MTB vs. MS

Last updated Jun 3, 2026

MTB (M&T Bank Corporation) and MS (Morgan Stanley) are both stocks. Both are in the Financial Services sector — MTB in Banks - Regional, MS in Capital Markets. Over the past 10 years, MTB returned 9.39%/yr vs 26.80%/yr for MS. A 0.53 correlation means they provide meaningful diversification when combined.

Performance

MTB vs. MS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in M&T Bank Corporation (MTB) and Morgan Stanley (MS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MTB achieves a 9.36% return, which is significantly lower than MS's 22.42% return. Over the past 10 years, MTB has underperformed MS with an annualized return of 9.39%, while MS has yielded a comparatively higher 26.80% annualized return.

MTB

• 1D: 2.68%
• 1M: 1.09%
• YTD: 9.36%
• 6M: 15.37%
• 1Y: 24.28%
• 3Y*: 24.16%
• 5Y*: 9.43%
• 10Y*: 9.39%

MS

• 1D: 1.88%
• 1M: 13.05%
• YTD: 22.42%
• 6M: 28.53%
• 1Y: 71.47%
• 3Y*: 41.02%
• 5Y*: 22.02%
• 10Y*: 26.80%

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

MTB vs. MS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MTB M&T Bank Corporation	9.36%	10.89%	41.66%	-1.68%	-2.94%	24.28%	-22.16%	21.65%	-14.58%	11.35%
MS Morgan Stanley	22.42%	45.16%	39.73%	13.93%	-10.34%	46.65%	38.09%	32.67%	-22.76%	26.61%

Correlation

The correlation between MTB and MS is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Feb 24, 1993	0.53

The correlation between MTB and MS shifts across timeframes, from 0.50 (1 year) to 0.66 (10 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap MTB : $34.02B MS : $342.46B
EPS MTB : $18.62 MS : $11.41
PE Ratio MTB : 11.67 MS : 18.83
PEG Ratio MTB : 1.57 MS : 1.77
PS Ratio MTB : 2.77 MS : 2.85
PB Ratio MTB : 1.22 MS : 3.28
Total Revenue (TTM) MTB : $12.36B MS : $120.22B
Gross Profit (TTM) MTB : $9.31B MS : $69.72B
EBITDA (TTM) MTB : $3.93B MS : $27.21B

Return for Risk

MTB vs. MS — Risk / Return Rank

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

MTB

MTB Risk / Return Rank: 68
MTB Sharpe Ratio Rank: 74
MTB Sortino Ratio Rank: 67
MTB Omega Ratio Rank: 65
MTB Calmar Ratio Rank: 67
MTB Martin Ratio Rank: 67

MS

MS Risk / Return Rank: 91
MS Sharpe Ratio Rank: 93
MS Sortino Ratio Rank: 91
MS Omega Ratio Rank: 92
MS Calmar Ratio Rank: 86
MS Martin Ratio Rank: 90

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.

MTB vs. MS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for M&T Bank Corporation (MTB) and Morgan Stanley (MS). 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.

	MTB	MS	Difference
Sharpe ratio Return per unit of total volatility	1.12	2.87	-1.74
Sortino ratio Return per unit of downside risk	1.63	3.47	-1.84
Omega ratio Gain probability vs. loss probability	1.20	1.48	-0.28
Calmar ratio Return relative to maximum drawdown	1.38	3.82	-2.44
Martin ratio Return relative to average drawdown	3.28	12.69	-9.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MTB vs. MS - Sharpe Ratio Comparison

The current MTB Sharpe Ratio is 1.12, which is lower than the MS Sharpe Ratio of 2.87. The chart below compares the historical Sharpe Ratios of MTB and MS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MTB	MS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.12	2.87	-1.74
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.31	0.77	-0.46
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.29	0.85	-0.57
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.29	+0.11

Drawdowns

MTB vs. MS - Drawdown Comparison

The maximum MTB drawdown since its inception was -73.50%, smaller than the maximum MS drawdown of -88.12%. Use the drawdown chart below to compare losses from any high point for MTB and MS.

Drawdown Indicators

	MTB	MS	Difference
Max Drawdown Largest peak-to-trough decline	-73.50%	-88.12%	+14.62%
Max Drawdown (1Y) Largest decline over 1 year	-16.98%	-18.83%	+1.85%
Max Drawdown (3Y) Largest decline over 3 years	-28.20%	-29.24%	+1.04%
Max Drawdown (5Y) Largest decline over 5 years	-40.71%	-32.38%	-8.33%
Max Drawdown (10Y) Largest decline over 10 years	-52.97%	-51.33%	-1.64%
Current Drawdown Current decline from peak	-7.43%	0.00%	-7.43%
Average Drawdown Average peak-to-trough decline	-12.42%	-33.72%	+21.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.15%	5.67%	+1.48%

Volatility

MTB vs. MS - Volatility Comparison

The current volatility for M&T Bank Corporation (MTB) is 5.82%, while Morgan Stanley (MS) has a volatility of 6.58%. This indicates that MTB experiences smaller price fluctuations and is considered to be less risky than MS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MTB	MS	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.82%	6.58%	-0.76%
Volatility (6M) Calculated over the trailing 6-month period	15.69%	20.69%	-5.00%
Volatility (1Y) Calculated over the trailing 1-year period	21.72%	25.07%	-3.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.36%	28.63%	+1.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.83%	31.48%	+1.35%

Dividends

MTB vs. MS - Dividend Comparison

MTB's dividend yield for the trailing twelve months is around 2.76%, more than MS's 1.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MS Morgan Stanley	1.86%	2.17%	2.82%	3.49%	3.47%	2.14%	2.04%	2.54%	2.77%	1.72%	1.66%	1.73%
MTB M&T Bank Corporation	2.76%	3.24%	2.85%	3.79%	3.31%	2.93%	3.46%	2.42%	2.48%	1.75%	1.79%	2.31%

Financials

MTB vs. MS - Profitability Comparison

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

MTB - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, M&T Bank Corporation reported a gross profit of 2.30B and revenue of 3.23B. Therefore, the gross margin over that period was 71.4%.

MS - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Morgan Stanley reported a gross profit of 20.48B and revenue of 33.15B. Therefore, the gross margin over that period was 61.8%.

MTB - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, M&T Bank Corporation reported an operating income of 863.00M and revenue of 3.23B, resulting in an operating margin of 26.8%.

MS - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Morgan Stanley reported an operating income of 7.01B and revenue of 33.15B, resulting in an operating margin of 21.2%.

MTB - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, M&T Bank Corporation reported a net income of 664.00M and revenue of 3.23B, resulting in a net margin of 20.6%.

MS - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Morgan Stanley reported a net income of 5.64B and revenue of 33.15B, resulting in a net margin of 17.0%.

Frequently Asked Questions

Can I hold both MTB and MS in my portfolio?

MTB and MS have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MTB or MS?

MS has higher volatility (6.58%) compared to MTB (5.82%). In terms of maximum drawdown, MTB dropped -73.50% vs MS's -88.12%.

Which has better risk-adjusted returns?

MS currently has the higher Sharpe Ratio (2.87 vs 1.12), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.