MDAI vs MMSI: Correlation
How closely do Spectral AI, Inc. (MDAI) and Merit Medical Systems, Inc. (MMSI) trade together? Their weekly returns over three years give a correlation of -0.21, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDAI and MMSI?
On 3 years of weekly data the MDAI/MMSI correlation comes out at -0.21, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.14 lands near the 3-year figure. The 5-year figure is -0.14, and annualized covariance runs at -557.9 %².
Among the 10 assets we track against MDAI, MMSI sits near the bottom by co-movement, at rank #9. Their recent paths diverged sharply: over the last 12 months MMSI outperformed by 21.0 percentage points (-22.4% for MDAI against -1.4% for MMSI). One caveat on sizing: MDAI is 4.3 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.
MDAI vs MMSI: side by side
| MDAI (Spectral AI, Inc.) | MMSI (Merit Medical Systems, Inc.) | |
|---|---|---|
| 1-year return | -22.4% | -1.4% |
| 5-year return | -83.2% | +25.2% |
| Volatility (ann.) | 105.0% | 24.7% |
| Beta vs S&P 500 | 1.03 | 0.50 |
| Max drawdown (3Y) | -93.5% | -45.3% |
| Market cap | $0.1B | $5.3B |
| P/E (trailing) | – | 37.3 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MDAI | MMSI |
|---|---|---|
| 2022 | +3.0% | +13.4% |
| 2023 | -75.6% | +7.6% |
| 2024 | +15.0% | +27.3% |
| 2025 | -49.8% | -8.9% |
| 2026 | +14.8% | +1.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDAI and MMSI good diversifiers for each other?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
FAQ
What is the correlation between MDAI and MMSI?
The MDAI/MMSI correlation stands at -0.21 on a 3-year window (1 year: -0.14, 5 years: -0.14), computed from weekly returns as of 2026-08-27.
Is MMSI a good diversifier for MDAI?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
What does a correlation of -0.21 mean?
On the −1 to +1 scale, -0.21 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.
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Related comparisons
Hubs: MDAI correlations · MMSI correlations
