ITGR vs MSAI: Correlation
Measured on weekly returns over the past three years, Integer Holdings Corporation (ITGR) and MultiSensor AI Holdings, Inc. (MSAI) carry a correlation of -0.34, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ITGR and MSAI?
Over the past 3 years, ITGR and MSAI moved with a correlation of -0.34, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.57) runs below the 3-year figure (-0.34). Over 5 years the correlation is -0.27, and the annualized covariance of weekly returns is -1402.9 %².
Among the 14 assets we track against ITGR, MSAI sits near the bottom by co-movement, at rank #11. Their recent paths diverged sharply: over the last 12 months ITGR outperformed by 97.4 percentage points (+15.9% for ITGR against -81.5% for MSAI). One caveat on sizing: MSAI is 3.6 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.
ITGR vs MSAI: side by side
| ITGR (Integer Holdings Corporation) | MSAI (MultiSensor AI Holdings, Inc.) | |
|---|---|---|
| 1-year return | +15.9% | -81.5% |
| 5-year return | +28.7% | -98.6% |
| Volatility (ann.) | 33.7% | 122.9% |
| Beta vs S&P 500 | 0.56 | 1.24 |
| Max drawdown (3Y) | -56.1% | -99.1% |
| Market cap | $4.3B | – |
| P/E (trailing) | 34.2 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ITGR | MSAI |
|---|---|---|
| 2022 | -20.0% | +4.0% |
| 2023 | +44.7% | -67.2% |
| 2024 | +33.8% | -45.1% |
| 2025 | -40.8% | -84.3% |
| 2026 | +59.8% | -52.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ITGR and MSAI good diversifiers for each other?
Yes. With a correlation of -0.34, ITGR and MSAI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ITGR and MSAI?
Using weekly returns as of 2026-08-27: -0.34 over 3 years, with -0.57 over the last year and -0.27 over 5 years.
Is MSAI a good diversifier for ITGR?
Yes. With a correlation of -0.34, ITGR and MSAI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
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
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[](https://www.pairbook.io/pair/itgr-vs-msai/)
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Related comparisons
Hubs: ITGR correlations · MSAI correlations
