AXON vs MEGL: Correlation
How closely do Axon Enterprise (AXON) and Magic Empire Global Limited - Class A (MEGL) trade together? Their weekly returns over three years give a correlation of -0.19, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AXON and MEGL?
Over the past 3 years, AXON and MEGL moved with a correlation of -0.19, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.46) than the 3-year average (-0.19). Over 5 years the correlation is -0.17, and the annualized covariance of weekly returns is -1889.8 %².
Within AXON's tracked universe of 35 assets, MEGL comes in at #30 by 3-year correlation. Their 12-month results are close: -20.6% for AXON against -16.7% for MEGL. One caveat on sizing: MEGL is 3.0 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.
AXON vs MEGL: side by side
| AXON (Axon Enterprise) | MEGL (Magic Empire Global Limited - Class A) | |
|---|---|---|
| 1-year return | -20.6% | -16.7% |
| 5-year return | +216.9% | n/a |
| Volatility (ann.) | 57.4% | 170.2% |
| Beta vs S&P 500 | 1.51 | -0.70 |
| Max drawdown (3Y) | -60.3% | -68.7% |
| Market cap | $49.7B | – |
| P/E (trailing) | 250.5 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | AXON | MEGL |
|---|---|---|
| 2022 | +5.7% | – |
| 2023 | +55.7% | -7.3% |
| 2024 | +130.1% | -54.4% |
| 2025 | -4.4% | +117.6% |
| 2026 | +7.6% | -0.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AXON and MEGL good diversifiers for each other?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
FAQ
What is the correlation between AXON and MEGL?
As of 2026-08-27, the correlation of weekly returns between AXON and MEGL is -0.19 over 3 years, 0.46 over 1 year and -0.17 over 5 years.
Is MEGL a good diversifier for AXON?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
What does a correlation of -0.19 mean?
A reading of -0.19 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/axon-vs-megl.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/axon-vs-megl/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AXON correlations · MEGL correlations
