MAGN vs PBHC: Correlation
Measured on weekly returns over the past three years, Magnera Corporation (MAGN) and Pathfinder Bancorp, Inc. (PBHC) carry a correlation of -0.20, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MAGN and PBHC?
On 3 years of weekly data the MAGN/PBHC correlation comes out at -0.20, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.00) than the 3-year average (-0.20). The 5-year figure is -0.11, and annualized covariance runs at -390.9 %².
Out of 11 assets tracked against MAGN, PBHC lands near the bottom at #9. The trailing year gives PBHC the advantage: -1.0% versus +12.4%, a 13.4-point spread. One caveat on sizing: MAGN is 2.6 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.
MAGN vs PBHC: side by side
| MAGN (Magnera Corporation) | PBHC (Pathfinder Bancorp, Inc.) | |
|---|---|---|
| 1-year return | -1.0% | +12.4% |
| 5-year return | -93.7% | +13.4% |
| Volatility (ann.) | 71.5% | 27.4% |
| Beta vs S&P 500 | 1.31 | -0.02 |
| Max drawdown (3Y) | -76.8% | -33.6% |
| Market cap | $0.4B | $0.1B |
| P/E (trailing) | – | 1632.0 |
| Dividend yield | 0.00% | 2.42% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MAGN | PBHC |
|---|---|---|
| 2022 | -83.3% | +13.5% |
| 2023 | -30.2% | -25.1% |
| 2024 | -28.0% | +28.5% |
| 2025 | -16.7% | -17.3% |
| 2026 | -18.6% | +18.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MAGN and PBHC good diversifiers for each other?
Yes: at -0.20, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MAGN and PBHC?
The MAGN/PBHC correlation stands at -0.20 on a 3-year window (1 year: 0.00, 5 years: -0.11), computed from weekly returns as of 2026-08-27.
Is PBHC a good diversifier for MAGN?
Yes: at -0.20, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.20 mean?
On the −1 to +1 scale, -0.20 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/magn-vs-pbhc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/magn-vs-pbhc/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MAGN correlations · PBHC correlations
