AXG vs MGLD: Correlation
How closely do Solowin Holdings - Class A (AXG) and The Marygold Companies, Inc. (MGLD) trade together? Their weekly returns over three years give a correlation of -0.31, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AXG and MGLD?
On 3 years of weekly data the AXG/MGLD correlation comes out at -0.31, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.31 over 1 year against -0.31 over 3. The 5-year figure is n/a, and annualized covariance runs at -3851.3 %².
MGLD is close to the least connected end of AXG's tracked universe, ranking #11 of 11. Correlation aside, the last 12 months split them widely, with MGLD ahead by 51.3 points (-42.6% versus +8.7%). One caveat on sizing: AXG is 2.1 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
AXG vs MGLD: side by side
| AXG (Solowin Holdings - Class A) | MGLD (The Marygold Companies, Inc.) | |
|---|---|---|
| 1-year return | -42.6% | +8.7% |
| 5-year return | n/a | -70.5% |
| Volatility (ann.) | 162.4% | 77.2% |
| Beta vs S&P 500 | 0.61 | -0.28 |
| Max drawdown (3Y) | -97.5% | -66.8% |
| Market cap | $0.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AXG | MGLD |
|---|---|---|
| 2023 | – | -29.3% |
| 2024 | -44.8% | +66.0% |
| 2025 | +149.1% | -49.8% |
| 2026 | -45.3% | +13.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AXG and MGLD good diversifiers for each other?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between AXG and MGLD?
As of 2026-08-27, the correlation of weekly returns between AXG and MGLD is -0.31 over 3 years, -0.31 over 1 year and n/a over 5 years.
Is MGLD a good diversifier for AXG?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.31 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/axg-vs-mgld.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/axg-vs-mgld/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AXG correlations · MGLD correlations
