CFR vs. MTB

Last updated Apr 2, 2026

Compare and contrast key facts about Cullen/Frost Bankers, Inc. (CFR) and M&T Bank Corporation (MTB).

Performance

CFR vs. MTB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cullen/Frost Bankers, Inc. (CFR) and M&T Bank Corporation (MTB). The values are adjusted to include any dividend payments, if applicable.

CFR vs. MTB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CFR Cullen/Frost Bankers, Inc.	10.26%	-2.76%	27.86%	-16.06%	8.66%	48.17%	-7.58%	14.60%	-4.84%	9.93%
MTB M&T Bank Corporation	4.44%	10.89%	41.66%	-1.68%	-2.94%	24.28%	-22.16%	21.65%	-14.58%	11.35%

Fundamentals

Market Cap CFR : $8.82B MTB : $32.72B
EPS CFR : $10.13 MTB : $18.08
PE Ratio CFR : 13.69 MTB : 11.56
PEG Ratio CFR : 1.26 MTB : 1.56
PS Ratio CFR : 3.22 MTB : 2.68
PB Ratio CFR : 1.99 MTB : 1.24
Total Revenue (TTM) CFR : $2.75B MTB : $12.31B
Gross Profit (TTM) CFR : $2.19B MTB : $9.19B
EBITDA (TTM) CFR : $837.67M MTB : $3.96B

Returns By Period

In the year-to-date period, CFR achieves a 10.26% return, which is significantly higher than MTB's 4.44% return. Over the past 10 years, CFR has outperformed MTB with an annualized return of 13.05%, while MTB has yielded a comparatively lower 9.51% annualized return.

CFR

• 1D: 1.15%
• 1M: -1.11%
• YTD: 10.26%
• 6M: 11.90%
• 1Y: 15.55%
• 3Y*: 13.21%
• 5Y*: 7.84%
• 10Y*: 13.05%

MTB

• 1D: 1.09%
• 1M: -4.79%
• YTD: 4.44%
• 6M: 8.61%
• 1Y: 22.07%
• 3Y*: 24.72%
• 5Y*: 9.94%
• 10Y*: 9.51%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

CFR vs. MTB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CFR

CFR Risk / Return Rank: 58
CFR Sharpe Ratio Rank: 61
CFR Sortino Ratio Rank: 52
CFR Omega Ratio Rank: 54
CFR Calmar Ratio Rank: 61
CFR Martin Ratio Rank: 60

MTB

MTB Risk / Return Rank: 65
MTB Sharpe Ratio Rank: 70
MTB Sortino Ratio Rank: 61
MTB Omega Ratio Rank: 62
MTB Calmar Ratio Rank: 66
MTB Martin Ratio Rank: 67

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CFR vs. MTB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cullen/Frost Bankers, Inc. (CFR) and M&T Bank Corporation (MTB). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	CFR	MTB	Difference
Sharpe ratio Return per unit of total volatility	0.57	0.85	-0.28
Sortino ratio Return per unit of downside risk	0.93	1.25	-0.33
Omega ratio Gain probability vs. loss probability	1.13	1.17	-0.04
Calmar ratio Return relative to maximum drawdown	0.93	1.20	-0.27
Martin ratio Return relative to average drawdown	2.03	3.06	-1.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CFR vs. MTB - Sharpe Ratio Comparison

The current CFR Sharpe Ratio is 0.57, which is lower than the MTB Sharpe Ratio of 0.85. The chart below compares the historical Sharpe Ratios of CFR and MTB, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CFR	MTB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.57	0.85	-0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	0.33	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.39	0.29	+0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.40	+0.06

Correlation

The correlation between CFR and MTB is 0.59, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

CFR vs. MTB - Dividend Comparison

CFR's dividend yield for the trailing twelve months is around 2.88%, more than MTB's 2.80% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CFR Cullen/Frost Bankers, Inc.	2.88%	3.12%	2.79%	3.30%	2.42%	2.33%	3.27%	2.86%	2.93%	2.38%	2.44%	3.50%
MTB M&T Bank Corporation	2.80%	3.24%	2.85%	3.79%	3.31%	2.93%	3.46%	2.42%	2.48%	1.75%	1.79%	2.31%

Drawdowns

CFR vs. MTB - Drawdown Comparison

The maximum CFR drawdown since its inception was -56.86%, smaller than the maximum MTB drawdown of -73.50%. Use the drawdown chart below to compare losses from any high point for CFR and MTB.

Drawdown Indicators

	CFR	MTB	Difference
Max Drawdown Largest peak-to-trough decline	-56.86%	-73.50%	+16.64%
Max Drawdown (1Y) Largest decline over 1 year	-15.20%	-16.98%	+1.78%
Max Drawdown (5Y) Largest decline over 5 years	-45.62%	-40.71%	-4.91%
Max Drawdown (10Y) Largest decline over 10 years	-56.86%	-52.97%	-3.89%
Current Drawdown Current decline from peak	-5.09%	-11.59%	+6.50%
Average Drawdown Average peak-to-trough decline	-11.86%	-12.43%	+0.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.00%	6.68%	+0.32%

Volatility

CFR vs. MTB - Volatility Comparison

The current volatility for Cullen/Frost Bankers, Inc. (CFR) is 4.78%, while M&T Bank Corporation (MTB) has a volatility of 6.87%. This indicates that CFR experiences smaller price fluctuations and is considered to be less risky than MTB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CFR	MTB	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.78%	6.87%	-2.09%
Volatility (6M) Calculated over the trailing 6-month period	15.86%	16.49%	-0.63%
Volatility (1Y) Calculated over the trailing 1-year period	27.46%	26.22%	+1.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.38%	30.46%	-0.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.44%	32.84%	+0.60%

Financials

CFR vs. MTB - Profitability Comparison

The chart below illustrates the profitability comparison between Cullen/Frost Bankers, Inc. and M&T Bank Corporation over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

CFR - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Cullen/Frost Bankers, Inc. reported a gross profit of 569.65M and revenue of 580.87M. Therefore, the gross margin over that period was 98.1%.

MTB - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, M&T Bank Corporation reported a gross profit of 2.35B and revenue of 3.33B. Therefore, the gross margin over that period was 70.5%.

CFR - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Cullen/Frost Bankers, Inc. reported an operating income of 197.98M and revenue of 580.87M, resulting in an operating margin of 34.1%.

MTB - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, M&T Bank Corporation reported an operating income of 971.00M and revenue of 3.33B, resulting in an operating margin of 29.1%.

CFR - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Cullen/Frost Bankers, Inc. reported a net income of 166.25M and revenue of 580.87M, resulting in a net margin of 28.6%.

MTB - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, M&T Bank Corporation reported a net income of 759.00M and revenue of 3.33B, resulting in a net margin of 22.8%.