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Correlation Analysis

Apple Inc. vs M&T Bank Corp.

AAPL vs MTB

+0.601

Moderate positive

When one moves up, the other tends to follow.

AAPL logo

Apple Inc.

AAPL

Apple is among the largest companies in the world, with a broad portfolio of hardware and software products targeted at consumers and businesses. Apple's iPhone makes up a majority of the firm sales, and Apple's other products like Mac, iPad, and Watch are designed around the iPhone as the focal point of an expansive software ecosystem. Apple has progressively worked to add new applications, like streaming video, subscription bundles, and augmented reality. The firm designs its own software and semiconductors while working with subcontractors like Foxconn and TSMC to build its products and chips. Slightly less than half of Apple's sales come directly through its flagship stores, with a majority of sales coming indirectly through partnerships and distribution.

Market cap 3.8T

MTB logo

M&T Bank Corp.

MTB

M&T Bank is a US regional bank with around $213 billion in assets as of Dec. 30, 2025. Headquartered in Buffalo, New York, the bank's footprint is mostly concentrated in New England and the US Mid-Atlantic. M&T Bank boasts a community banking approach, and boasts over 900 branches in 13 states and Washington, D.C. Apart from retail and commercial banking, M&T Bank also has wealth management operations through Wilmington Trust and a partnership with LPL Financial, and a corporate trust business.

Market cap 31.5B · 22,278 employees

Apr 9, 2021 — Apr 7, 2026Daily1,254 observationsStockStockTechnology

Who Moves First

AAPL leads MTB by 6 days

AAPL tends to move before MTB.

Best correlation after shifting: +0.604 (13 shifts scanned)

Do They Crash Together?

Correlation by Market Regime

How these series behave when markets are rising, falling, or diverging. A correlation that holds in drawdowns is very different from one that only works in rallies.

Both Rising

+0.051

13 periods · Return correlation when both series rose

Both Falling

+0.788

7 periods · Return correlation when both series fell

Diverging

-0.621

15 periods · Return correlation when series moved apart

R-Squared

36.1%

Share of variance in one series explained by the other.

Trend Agreement

57.5%

How often both series moved in the same direction period-to-period.

Overlap Quality

1,254

Deep shared window — 1,254 usable pairs.

Significance

p < 0.001

95% CI: [0.564, 0.635]

Time Series

Rebased to 100

Green: AAPLGray: MTB36 of 1,254 points (sampled)

Scatter

XY Regression

112.3120140160180200220240260280285.6102.5120140160180200220240240.9Apple Inc.M&T Bank Corp.Data pointsFit (r = 0.601)

Pipeline

Data quality details

Pipeline Summary

1,254 paired observations survived the daily window.

Raw input

1,254

1,254

Normalized

1,254

1,254

Prepared

1,254

1,254

Aligned

1,254

1,254

Invalid removed

0

A: 0 / B: 0

Duplicates removed

0

A: 0 / B: 0

Alignment drops

0

A: 0 / B: 0

Series A

AAPL logo

Apple Inc.

AAPL

Market cap 3.8T

Stock · 1,254 raw → 1,254 prepared

Series B

MTB logo

M&T Bank Corp.

MTB

Market cap 31.5B · 22,278 employees

Stock · 1,254 raw → 1,254 prepared

Sign agreement

100.0%

How often both values share the same sign.

Zero crossings

25

Estimated crossover points between normalized spreads.

Slope

0.4031

Linear regression slope.

Intercept

87.9524

Linear regression intercept.

Related Extremes

Highest and Lowest Correlated

Saved 3 hours ago · ID: stock-aapl-vs-stock-mtb-daily-20260408-msyumj