AG vs MFI: Correlation
How closely do First Majestic Silver Corp. (AG) and mF International Limited - Class A (MFI) trade together? Their weekly returns over three years give a correlation of 0.42, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AG and MFI?
Across a 3-year window, the weekly returns of AG and MFI correlate at 0.42, moderate. Recent behaviour matches the longer record: 0.40 over 1 year against 0.42 over 3. Stretching to 5 years gives n/a, with an annualized covariance of 5456.2 %².
Within AG's tracked universe of 27 assets, MFI comes in at #19 by 3-year correlation. The last year tells two different stories: AG led by 215.2 percentage points, +139.9% for AG against -75.3% for MFI. Risk is not evenly split, since MFI carries 2.6 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.
AG vs MFI: side by side
| AG (First Majestic Silver Corp.) | MFI (mF International Limited - Class A) | |
|---|---|---|
| 1-year return | +139.9% | -75.3% |
| 5-year return | +74.1% | n/a |
| Volatility (ann.) | 70.1% | 180.8% |
| Beta vs S&P 500 | 1.45 | 2.81 |
| Max drawdown (3Y) | -53.0% | -95.8% |
| Market cap | $10.7B | $0.5B |
| P/E (trailing) | 30.2 | 5.2 |
| Dividend yield | 0.22% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AG | MFI |
|---|---|---|
| 2022 | -24.7% | – |
| 2023 | -26.0% | – |
| 2024 | -10.5% | – |
| 2025 | +204.1% | +245.6% |
| 2026 | +30.7% | -50.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AG and MFI good diversifiers for each other?
Reasonably. At 0.42, AG and MFI keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between AG and MFI?
As of 2026-08-27, the correlation of weekly returns between AG and MFI is 0.42 over 3 years, 0.40 over 1 year and n/a over 5 years.
Is MFI a good diversifier for AG?
Reasonably. At 0.42, AG and MFI keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.42 mean?
A reading of 0.42 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: AG correlations · MFI correlations
