ING vs MDWD: Correlation
How closely do ING Group, N.V. (ING) and MediWound Ltd. (MDWD) trade together? Their weekly returns over three years give a correlation of 0.34, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ING and MDWD?
On 3 years of weekly data the ING/MDWD correlation comes out at 0.34, moderate. The relationship has been stable: the 1-year correlation (0.26) sits close to the 3-year figure. The 5-year figure is 0.33, and annualized covariance runs at 483.7 %².
Among the 16 assets we track against ING, MDWD sits near the bottom by co-movement, at rank #13. Their recent paths diverged sharply: over the last 12 months ING outperformed by 74.6 percentage points (+52.5% for ING against -22.1% for MDWD). Risk is not evenly split, since MDWD carries 1.9 times the volatility of the other side.
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.
ING vs MDWD: side by side
| ING (ING Group, N.V.) | MDWD (MediWound Ltd.) | |
|---|---|---|
| 1-year return | +52.5% | -22.1% |
| 5-year return | +269.9% | -47.2% |
| Volatility (ann.) | 27.5% | 51.6% |
| Beta vs S&P 500 | 0.94 | 0.98 |
| Max drawdown (3Y) | -19.9% | -42.9% |
| Market cap | $100.1B | $0.2B |
| P/E (trailing) | 13.2 | – |
| Dividend yield | 3.19% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ING | MDWD |
|---|---|---|
| 2022 | -4.2% | -18.3% |
| 2023 | +31.9% | -24.6% |
| 2024 | +12.2% | +75.0% |
| 2025 | +88.3% | +3.7% |
| 2026 | +30.9% | -28.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ING and MDWD good diversifiers for each other?
Reasonably. At 0.34, ING and MDWD keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ING and MDWD?
As of 2026-08-27, the correlation of weekly returns between ING and MDWD is 0.34 over 3 years, 0.26 over 1 year and 0.33 over 5 years.
Is MDWD a good diversifier for ING?
Reasonably. At 0.34, ING and MDWD keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.34 mean?
On the −1 to +1 scale, 0.34 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/ing-vs-mdwd.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ing-vs-mdwd/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ING correlations · MDWD correlations
