CHR vs MDGL: Correlation
Measured on weekly returns over the past three years, Cheer Holding, Inc. - Class A (CHR) and Madrigal Pharmaceuticals, Inc. (MDGL) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CHR and MDGL?
Across a 3-year window, the weekly returns of CHR and MDGL correlate at -0.23, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.33 over 1 year against -0.23 over 3. Stretching to 5 years gives -0.03, with an annualized covariance of -1218.3 %².
Within CHR's tracked universe of 20 assets, MDGL comes in at #14 by 3-year correlation. The last year tells two different stories: MDGL led by 126.8 percentage points, -98.9% for CHR against +27.9% for MDGL.
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.
CHR vs MDGL: side by side
| CHR (Cheer Holding, Inc. - Class A) | MDGL (Madrigal Pharmaceuticals, Inc.) | |
|---|---|---|
| 1-year return | -98.9% | +27.9% |
| 5-year return | -100.0% | +554.5% |
| Volatility (ann.) | 89.2% | 60.2% |
| Beta vs S&P 500 | 0.17 | 0.71 |
| Max drawdown (3Y) | -99.8% | -38.8% |
| Market cap | – | $12.6B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CHR | MDGL |
|---|---|---|
| 2022 | +23.7% | +242.5% |
| 2023 | -78.5% | -20.3% |
| 2024 | -20.7% | +33.4% |
| 2025 | -99.0% | +88.7% |
| 2026 | -52.6% | -6.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CHR and MDGL 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 CHR and MDGL?
The CHR/MDGL correlation stands at -0.23 on a 3-year window (1 year: -0.33, 5 years: -0.03), computed from weekly returns as of 2026-08-27.
Is MDGL a good diversifier for CHR?
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?
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/chr-vs-mdgl.json
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Related comparisons
Hubs: CHR correlations · MDGL correlations
