DLO vs MTNB: Correlation
How closely do DLocal Limited - Class A (DLO) and Matinas Biopharma Holdings, Inc. (MTNB) trade together? Their weekly returns over three years give a correlation of 0.37, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DLO and MTNB?
On 3 years of weekly data the DLO/MTNB correlation comes out at 0.37, moderate. The link has loosened recently: the 1-year correlation (0.26) runs below the 3-year figure (0.37). The 5-year figure is 0.28, and annualized covariance runs at 2481.2 %².
Among the 11 assets we track against DLO, MTNB ranks #6 by 3-year correlation. The last year tells two different stories: DLO led by 96.2 percentage points, +6.3% for DLO against -89.9% for MTNB. Note the risk asymmetry: MTNB runs 2.2 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.
DLO vs MTNB: side by side
| DLO (DLocal Limited - Class A) | MTNB (Matinas Biopharma Holdings, Inc.) | |
|---|---|---|
| 1-year return | +6.3% | -89.9% |
| 5-year return | -74.1% | -99.5% |
| Volatility (ann.) | 55.6% | 120.2% |
| Beta vs S&P 500 | 1.22 | 1.73 |
| Max drawdown (3Y) | -68.6% | -99.4% |
| Market cap | $4.5B | – |
| P/E (trailing) | 22.6 | – |
| Dividend yield | 1.26% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DLO | MTNB |
|---|---|---|
| 2022 | -56.4% | -50.5% |
| 2023 | +13.6% | -56.8% |
| 2024 | -36.3% | -95.3% |
| 2025 | +31.7% | +14.9% |
| 2026 | +8.9% | -65.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DLO and MTNB good diversifiers for each other?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between DLO and MTNB?
Using weekly returns as of 2026-08-27: 0.37 over 3 years, with 0.26 over the last year and 0.28 over 5 years.
Is MTNB a good diversifier for DLO?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.37 mean?
On the −1 to +1 scale, 0.37 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.
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Related comparisons
Hubs: DLO correlations · MTNB correlations
