ARTL vs MTG: Correlation
Artelo Biosciences, Inc. (ARTL) and MGIC Investment Corporation (MTG) show a negative relationship: their 3-year correlation of weekly returns is -0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARTL and MTG?
Over the past 3 years, ARTL and MTG moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.22 over 1 year against -0.26 over 3. Over 5 years the correlation is -0.12, and the annualized covariance of weekly returns is -764.4 %².
MTG is close to the least connected end of ARTL's tracked universe, ranking #20 of 21. Their recent paths diverged sharply: over the last 12 months MTG outperformed by 111.1 percentage points (-97.6% for ARTL against +13.5% for MTG). Note the risk asymmetry: ARTL runs 6.3 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
ARTL vs MTG: side by side
| ARTL (Artelo Biosciences, Inc.) | MTG (MGIC Investment Corporation) | |
|---|---|---|
| 1-year return | -97.6% | +13.5% |
| 5-year return | -99.7% | +129.5% |
| Volatility (ann.) | 136.9% | 21.6% |
| Beta vs S&P 500 | -0.54 | 0.57 |
| Max drawdown (3Y) | -99.2% | -15.8% |
| Market cap | – | $6.4B |
| P/E (trailing) | – | 9.8 |
| Dividend yield | 0.00% | 1.92% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ARTL | MTG |
|---|---|---|
| 2022 | -62.9% | -7.5% |
| 2023 | -51.6% | +52.4% |
| 2024 | -24.3% | +25.7% |
| 2025 | -80.8% | +25.9% |
| 2026 | -81.9% | +8.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARTL and MTG good diversifiers for each other?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ARTL and MTG?
The ARTL/MTG correlation stands at -0.26 on a 3-year window (1 year: -0.22, 5 years: -0.12), computed from weekly returns as of 2026-08-27.
Is MTG a good diversifier for ARTL?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.26 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/artl-vs-mtg.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/artl-vs-mtg/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ARTL correlations · MTG correlations
