MATH vs WST: Correlation
Measured on weekly returns over the past three years, Metalpha Technology Holding Limited (MATH) and West Pharmaceutical Services (WST) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MATH and WST?
Across a 3-year window, the weekly returns of MATH and WST correlate at -0.23, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.04) runs above the 3-year figure (-0.23). Stretching to 5 years gives -0.07, with an annualized covariance of -801.3 %².
WST is close to the least connected end of MATH's tracked universe, ranking #14 of 14. Their recent paths diverged sharply: over the last 12 months WST outperformed by 111.8 percentage points (-70.7% for MATH against +41.1% for WST). Note the risk asymmetry: MATH runs 2.3 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.
MATH vs WST: side by side
| MATH (Metalpha Technology Holding Limited) | WST (West Pharmaceutical Services) | |
|---|---|---|
| 1-year return | -70.7% | +41.1% |
| 5-year return | -40.4% | -22.4% |
| Volatility (ann.) | 90.1% | 38.6% |
| Beta vs S&P 500 | 0.53 | 0.86 |
| Max drawdown (3Y) | -81.9% | -53.8% |
| Market cap | – | $24.4B |
| P/E (trailing) | 41.7 | 44.8 |
| Dividend yield | 0.00% | 0.25% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | MATH | WST |
|---|---|---|
| 2022 | -57.4% | -49.7% |
| 2023 | +323.3% | +50.0% |
| 2024 | -47.2% | -6.8% |
| 2025 | +82.6% | -15.7% |
| 2026 | -60.3% | +26.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MATH and WST good diversifiers for each other?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
FAQ
What is the correlation between MATH and WST?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with 0.04 over the last year and -0.07 over 5 years.
Is WST a good diversifier for MATH?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
What does a correlation of -0.23 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/math-vs-wst.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/math-vs-wst/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MATH correlations · WST correlations
