MASS vs PAGS: Correlation
Measured on weekly returns over the past three years, 908 Devices Inc. (MASS) and PagSeguro Digital Ltd. Class A (PAGS) carry a correlation of 0.45, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MASS and PAGS?
Over the past 3 years, MASS and PAGS moved with a correlation of 0.45, which is moderate. The link has loosened recently: the 1-year correlation (0.34) runs below the 3-year figure (0.45). Over 5 years the correlation is 0.32, and the annualized covariance of weekly returns is 1571.4 %².
Within MASS's tracked universe of 10 assets, PAGS comes in at #5 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MASS ahead by 70.6 points (+76.2% versus +5.6%). Note the risk asymmetry: MASS runs 2.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
MASS vs PAGS: side by side
| MASS (908 Devices Inc.) | PAGS (PagSeguro Digital Ltd. Class A) | |
|---|---|---|
| 1-year return | +76.2% | +5.6% |
| 5-year return | -69.9% | -84.4% |
| Volatility (ann.) | 82.7% | 42.1% |
| Beta vs S&P 500 | 1.55 | 1.17 |
| Max drawdown (3Y) | -84.9% | -57.6% |
| Market cap | $0.5B | $2.5B |
| P/E (trailing) | – | 6.2 |
| Dividend yield | 0.00% | 14.99% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MASS | PAGS |
|---|---|---|
| 2022 | -70.5% | -66.7% |
| 2023 | +47.2% | +42.7% |
| 2024 | -80.4% | -49.8% |
| 2025 | +138.6% | +58.7% |
| 2026 | +111.4% | -5.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MASS and PAGS good diversifiers for each other?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between MASS and PAGS?
The MASS/PAGS correlation stands at 0.45 on a 3-year window (1 year: 0.34, 5 years: 0.32), computed from weekly returns as of 2026-08-27.
Is PAGS a good diversifier for MASS?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.45 mean?
A reading of 0.45 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/mass-vs-pags.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mass-vs-pags/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MASS correlations · PAGS correlations
