EW vs MIRA: Correlation
How closely do Edwards Lifesciences (EW) and MIRA Pharmaceuticals, Inc. (MIRA) trade together? Their weekly returns over three years give a correlation of -0.37, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EW and MIRA?
On 3 years of weekly data the EW/MIRA correlation comes out at -0.37, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.27) runs above the 3-year figure (-0.37). The 5-year figure is n/a, and annualized covariance runs at -2491.5 %².
Among the 30 assets we track against EW, MIRA sits near the bottom by co-movement, at rank #30. The last year tells two different stories: EW led by 55.0 percentage points, +11.2% for EW against -43.8% for MIRA. Risk is not evenly split, since MIRA carries 6.7 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.
EW vs MIRA: side by side
| EW (Edwards Lifesciences) | MIRA (MIRA Pharmaceuticals, Inc.) | |
|---|---|---|
| 1-year return | +11.2% | -43.8% |
| 5-year return | -23.8% | n/a |
| Volatility (ann.) | 31.6% | 211.2% |
| Beta vs S&P 500 | 0.81 | -0.07 |
| Max drawdown (3Y) | -37.5% | -91.5% |
| Market cap | $51.8B | – |
| P/E (trailing) | 54.2 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | EW | MIRA |
|---|---|---|
| 2022 | -42.4% | – |
| 2023 | +2.2% | – |
| 2024 | -2.9% | +8.6% |
| 2025 | +15.2% | +32.5% |
| 2026 | +5.5% | -49.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EW and MIRA good diversifiers for each other?
Yes: at -0.37, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between EW and MIRA?
As of 2026-08-27, the correlation of weekly returns between EW and MIRA is -0.37 over 3 years, 0.27 over 1 year and n/a over 5 years.
Is MIRA a good diversifier for EW?
Yes: at -0.37, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.37 mean?
A reading of -0.37 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: EW correlations · MIRA correlations
