AXTA vs MMSI: Correlation
How closely do Axalta Coating Systems Ltd. (AXTA) and Merit Medical Systems, Inc. (MMSI) trade together? Their weekly returns over three years give a correlation of 0.55, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AXTA and MMSI?
Over the past 3 years, AXTA and MMSI moved with a correlation of 0.55, which is moderate. The relationship has been stable: the 1-year correlation (0.61) sits close to the 3-year figure. Over 5 years the correlation is 0.47, and the annualized covariance of weekly returns is 405.5 %².
Among the 17 assets we track against AXTA, MMSI ranks #7 by 3-year correlation. Correlation aside, the last 12 months split them widely, with AXTA ahead by 18.0 points (+16.6% versus -1.4%).
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.
AXTA vs MMSI: side by side
| AXTA (Axalta Coating Systems Ltd.) | MMSI (Merit Medical Systems, Inc.) | |
|---|---|---|
| 1-year return | +16.6% | -1.4% |
| 5-year return | +18.4% | +25.2% |
| Volatility (ann.) | 29.8% | 24.7% |
| Beta vs S&P 500 | 1.01 | 0.50 |
| Max drawdown (3Y) | -38.4% | -45.3% |
| Market cap | $7.9B | $5.3B |
| P/E (trailing) | 22.5 | 37.3 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AXTA | MMSI |
|---|---|---|
| 2022 | -23.1% | +13.4% |
| 2023 | +33.4% | +7.6% |
| 2024 | +0.7% | +27.3% |
| 2025 | -5.6% | -8.9% |
| 2026 | +13.6% | +1.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AXTA and MMSI good diversifiers for each other?
Only partially. A correlation of 0.55 means AXTA and MMSI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between AXTA and MMSI?
As of 2026-08-27, the correlation of weekly returns between AXTA and MMSI is 0.55 over 3 years, 0.61 over 1 year and 0.47 over 5 years.
Is MMSI a good diversifier for AXTA?
Only partially. A correlation of 0.55 means AXTA and MMSI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.55 mean?
A reading of 0.55 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Hubs: AXTA correlations · MMSI correlations
