IRDM vs MGIH: Correlation
How closely do Iridium Communications Inc (IRDM) and Millennium Group International Holdings Limited (MGIH) trade together? Their weekly returns over three years give a correlation of -0.22, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IRDM and MGIH?
Across a 3-year window, the weekly returns of IRDM and MGIH correlate at -0.22, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.36) than the 3-year average (-0.22). Stretching to 5 years gives n/a, with an annualized covariance of -1111.7 %².
MGIH is close to the least connected end of IRDM's tracked universe, ranking #9 of 12. The last year tells two different stories: IRDM led by 109.2 percentage points, +95.4% for IRDM against -13.8% for MGIH. One caveat on sizing: MGIH is 2.0 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.
IRDM vs MGIH: side by side
| IRDM (Iridium Communications Inc) | MGIH (Millennium Group International Holdings Limited) | |
|---|---|---|
| 1-year return | +95.4% | -13.8% |
| 5-year return | +8.5% | n/a |
| Volatility (ann.) | 49.3% | 100.5% |
| Beta vs S&P 500 | 0.85 | 0.32 |
| Max drawdown (3Y) | -67.5% | -60.1% |
| Market cap | $5.0B | – |
| P/E (trailing) | 54.1 | – |
| Dividend yield | 1.27% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IRDM | MGIH |
|---|---|---|
| 2022 | +24.5% | – |
| 2023 | -19.1% | – |
| 2024 | -28.1% | +21.8% |
| 2025 | -38.5% | -17.9% |
| 2026 | +176.6% | +26.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IRDM and MGIH good diversifiers for each other?
Yes. With a correlation of -0.22, IRDM and MGIH have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between IRDM and MGIH?
As of 2026-08-27, the correlation of weekly returns between IRDM and MGIH is -0.22 over 3 years, -0.36 over 1 year and n/a over 5 years.
Is MGIH a good diversifier for IRDM?
Yes. With a correlation of -0.22, IRDM and MGIH have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 mean?
A reading of -0.22 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/irdm-vs-mgih.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/irdm-vs-mgih/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: IRDM correlations · MGIH correlations
