AD vs MGNX: Correlation
Array Digital Infrastructure, Inc. (AD) and MacroGenics, Inc. (MGNX) show a negative relationship: their 3-year correlation of weekly returns is -0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AD and MGNX?
Across a 3-year window, the weekly returns of AD and MGNX correlate at -0.30, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.14) runs above the 3-year figure (-0.30). Stretching to 5 years gives -0.07, with an annualized covariance of -1203.8 %².
Out of 13 assets tracked against AD, MGNX lands near the bottom at #13. Correlation aside, the last 12 months split them widely, with MGNX ahead by 137.5 points (-0.3% versus +137.2%). Risk is not evenly split, since MGNX carries 2.3 times the volatility of the other side.
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.
AD vs MGNX: side by side
| AD (Array Digital Infrastructure, Inc.) | MGNX (MacroGenics, Inc.) | |
|---|---|---|
| 1-year return | -0.3% | +137.2% |
| 5-year return | +142.7% | -82.5% |
| Volatility (ann.) | 42.1% | 96.3% |
| Beta vs S&P 500 | 0.68 | 1.72 |
| Max drawdown (3Y) | -32.0% | -95.1% |
| Market cap | $3.1B | $0.3B |
| P/E (trailing) | 4.6 | – |
| Dividend yield | 30.85% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AD | MGNX |
|---|---|---|
| 2022 | -33.9% | -58.2% |
| 2023 | +99.2% | +43.4% |
| 2024 | +51.0% | -66.2% |
| 2025 | +22.6% | -50.5% |
| 2026 | +1.0% | +153.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AD and MGNX good diversifiers for each other?
Yes. With a correlation of -0.30, AD and MGNX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AD and MGNX?
Using weekly returns as of 2026-08-27: -0.30 over 3 years, with -0.14 over the last year and -0.07 over 5 years.
Is MGNX a good diversifier for AD?
Yes. With a correlation of -0.30, AD and MGNX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.30 mean?
On the −1 to +1 scale, -0.30 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ad-vs-mgnx.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ad-vs-mgnx/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AD correlations · MGNX correlations
