GDEV vs MEGL: Correlation
GDEV Inc. (GDEV) and Magic Empire Global Limited - Class A (MEGL) show a moderate relationship: their 3-year correlation of weekly returns is 0.31.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDEV and MEGL?
Over the past 3 years, GDEV and MEGL moved with a correlation of 0.31, which is moderate. The past 12 months show a weaker link (0.19) than the 3-year average (0.31). Over 5 years the correlation is 0.27, and the annualized covariance of weekly returns is 4569.3 %².
In GDEV's tracked universe of 11 assets, MEGL sits right near the top at #3. Over the last 12 months MEGL came out ahead by 7.5 percentage points (-24.2% against -16.7%). One caveat on sizing: MEGL is 1.9 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.
GDEV vs MEGL: side by side
| GDEV (GDEV Inc.) | MEGL (Magic Empire Global Limited - Class A) | |
|---|---|---|
| 1-year return | -24.2% | -16.7% |
| 5-year return | -84.9% | n/a |
| Volatility (ann.) | 87.8% | 170.2% |
| Beta vs S&P 500 | 1.24 | -0.70 |
| Max drawdown (3Y) | -77.9% | -68.7% |
| Market cap | $0.2B | – |
| P/E (trailing) | 2.7 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GDEV | MEGL |
|---|---|---|
| 2022 | -20.8% | – |
| 2023 | -65.4% | -7.3% |
| 2024 | -12.5% | -54.4% |
| 2025 | -6.3% | +117.6% |
| 2026 | -28.0% | -0.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDEV and MEGL good diversifiers for each other?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between GDEV and MEGL?
Using weekly returns as of 2026-08-27: 0.31 over 3 years, with 0.19 over the last year and 0.27 over 5 years.
Is MEGL a good diversifier for GDEV?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.31 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/gdev-vs-megl.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/gdev-vs-megl/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GDEV correlations · MEGL correlations
