EGHT vs MITK: Correlation
How closely do 8x8 Inc (EGHT) and Mitek Systems, Inc. (MITK) trade together? Their weekly returns over three years give a correlation of 0.48, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EGHT and MITK?
On 3 years of weekly data the EGHT/MITK correlation comes out at 0.48, moderate. Little has changed lately, as the 1-year reading of 0.50 lands near the 3-year figure. The 5-year figure is 0.46, and annualized covariance runs at 1948.1 %².
Among the 15 assets we track against EGHT, MITK ranks #8 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MITK ahead by 81.5 points (+5.2% versus +86.7%). One caveat on sizing: EGHT is 1.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
EGHT vs MITK: side by side
| EGHT (8x8 Inc) | MITK (Mitek Systems, Inc.) | |
|---|---|---|
| 1-year return | +5.2% | +86.7% |
| 5-year return | -91.6% | -15.0% |
| Volatility (ann.) | 80.2% | 51.1% |
| Beta vs S&P 500 | 2.07 | 1.14 |
| Max drawdown (3Y) | -59.5% | -52.1% |
| Market cap | $0.3B | $0.9B |
| P/E (trailing) | 67.0 | 40.9 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EGHT | MITK |
|---|---|---|
| 2022 | -74.2% | -45.4% |
| 2023 | -12.5% | +34.6% |
| 2024 | -29.4% | -14.6% |
| 2025 | -26.2% | -5.2% |
| 2026 | +2.0% | +82.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EGHT and MITK good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between EGHT and MITK?
The EGHT/MITK correlation stands at 0.48 on a 3-year window (1 year: 0.50, 5 years: 0.46), computed from weekly returns as of 2026-08-27.
Is MITK a good diversifier for EGHT?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.48 mean?
A reading of 0.48 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: EGHT correlations · MITK correlations
