MATW vs TMC: Correlation
How closely do Matthews International Corporation (MATW) and TMC the metals company Inc. (TMC) trade together? Their weekly returns over three years give a correlation of -0.20, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MATW and TMC?
On 3 years of weekly data the MATW/TMC correlation comes out at -0.20, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.38 versus -0.20 over 3 years. The 5-year figure is -0.00, and annualized covariance runs at -693.8 %².
TMC is close to the least connected end of MATW's tracked universe, ranking #10 of 12. Neither side won the trailing year by much: -8.6% against -4.1%. Note the risk asymmetry: TMC runs 2.6 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.
MATW vs TMC: side by side
| MATW (Matthews International Corporation) | TMC (TMC the metals company Inc.) | |
|---|---|---|
| 1-year return | -8.6% | -4.1% |
| 5-year return | -30.2% | -45.9% |
| Volatility (ann.) | 36.3% | 94.3% |
| Beta vs S&P 500 | 0.87 | 1.21 |
| Max drawdown (3Y) | -54.7% | -67.7% |
| Market cap | $0.7B | $2.9B |
| P/E (trailing) | – | – |
| Dividend yield | 4.73% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MATW | TMC |
|---|---|---|
| 2022 | -14.5% | -63.0% |
| 2023 | +23.4% | +42.9% |
| 2024 | -21.9% | +1.8% |
| 2025 | -1.5% | +450.9% |
| 2026 | -17.1% | -17.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MATW and TMC 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 MATW and TMC?
The MATW/TMC correlation stands at -0.20 on a 3-year window (1 year: -0.38, 5 years: -0.00), computed from weekly returns as of 2026-08-27.
Is TMC a good diversifier for MATW?
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/matw-vs-tmc.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/matw-vs-tmc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MATW correlations · TMC correlations
