FGI vs MDXH: Correlation
FGI Industries Ltd. (FGI) and MDxHealth SA (MDXH) show a moderate relationship: their 3-year correlation of weekly returns is 0.44.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FGI and MDXH?
Over the past 3 years, FGI and MDXH moved with a correlation of 0.44, which is moderate. The link has tightened recently: the 1-year correlation (0.62) runs above the 3-year figure (0.44). Over 5 years the correlation is 0.36, and the annualized covariance of weekly returns is 5110.3 %².
Among the 13 assets we track against FGI, MDXH ranks #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months FGI outperformed by 154.9 percentage points (+75.0% for FGI against -79.9% for MDXH). Note the risk asymmetry: FGI runs 1.5 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.
FGI vs MDXH: side by side
| FGI (FGI Industries Ltd.) | MDXH (MDxHealth SA) | |
|---|---|---|
| 1-year return | +75.0% | -79.9% |
| 5-year return | -61.6% | -94.0% |
| Volatility (ann.) | 133.7% | 86.5% |
| Beta vs S&P 500 | 1.29 | 1.97 |
| Max drawdown (3Y) | -72.6% | -92.0% |
| Market cap | – | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FGI | MDXH |
|---|---|---|
| 2022 | – | -30.6% |
| 2023 | -23.7% | -40.4% |
| 2024 | -52.7% | -39.8% |
| 2025 | +47.1% | +50.6% |
| 2026 | +31.4% | -79.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FGI and MDXH good diversifiers for each other?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FGI and MDXH?
The FGI/MDXH correlation stands at 0.44 on a 3-year window (1 year: 0.62, 5 years: 0.36), computed from weekly returns as of 2026-08-27.
Is MDXH a good diversifier for FGI?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.44 mean?
A reading of 0.44 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fgi-vs-mdxh.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fgi-vs-mdxh/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FGI correlations · MDXH correlations
