CBIO vs MDGL: Correlation
How closely do Crescent Biopharma, Inc. (CBIO) and Madrigal Pharmaceuticals, Inc. (MDGL) trade together? Their weekly returns over three years give a correlation of 0.50, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CBIO and MDGL?
Over the past 3 years, CBIO and MDGL moved with a correlation of 0.50, which is moderate. The link has loosened recently: the 1-year correlation (0.29) runs below the 3-year figure (0.50). Over 5 years the correlation is 0.15, and the annualized covariance of weekly returns is 3575.7 %².
Few assets follow CBIO as closely as MDGL, which ranks #1 of 16 tracked partners. Their 12-month results are close: +24.6% for CBIO against +27.9% for MDGL. Note the risk asymmetry: CBIO 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.
CBIO vs MDGL: side by side
| CBIO (Crescent Biopharma, Inc.) | MDGL (Madrigal Pharmaceuticals, Inc.) | |
|---|---|---|
| 1-year return | +24.6% | +27.9% |
| 5-year return | -107.8% | +554.5% |
| Volatility (ann.) | 117.9% | 60.2% |
| Beta vs S&P 500 | 1.30 | 0.71 |
| Max drawdown (3Y) | -97.4% | -38.8% |
| Market cap | $0.7B | $12.6B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CBIO | MDGL |
|---|---|---|
| 2022 | -275.3% | +242.5% |
| 2023 | -15.0% | -20.3% |
| 2024 | -89.4% | +33.4% |
| 2025 | -52.6% | +88.7% |
| 2026 | +49.7% | -6.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CBIO and MDGL good diversifiers for each other?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CBIO and MDGL?
The CBIO/MDGL correlation stands at 0.50 on a 3-year window (1 year: 0.29, 5 years: 0.15), computed from weekly returns as of 2026-08-27.
Is MDGL a good diversifier for CBIO?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.50 mean?
A reading of 0.50 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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Related comparisons
Hubs: CBIO correlations · MDGL correlations
