ATO vs MTEX: Correlation
Measured on weekly returns over the past three years, Atmos Energy (ATO) and Mannatech, Incorporated (MTEX) carry a correlation of -0.26, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ATO and MTEX?
Across a 3-year window, the weekly returns of ATO and MTEX correlate at -0.26, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.35) sits close to the 3-year figure. Stretching to 5 years gives -0.16, with an annualized covariance of -268.5 %².
MTEX is close to the least connected end of ATO's tracked universe, ranking #32 of 32. Correlation aside, the last 12 months split them widely, with ATO ahead by 31.4 points (+2.9% versus -28.5%). Note the risk asymmetry: MTEX runs 4.1 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.
ATO vs MTEX: side by side
| ATO (Atmos Energy) | MTEX (Mannatech, Incorporated) | |
|---|---|---|
| 1-year return | +2.9% | -28.5% |
| 5-year return | +94.1% | -79.1% |
| Volatility (ann.) | 15.9% | 65.8% |
| Beta vs S&P 500 | 0.15 | 0.48 |
| Max drawdown (3Y) | -12.7% | -74.9% |
| Market cap | $28.3B | – |
| P/E (trailing) | 19.9 | – |
| Dividend yield | 2.28% | 0.00% |
| Sector / category | Utilities | US Listed |
Year-by-year returns
| Year | ATO | MTEX |
|---|---|---|
| 2022 | +9.6% | -51.7% |
| 2023 | +6.2% | -53.5% |
| 2024 | +23.4% | +65.8% |
| 2025 | +23.1% | -38.6% |
| 2026 | +1.5% | -23.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ATO and MTEX good diversifiers for each other?
Yes. With a correlation of -0.26, ATO and MTEX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ATO and MTEX?
As of 2026-08-27, the correlation of weekly returns between ATO and MTEX is -0.26 over 3 years, -0.35 over 1 year and -0.16 over 5 years.
Is MTEX a good diversifier for ATO?
Yes. With a correlation of -0.26, ATO and MTEX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
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/ato-vs-mtex.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ato-vs-mtex/)
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Related comparisons
Hubs: ATO correlations · MTEX correlations
