.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 UAL: side by side
| MTB (M&T Bank) | UAL (United Airlines Holdings) | |
|---|---|---|
| 1-year return | +21.7% | +7.8% |
| 5-year return | +101.3% | +144.8% |
| Volatility (ann.) | 26.5% | 46.6% |
| Beta vs S&P 500 | 0.83 | 1.33 |
| Max drawdown (3Y) | -28.5% | -49.2% |
| Market cap | $34.5B | $36.5B |
| P/E (trailing) | 12.8 | 10.8 |
| Dividend yield | 2.48% | 0.00% |
| Sector / category | Financials | Industrials |
Year-by-year returns
| Year | MTB | UAL |
|---|---|---|
| 2022 | -2.9% | -13.9% |
| 2023 | -1.7% | +9.4% |
| 2024 | +41.7% | +135.3% |
| 2025 | +10.4% | +15.2% |
| 2026 | +20.1% | +0.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTB and UAL good diversifiers for each other?
Only partially. A correlation of 0.54 means MTB and UAL share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between MTB and UAL?
The MTB/UAL correlation stands at 0.54 on a 3-year window (1 year: 0.48, 5 years: 0.47), computed from weekly returns as of 2026-08-27.
Is UAL a good diversifier for MTB?
Only partially. A correlation of 0.54 means MTB and UAL share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.54 mean?
On the −1 to +1 scale, 0.54 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-ual.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mtb-vs-ual/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MTB correlations · UAL correlations
