GMED vs MG: Correlation
Measured on weekly returns over the past three years, Globus Medical, Inc. (GMED) and Mistras Group Inc (MG) carry a correlation of 0.47, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GMED and MG?
On 3 years of weekly data the GMED/MG correlation comes out at 0.47, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.73 versus 0.47 over 3 years. The 5-year figure is 0.34, and annualized covariance runs at 779.7 %².
Among the 15 assets we track against GMED, MG ranks #5 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MG ahead by 65.5 points (+34.2% versus +99.7%).
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.
GMED vs MG: side by side
| GMED (Globus Medical, Inc.) | MG (Mistras Group Inc) | |
|---|---|---|
| 1-year return | +34.2% | +99.7% |
| 5-year return | +0.4% | +87.3% |
| Volatility (ann.) | 41.6% | 39.7% |
| Beta vs S&P 500 | 0.74 | 0.84 |
| Max drawdown (3Y) | -44.4% | -40.8% |
| Market cap | $11.1B | $0.6B |
| P/E (trailing) | 21.1 | 22.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GMED | MG |
|---|---|---|
| 2022 | +2.9% | -33.6% |
| 2023 | -28.2% | +48.5% |
| 2024 | +55.2% | +23.8% |
| 2025 | +5.6% | +39.6% |
| 2026 | -5.5% | +52.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GMED and MG good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between GMED and MG?
As of 2026-08-27, the correlation of weekly returns between GMED and MG is 0.47 over 3 years, 0.73 over 1 year and 0.34 over 5 years.
Is MG a good diversifier for GMED?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.47 mean?
On the −1 to +1 scale, 0.47 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/gmed-vs-mg.json
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The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GMED correlations · MG correlations
