MDGL vs NCRA: Correlation
How closely do Madrigal Pharmaceuticals, Inc. (MDGL) and Nocera, Inc. (NCRA) trade together? Their weekly returns over three years give a correlation of -0.22, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDGL and NCRA?
Over the past 3 years, MDGL and NCRA moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.37 versus -0.22 over 3 years. Over 5 years the correlation is 0.01, and the annualized covariance of weekly returns is -1244.4 %².
Out of 14 assets tracked against MDGL, NCRA lands near the bottom at #11. The last year tells two different stories: MDGL led by 124.0 percentage points, +27.9% for MDGL against -96.1% for NCRA. Note the risk asymmetry: NCRA runs 1.5 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.
MDGL vs NCRA: side by side
| MDGL (Madrigal Pharmaceuticals, Inc.) | NCRA (Nocera, Inc.) | |
|---|---|---|
| 1-year return | +27.9% | -96.1% |
| 5-year return | +554.5% | -99.1% |
| Volatility (ann.) | 60.2% | 92.8% |
| Beta vs S&P 500 | 0.71 | 1.42 |
| Max drawdown (3Y) | -38.8% | -97.7% |
| Market cap | $12.6B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MDGL | NCRA |
|---|---|---|
| 2022 | +242.5% | -85.8% |
| 2023 | -20.3% | +3.1% |
| 2024 | +33.4% | -35.9% |
| 2025 | +88.7% | +0.4% |
| 2026 | -6.6% | -93.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDGL and NCRA good diversifiers for each other?
Yes. With a correlation of -0.22, MDGL and NCRA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MDGL and NCRA?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.37 over the last year and 0.01 over 5 years.
Is NCRA a good diversifier for MDGL?
Yes. With a correlation of -0.22, MDGL and NCRA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 mean?
On the −1 to +1 scale, -0.22 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/mdgl-vs-ncra.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mdgl-vs-ncra/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MDGL correlations · NCRA correlations
