GL vs MTG: Correlation
Globe Life (GL) and MGIC Investment Corporation (MTG) show a moderate relationship: their 3-year correlation of weekly returns is 0.40.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GL and MTG?
Across a 3-year window, the weekly returns of GL and MTG correlate at 0.40, moderate. Recent behaviour matches the longer record: 0.49 over 1 year against 0.40 over 3. Stretching to 5 years gives 0.41, with an annualized covariance of 307.4 %².
Among the 30 assets we track against GL, MTG ranks #14 by 3-year correlation. The trailing year gives GL the advantage: +26.1% versus +13.5%, a 12.6-point spread. One caveat on sizing: GL is 1.7 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.
GL vs MTG: side by side
| GL (Globe Life) | MTG (MGIC Investment Corporation) | |
|---|---|---|
| 1-year return | +26.1% | +13.5% |
| 5-year return | +91.0% | +129.5% |
| Volatility (ann.) | 35.7% | 21.6% |
| Beta vs S&P 500 | 0.60 | 0.57 |
| Max drawdown (3Y) | -61.6% | -15.8% |
| Market cap | $13.5B | $6.4B |
| P/E (trailing) | 11.7 | 9.8 |
| Dividend yield | 0.68% | 1.92% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | GL | MTG |
|---|---|---|
| 2022 | +29.7% | -7.5% |
| 2023 | +1.8% | +52.4% |
| 2024 | -7.5% | +25.7% |
| 2025 | +26.5% | +25.9% |
| 2026 | +26.5% | +8.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GL and MTG good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between GL and MTG?
As of 2026-08-27, the correlation of weekly returns between GL and MTG is 0.40 over 3 years, 0.49 over 1 year and 0.41 over 5 years.
Is MTG a good diversifier for GL?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.40 mean?
On the −1 to +1 scale, 0.40 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: GL correlations · MTG correlations
