AP vs MWG: Correlation
Ampco-Pittsburgh Corporation (AP) and Multi Ways Holdings Limited Class A (MWG) show a moderate relationship: their 3-year correlation of weekly returns is 0.37.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AP and MWG?
Across a 3-year window, the weekly returns of AP and MWG correlate at 0.37, moderate. Recent behaviour matches the longer record: 0.27 over 1 year against 0.37 over 3. Stretching to 5 years gives n/a, with an annualized covariance of 3062.2 %².
By 3-year correlation, MWG places #8 of the 14 assets tracked against AP. The last year tells two different stories: AP led by 279.2 percentage points, +232.6% for AP against -46.6% for MWG.
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.
AP vs MWG: side by side
| AP (Ampco-Pittsburgh Corporation) | MWG (Multi Ways Holdings Limited Class A) | |
|---|---|---|
| 1-year return | +232.6% | -46.6% |
| 5-year return | +90.5% | n/a |
| Volatility (ann.) | 94.5% | 87.1% |
| Beta vs S&P 500 | 1.63 | 0.47 |
| Max drawdown (3Y) | -77.6% | -81.5% |
| Market cap | $0.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AP | MWG |
|---|---|---|
| 2022 | -49.8% | – |
| 2023 | +8.8% | – |
| 2024 | -23.4% | +26.2% |
| 2025 | +155.0% | -6.3% |
| 2026 | +72.2% | -52.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AP and MWG good diversifiers for each other?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between AP and MWG?
The AP/MWG correlation stands at 0.37 on a 3-year window (1 year: 0.27, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is MWG a good diversifier for AP?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.37 mean?
On the −1 to +1 scale, 0.37 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/ap-vs-mwg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ap-vs-mwg/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AP correlations · MWG correlations
