ESOA vs MGA: Correlation
How closely do Energy Services of America Corporation (ESOA) and Magna International, Inc. (MGA) trade together? Their weekly returns over three years give a correlation of 0.36, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ESOA and MGA?
Across a 3-year window, the weekly returns of ESOA and MGA correlate at 0.36, moderate. The link has tightened recently: the 1-year correlation (0.52) runs above the 3-year figure (0.36). Stretching to 5 years gives 0.15, with an annualized covariance of 800.4 %².
By 3-year correlation, MGA places #5 of the 11 assets tracked against ESOA. Their recent paths diverged sharply: over the last 12 months MGA outperformed by 31.2 percentage points (+14.0% for ESOA against +45.2% for MGA). One caveat on sizing: ESOA is 2.2 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.
ESOA vs MGA: side by side
| ESOA (Energy Services of America Corporation) | MGA (Magna International, Inc.) | |
|---|---|---|
| 1-year return | +14.0% | +45.2% |
| 5-year return | +517.2% | -1.8% |
| Volatility (ann.) | 70.1% | 31.5% |
| Beta vs S&P 500 | 0.86 | 0.87 |
| Max drawdown (3Y) | -57.4% | -45.6% |
| Market cap | $0.2B | $17.6B |
| P/E (trailing) | 19.1 | 24.2 |
| Dividend yield | 1.13% | 2.98% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ESOA | MGA |
|---|---|---|
| 2022 | -22.1% | -28.6% |
| 2023 | +141.3% | +8.8% |
| 2024 | +111.4% | -26.3% |
| 2025 | -34.4% | +32.4% |
| 2026 | +43.6% | +26.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ESOA and MGA good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ESOA and MGA?
As of 2026-08-27, the correlation of weekly returns between ESOA and MGA is 0.36 over 3 years, 0.52 over 1 year and 0.15 over 5 years.
Is MGA a good diversifier for ESOA?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.36 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/esoa-vs-mga.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/esoa-vs-mga/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ESOA correlations · MGA correlations
