AMTX vs MGY: Correlation
Measured on weekly returns over the past three years, Aemetis, Inc (AMTX) and Magnolia Oil & Gas Corporation (MGY) carry a correlation of 0.38, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AMTX and MGY?
Over the past 3 years, AMTX and MGY moved with a correlation of 0.38, which is moderate. The link has loosened recently: the 1-year correlation (0.27) runs below the 3-year figure (0.38). Over 5 years the correlation is 0.39, and the annualized covariance of weekly returns is 1192.8 %².
Within AMTX's tracked universe of 10 assets, MGY comes in at #5 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MGY ahead by 38.1 points (-27.5% versus +10.6%). Risk is not evenly split, since AMTX carries 3.1 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.
AMTX vs MGY: side by side
| AMTX (Aemetis, Inc) | MGY (Magnolia Oil & Gas Corporation) | |
|---|---|---|
| 1-year return | -27.5% | +10.6% |
| 5-year return | -81.7% | +92.1% |
| Volatility (ann.) | 98.5% | 32.0% |
| Beta vs S&P 500 | 1.51 | 0.40 |
| Max drawdown (3Y) | -79.2% | -31.5% |
| Market cap | $0.1B | $6.5B |
| P/E (trailing) | – | 11.5 |
| Dividend yield | 0.00% | 2.50% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AMTX | MGY |
|---|---|---|
| 2022 | -67.8% | +26.5% |
| 2023 | +32.3% | -7.3% |
| 2024 | -48.7% | +12.2% |
| 2025 | -48.3% | -3.8% |
| 2026 | +34.5% | +24.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AMTX and MGY good diversifiers for each other?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between AMTX and MGY?
The AMTX/MGY correlation stands at 0.38 on a 3-year window (1 year: 0.27, 5 years: 0.39), computed from weekly returns as of 2026-08-27.
Is MGY a good diversifier for AMTX?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.38 mean?
A reading of 0.38 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/amtx-vs-mgy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/amtx-vs-mgy/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AMTX correlations · MGY correlations
