MTB vs USAR: Correlation
How closely do M&T Bank (MTB) and USA Rare Earth, Inc. (USAR) trade together? Their weekly returns over three years give a correlation of -0.17, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTB and USAR?
Over the past 3 years, MTB and USAR moved with a correlation of -0.17, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.21 lands near the 3-year figure. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -436.3 %².
Out of 35 assets tracked against MTB, USAR lands near the bottom at #31. Neither side won the trailing year by much: +21.7% against +22.7%. One caveat on sizing: USAR is 3.7 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 USAR: side by side
| MTB (M&T Bank) | USAR (USA Rare Earth, Inc.) | |
|---|---|---|
| 1-year return | +21.7% | +22.7% |
| 5-year return | +101.3% | n/a |
| Volatility (ann.) | 26.5% | 98.3% |
| Beta vs S&P 500 | 0.83 | -0.14 |
| Max drawdown (3Y) | -28.5% | -69.2% |
| Market cap | $34.5B | $4.7B |
| P/E (trailing) | 12.8 | – |
| Dividend yield | 2.48% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | MTB | USAR |
|---|---|---|
| 2022 | -2.9% | – |
| 2023 | -1.7% | – |
| 2024 | +41.7% | +11.1% |
| 2025 | +10.4% | +3.7% |
| 2026 | +20.1% | +61.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTB and USAR good diversifiers for each other?
Yes. With a correlation of -0.17, MTB and USAR have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MTB and USAR?
As of 2026-08-27, the correlation of weekly returns between MTB and USAR is -0.17 over 3 years, -0.21 over 1 year and n/a over 5 years.
Is USAR a good diversifier for MTB?
Yes. With a correlation of -0.17, MTB and USAR have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.17 mean?
A reading of -0.17 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-usar.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mtb-vs-usar/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MTB correlations · USAR correlations
