MTB vs WFC: Correlation
M&T Bank (MTB) and Wells Fargo (WFC) show a strong relationship: their 3-year correlation of weekly returns is 0.78.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTB and WFC?
Across a 3-year window, the weekly returns of MTB and WFC correlate at 0.78, strong. Little has changed lately, as the 1-year reading of 0.75 lands near the 3-year figure. Stretching to 5 years gives 0.75, with an annualized covariance of 614.1 %².
Among the 35 assets we track against MTB, WFC ranks #17 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MTB ahead by 16.5 points (+21.7% versus +5.2%). The rolling one-year correlation stayed in a tight band between 0.69 and 0.89 over the past three years, which points to a structural rather than episodic relationship.
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 WFC: side by side
| MTB (M&T Bank) | WFC (Wells Fargo) | |
|---|---|---|
| 1-year return | +21.7% | +5.2% |
| 5-year return | +101.3% | +98.3% |
| Volatility (ann.) | 26.5% | 29.7% |
| Beta vs S&P 500 | 0.83 | 0.98 |
| Max drawdown (3Y) | -28.5% | -24.7% |
| Market cap | $34.5B | $256.9B |
| P/E (trailing) | 12.8 | 12.4 |
| Dividend yield | 2.48% | 2.11% |
| Sector / category | Financials | Financials |
Year-by-year returns
| Year | MTB | WFC |
|---|---|---|
| 2022 | -2.9% | -11.9% |
| 2023 | -1.7% | +22.9% |
| 2024 | +41.7% | +46.5% |
| 2025 | +10.4% | +35.6% |
| 2026 | +20.1% | -7.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTB and WFC good diversifiers for each other?
Only partially. A correlation of 0.78 means MTB and WFC 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 WFC?
The MTB/WFC correlation stands at 0.78 on a 3-year window (1 year: 0.75, 5 years: 0.75), computed from weekly returns as of 2026-08-27.
Is WFC a good diversifier for MTB?
Only partially. A correlation of 0.78 means MTB and WFC share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.78 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.
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Related comparisons
Hubs: MTB correlations · WFC correlations
