CNMD vs MMSI: Correlation
How closely do CONMED Corporation (CNMD) and Merit Medical Systems, Inc. (MMSI) trade together? Their weekly returns over three years give a correlation of 0.51, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNMD and MMSI?
Over the past 3 years, CNMD and MMSI moved with a correlation of 0.51, which is moderate. Little has changed lately, as the 1-year reading of 0.58 lands near the 3-year figure. Over 5 years the correlation is 0.52, and the annualized covariance of weekly returns is 484.9 %².
MMSI is one of the assets that tracks CNMD most closely: it ranks #3 out of the 11 assets we track against CNMD. The trailing year gives MMSI the advantage: -7.2% versus -1.4%, a 5.8-point spread. Risk is not evenly split, since CNMD 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.
CNMD vs MMSI: side by side
| CNMD (CONMED Corporation) | MMSI (Merit Medical Systems, Inc.) | |
|---|---|---|
| 1-year return | -7.2% | -1.4% |
| 5-year return | -60.5% | +25.2% |
| Volatility (ann.) | 38.2% | 24.7% |
| Beta vs S&P 500 | 0.60 | 0.50 |
| Max drawdown (3Y) | -71.4% | -45.3% |
| Market cap | $1.5B | $5.3B |
| P/E (trailing) | 27.2 | 37.3 |
| Dividend yield | 0.40% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CNMD | MMSI |
|---|---|---|
| 2022 | -37.0% | +13.4% |
| 2023 | +24.5% | +7.6% |
| 2024 | -36.8% | +27.3% |
| 2025 | -40.0% | -8.9% |
| 2026 | +23.9% | +1.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNMD and MMSI good diversifiers for each other?
Only partially. A correlation of 0.51 means CNMD and MMSI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between CNMD and MMSI?
As of 2026-08-27, the correlation of weekly returns between CNMD and MMSI is 0.51 over 3 years, 0.58 over 1 year and 0.52 over 5 years.
Is MMSI a good diversifier for CNMD?
Only partially. A correlation of 0.51 means CNMD and MMSI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.51 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.
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Related comparisons
Hubs: CNMD correlations · MMSI correlations
