MTB vs USB: Correlation
How closely do M&T Bank (MTB) and U.S. Bancorp (USB) trade together? Their weekly returns over three years give a correlation of 0.85, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTB and USB?
Across a 3-year window, the weekly returns of MTB and USB correlate at 0.85, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.90 lands near the 3-year figure. Stretching to 5 years gives 0.78, with an annualized covariance of 615.8 %².
Within MTB's tracked universe of 35 assets, USB comes in at #7 by 3-year correlation. On 12-month performance USB holds a 11.4-point edge, +21.7% against +33.1%. On a rolling one-year basis the correlation drifted between 0.65 and 0.93, a moderate band.
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 USB: side by side
| MTB (M&T Bank) | USB (U.S. Bancorp) | |
|---|---|---|
| 1-year return | +21.7% | +33.1% |
| 5-year return | +101.3% | +36.0% |
| Volatility (ann.) | 26.5% | 27.3% |
| Beta vs S&P 500 | 0.83 | 1.09 |
| Max drawdown (3Y) | -28.5% | -30.6% |
| Market cap | $34.5B | $97.2B |
| P/E (trailing) | 12.8 | 12.5 |
| Dividend yield | 2.48% | 3.31% |
| Sector / category | Financials | Financials |
Year-by-year returns
| Year | MTB | USB |
|---|---|---|
| 2022 | -2.9% | -19.1% |
| 2023 | -1.7% | +4.8% |
| 2024 | +41.7% | +15.6% |
| 2025 | +10.4% | +16.5% |
| 2026 | +20.1% | +19.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTB and USB good diversifiers for each other?
No. With a correlation of 0.85, MTB and USB move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between MTB and USB?
Using weekly returns as of 2026-08-27: 0.85 over 3 years, with 0.90 over the last year and 0.78 over 5 years.
Is USB a good diversifier for MTB?
No. With a correlation of 0.85, MTB and USB move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.85 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mtb-vs-usb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mtb-vs-usb/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MTB correlations · USB correlations
