ICUI vs MLAB: Correlation
How closely do ICU Medical, Inc. (ICUI) and Mesa Laboratories, Inc. (MLAB) trade together? Their weekly returns over three years give a correlation of 0.48, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICUI and MLAB?
Across a 3-year window, the weekly returns of ICUI and MLAB correlate at 0.48, moderate. Little has changed lately, as the 1-year reading of 0.49 lands near the 3-year figure. Stretching to 5 years gives 0.42, with an annualized covariance of 997.0 %².
Among the 16 assets we track against ICUI, MLAB ranks #7 by 3-year correlation. The last year tells two different stories: MLAB led by 50.1 percentage points, +38.3% for ICUI against +88.4% for MLAB.
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.
ICUI vs MLAB: side by side
| ICUI (ICU Medical, Inc.) | MLAB (Mesa Laboratories, Inc.) | |
|---|---|---|
| 1-year return | +38.3% | +88.4% |
| 5-year return | -12.5% | -51.1% |
| Volatility (ann.) | 39.5% | 52.3% |
| Beta vs S&P 500 | 0.84 | 1.12 |
| Max drawdown (3Y) | -45.1% | -62.8% |
| Market cap | $4.4B | $0.7B |
| P/E (trailing) | 150.9 | 151.4 |
| Dividend yield | 0.00% | 0.50% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ICUI | MLAB |
|---|---|---|
| 2022 | -33.6% | -49.2% |
| 2023 | -36.7% | -36.6% |
| 2024 | +55.6% | +26.6% |
| 2025 | -8.1% | -40.0% |
| 2026 | +22.7% | +64.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICUI and MLAB good diversifiers for each other?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ICUI and MLAB?
Using weekly returns as of 2026-08-27: 0.48 over 3 years, with 0.49 over the last year and 0.42 over 5 years.
Is MLAB a good diversifier for ICUI?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.48 mean?
A reading of 0.48 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/icui-vs-mlab.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/icui-vs-mlab/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ICUI correlations · MLAB correlations
