IAG vs MACI: Correlation
How closely do Iamgold Corporation (IAG) and Melar Acquisition Corp. I - Class A (MACI) trade together? Their weekly returns over three years give a correlation of -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IAG and MACI?
Over the past 3 years, IAG and MACI moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.46) than the 3-year average (-0.24). Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -32.3 %².
MACI is close to the least connected end of IAG's tracked universe, ranking #12 of 14. The last year tells two different stories: IAG led by 130.8 percentage points, +135.2% for IAG against +4.4% for MACI. Note the risk asymmetry: IAG runs 29.4 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.
IAG vs MACI: side by side
| IAG (Iamgold Corporation) | MACI (Melar Acquisition Corp. I - Class A) | |
|---|---|---|
| 1-year return | +135.2% | +4.4% |
| 5-year return | +832.5% | n/a |
| Volatility (ann.) | 61.7% | 2.1% |
| Beta vs S&P 500 | 1.24 | -0.03 |
| Max drawdown (3Y) | -43.3% | -2.0% |
| Market cap | $12.3B | $0.2B |
| P/E (trailing) | 10.9 | 60.9 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IAG | MACI |
|---|---|---|
| 2022 | -17.6% | – |
| 2023 | -1.9% | – |
| 2024 | +104.0% | – |
| 2025 | +219.6% | +5.7% |
| 2026 | +30.6% | +3.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IAG and MACI good diversifiers for each other?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
FAQ
What is the correlation between IAG and MACI?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.46 over the last year and n/a over 5 years.
Is MACI a good diversifier for IAG?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
What does a correlation of -0.24 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/iag-vs-maci.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iag-vs-maci/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: IAG correlations · MACI correlations
