CLGN vs MLAB: Correlation
CollPlant Biotechnologies Ltd. (CLGN) and Mesa Laboratories, Inc. (MLAB) show a negative relationship: their 3-year correlation of weekly returns is -0.33.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CLGN and MLAB?
On 3 years of weekly data the CLGN/MLAB correlation comes out at -0.33, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.49) than the 3-year average (-0.33). The 5-year figure is -0.24, and annualized covariance runs at -1536.6 %².
MLAB is close to the least connected end of CLGN's tracked universe, ranking #10 of 10. Correlation aside, the last 12 months split them widely, with MLAB ahead by 178.4 points (-90.0% versus +88.4%). Risk is not evenly split, since CLGN carries 1.7 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.
CLGN vs MLAB: side by side
| CLGN (CollPlant Biotechnologies Ltd.) | MLAB (Mesa Laboratories, Inc.) | |
|---|---|---|
| 1-year return | -90.0% | +88.4% |
| 5-year return | -98.3% | -51.1% |
| Volatility (ann.) | 87.8% | 52.3% |
| Beta vs S&P 500 | 0.37 | 1.12 |
| Max drawdown (3Y) | -96.4% | -62.8% |
| Market cap | – | $0.7B |
| P/E (trailing) | – | 151.4 |
| Dividend yield | 0.00% | 0.50% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CLGN | MLAB |
|---|---|---|
| 2022 | -49.0% | -49.2% |
| 2023 | -23.5% | -36.6% |
| 2024 | -43.7% | +26.6% |
| 2025 | -61.1% | -40.0% |
| 2026 | -79.3% | +64.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CLGN and MLAB good diversifiers for each other?
Yes. With a correlation of -0.33, CLGN and MLAB have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CLGN and MLAB?
As of 2026-08-27, the correlation of weekly returns between CLGN and MLAB is -0.33 over 3 years, -0.49 over 1 year and -0.24 over 5 years.
Is MLAB a good diversifier for CLGN?
Yes. With a correlation of -0.33, CLGN and MLAB have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.33 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/clgn-vs-mlab.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/clgn-vs-mlab/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CLGN correlations · MLAB correlations
