CAH vs MGX: Correlation
Cardinal Health (CAH) and Metagenomi Therapeutics, Inc. (MGX) show a negative relationship: their 3-year correlation of weekly returns is -0.23.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CAH and MGX?
Across a 3-year window, the weekly returns of CAH and MGX correlate at -0.23, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.27) sits close to the 3-year figure. Stretching to 5 years gives n/a, with an annualized covariance of -498.3 %².
Out of 32 assets tracked against CAH, MGX lands near the bottom at #28. Their recent paths diverged sharply: over the last 12 months CAH outperformed by 94.1 percentage points (+59.2% for CAH against -34.9% for MGX). One caveat on sizing: MGX is 3.6 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.
CAH vs MGX: side by side
| CAH (Cardinal Health) | MGX (Metagenomi Therapeutics, Inc.) | |
|---|---|---|
| 1-year return | +59.2% | -34.9% |
| 5-year return | +409.0% | n/a |
| Volatility (ann.) | 24.2% | 86.5% |
| Beta vs S&P 500 | 0.31 | 1.23 |
| Max drawdown (3Y) | -20.4% | -90.7% |
| Market cap | $54.7B | – |
| P/E (trailing) | 33.0 | – |
| Dividend yield | 0.86% | 0.00% |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | CAH | MGX |
|---|---|---|
| 2022 | +54.1% | – |
| 2023 | +34.1% | – |
| 2024 | +19.0% | – |
| 2025 | +76.3% | -55.1% |
| 2026 | +15.2% | -25.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CAH and MGX good diversifiers for each other?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
FAQ
What is the correlation between CAH and MGX?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with -0.27 over the last year and n/a over 5 years.
Is MGX a good diversifier for CAH?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
What does a correlation of -0.23 mean?
On the −1 to +1 scale, -0.23 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cah-vs-mgx.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cah-vs-mgx/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CAH correlations · MGX correlations
