FWONA vs MGNI: Correlation
Measured on weekly returns over the past three years, Liberty Media Corporation - Series A Liberty Formula One (FWONA) and Magnite, Inc. (MGNI) carry a correlation of 0.41, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FWONA and MGNI?
Over the past 3 years, FWONA and MGNI moved with a correlation of 0.41, which is moderate. The link has loosened recently: the 1-year correlation (0.25) runs below the 3-year figure (0.41). Over 5 years the correlation is 0.38, and the annualized covariance of weekly returns is 660.8 %².
Few assets follow FWONA as closely as MGNI, which ranks #3 of 10 tracked partners. The trailing year gives FWONA the advantage: +4.7% versus -8.6%, a 13.3-point spread. Risk is not evenly split, since MGNI carries 2.5 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.
FWONA vs MGNI: side by side
| FWONA (Liberty Media Corporation - Series A Liberty Formula One) | MGNI (Magnite, Inc.) | |
|---|---|---|
| 1-year return | +4.7% | -8.6% |
| 5-year return | +116.6% | -17.8% |
| Volatility (ann.) | 25.1% | 63.6% |
| Beta vs S&P 500 | 0.58 | 1.94 |
| Max drawdown (3Y) | -25.7% | -57.8% |
| Market cap | $23.6B | $3.4B |
| P/E (trailing) | 117.6 | 21.2 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FWONA | MGNI |
|---|---|---|
| 2022 | -10.0% | -39.5% |
| 2023 | +13.3% | -11.8% |
| 2024 | +44.9% | +70.4% |
| 2025 | +6.4% | +1.9% |
| 2026 | +5.3% | +43.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FWONA and MGNI good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between FWONA and MGNI?
Using weekly returns as of 2026-08-27: 0.41 over 3 years, with 0.25 over the last year and 0.38 over 5 years.
Is MGNI a good diversifier for FWONA?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.41 mean?
A reading of 0.41 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/fwona-vs-mgni.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fwona-vs-mgni/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FWONA correlations · MGNI correlations
