MTB vs ZION: Correlation
Measured on weekly returns over the past three years, M&T Bank (MTB) and Zions Bancorporation N.A. (ZION) carry a correlation of 0.85, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTB and ZION?
Across a 3-year window, the weekly returns of MTB and ZION correlate at 0.85, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.87 lands near the 3-year figure. Stretching to 5 years gives 0.80, with an annualized covariance of 800.3 %².
Among the 35 assets we track against MTB, ZION ranks #9 by 3-year correlation. Twelve-month performance is nearly a tie, at +21.7% for MTB and +20.7% for ZION.
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 ZION: side by side
| MTB (M&T Bank) | ZION (Zions Bancorporation N.A.) | |
|---|---|---|
| 1-year return | +21.7% | +20.7% |
| 5-year return | +101.3% | +41.1% |
| Volatility (ann.) | 26.5% | 35.5% |
| Beta vs S&P 500 | 0.83 | 1.29 |
| Max drawdown (3Y) | -28.5% | -32.4% |
| Market cap | $34.5B | $9.9B |
| P/E (trailing) | 12.8 | 8.7 |
| Dividend yield | 2.48% | 2.63% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | MTB | ZION |
|---|---|---|
| 2022 | -2.9% | -20.0% |
| 2023 | -1.7% | -6.3% |
| 2024 | +41.7% | +28.2% |
| 2025 | +10.4% | +11.6% |
| 2026 | +20.1% | +18.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTB and ZION good diversifiers for each other?
No: a correlation of 0.85 means MTB and ZION tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between MTB and ZION?
The MTB/ZION correlation stands at 0.85 on a 3-year window (1 year: 0.87, 5 years: 0.80), computed from weekly returns as of 2026-08-27.
Is ZION a good diversifier for MTB?
No: a correlation of 0.85 means MTB and ZION tend to fall together, which is precisely when diversification is supposed to help.
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-zion.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mtb-vs-zion/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MTB correlations · ZION correlations
