AXGN vs MSEX: Correlation
How closely do Axogen, Inc. (AXGN) and Middlesex Water Company (MSEX) trade together? Their weekly returns over three years give a correlation of -0.26, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AXGN and MSEX?
Across a 3-year window, the weekly returns of AXGN and MSEX correlate at -0.26, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.36 over 1 year against -0.26 over 3. Stretching to 5 years gives -0.11, with an annualized covariance of -520.5 %².
Among the 14 assets we track against AXGN, MSEX sits near the bottom by co-movement, at rank #10. Correlation aside, the last 12 months split them widely, with AXGN ahead by 210.4 points (+220.5% versus +10.1%). Note the risk asymmetry: AXGN runs 2.0 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.
AXGN vs MSEX: side by side
| AXGN (Axogen, Inc.) | MSEX (Middlesex Water Company) | |
|---|---|---|
| 1-year return | +220.5% | +10.1% |
| 5-year return | +213.9% | -41.5% |
| Volatility (ann.) | 63.3% | 31.5% |
| Beta vs S&P 500 | 1.11 | 0.04 |
| Max drawdown (3Y) | -53.8% | -40.2% |
| Market cap | $2.8B | $1.1B |
| P/E (trailing) | – | 22.6 |
| Dividend yield | 0.00% | 2.43% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AXGN | MSEX |
|---|---|---|
| 2022 | +6.5% | -33.8% |
| 2023 | -31.6% | -15.2% |
| 2024 | +141.3% | -18.0% |
| 2025 | +98.6% | -1.7% |
| 2026 | +58.1% | +17.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AXGN and MSEX 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 AXGN and MSEX?
As of 2026-08-27, the correlation of weekly returns between AXGN and MSEX is -0.26 over 3 years, -0.36 over 1 year and -0.11 over 5 years.
Is MSEX a good diversifier for AXGN?
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?
On the −1 to +1 scale, -0.26 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.
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Related comparisons
Hubs: AXGN correlations · MSEX correlations
