KWEB vs MGLD: Correlation
KraneShares CSI China Internet ETF (KWEB) and The Marygold Companies, Inc. (MGLD) show a negative relationship: their 3-year correlation of weekly returns is -0.16.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KWEB and MGLD?
Over the past 3 years, KWEB and MGLD moved with a correlation of -0.16, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.22 over 1 year against -0.16 over 3. Over 5 years the correlation is -0.05, and the annualized covariance of weekly returns is -429.9 %².
Within KWEB's tracked universe of 40 assets, MGLD comes in at #33 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MGLD outperformed by 34.8 percentage points (-26.1% for KWEB against +8.7% for MGLD). One caveat on sizing: MGLD is 2.3 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.
KWEB vs MGLD: side by side
| KWEB (KraneShares CSI China Internet ETF) | MGLD (The Marygold Companies, Inc.) | |
|---|---|---|
| 1-year return | -26.1% | +8.7% |
| 5-year return | -36.2% | -70.5% |
| Volatility (ann.) | 33.9% | 77.2% |
| Beta vs S&P 500 | 0.90 | -0.28 |
| Max drawdown (3Y) | -41.6% | -66.8% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | ETF · Thematic | US Listed |
Year-by-year returns
| Year | KWEB | MGLD |
|---|---|---|
| 2022 | -17.2% | – |
| 2023 | -9.1% | -29.3% |
| 2024 | +12.0% | +66.0% |
| 2025 | +23.5% | -49.8% |
| 2026 | -23.3% | +13.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KWEB and MGLD good diversifiers for each other?
Yes. With a correlation of -0.16, KWEB and MGLD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between KWEB and MGLD?
As of 2026-08-27, the correlation of weekly returns between KWEB and MGLD is -0.16 over 3 years, -0.22 over 1 year and -0.05 over 5 years.
Is MGLD a good diversifier for KWEB?
Yes. With a correlation of -0.16, KWEB and MGLD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.16 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/kweb-vs-mgld.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/kweb-vs-mgld/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: KWEB correlations · MGLD correlations
