BWEN vs MTEX: Correlation
How closely do Broadwind, Inc. (BWEN) and Mannatech, Incorporated (MTEX) 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 BWEN and MTEX?
On 3 years of weekly data the BWEN/MTEX correlation comes out at -0.26, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.40) than the 3-year average (-0.26). The 5-year figure is -0.13, and annualized covariance runs at -1711.1 %².
Out of 17 assets tracked against BWEN, MTEX lands near the bottom at #15. Correlation aside, the last 12 months split them widely, with BWEN ahead by 141.0 points (+112.5% versus -28.5%). Risk is not evenly split, since BWEN carries 1.5 times the volatility of the other side.
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.
BWEN vs MTEX: side by side
| BWEN (Broadwind, Inc.) | MTEX (Mannatech, Incorporated) | |
|---|---|---|
| 1-year return | +112.5% | -28.5% |
| 5-year return | +46.2% | -79.1% |
| Volatility (ann.) | 99.9% | 65.8% |
| Beta vs S&P 500 | 1.25 | 0.48 |
| Max drawdown (3Y) | -69.3% | -74.9% |
| Market cap | $0.1B | – |
| P/E (trailing) | 12.1 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BWEN | MTEX |
|---|---|---|
| 2022 | -4.8% | -51.7% |
| 2023 | +54.7% | -53.5% |
| 2024 | -32.1% | +65.8% |
| 2025 | +50.5% | -38.6% |
| 2026 | +62.2% | -23.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BWEN and MTEX 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 BWEN and MTEX?
The BWEN/MTEX correlation stands at -0.26 on a 3-year window (1 year: -0.40, 5 years: -0.13), computed from weekly returns as of 2026-08-27.
Is MTEX a good diversifier for BWEN?
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?
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/bwen-vs-mtex.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bwen-vs-mtex/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BWEN correlations · MTEX correlations
