MDGL vs PEN: Correlation
How closely do Madrigal Pharmaceuticals, Inc. (MDGL) and Penumbra, Inc. (PEN) trade together? Their weekly returns over three years give a correlation of 0.38, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDGL and PEN?
Across a 3-year window, the weekly returns of MDGL and PEN correlate at 0.38, moderate. The past 12 months show a weaker link (0.22) than the 3-year average (0.38). Stretching to 5 years gives 0.12, with an annualized covariance of 830.4 %².
Among the 14 assets we track against MDGL, PEN ranks #6 by 3-year correlation. The trailing year gives MDGL the advantage: +27.9% versus +20.3%, a 7.6-point spread. One caveat on sizing: MDGL is 1.7 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.
MDGL vs PEN: side by side
| MDGL (Madrigal Pharmaceuticals, Inc.) | PEN (Penumbra, Inc.) | |
|---|---|---|
| 1-year return | +27.9% | +20.3% |
| 5-year return | +554.5% | +18.7% |
| Volatility (ann.) | 60.2% | 36.0% |
| Beta vs S&P 500 | 0.71 | 0.30 |
| Max drawdown (3Y) | -38.8% | -45.5% |
| Market cap | $12.6B | $12.6B |
| P/E (trailing) | – | 79.5 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MDGL | PEN |
|---|---|---|
| 2022 | +242.5% | -22.6% |
| 2023 | -20.3% | +13.1% |
| 2024 | +33.4% | -5.6% |
| 2025 | +88.7% | +30.9% |
| 2026 | -6.6% | +3.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDGL and PEN good diversifiers for each other?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between MDGL and PEN?
As of 2026-08-27, the correlation of weekly returns between MDGL and PEN is 0.38 over 3 years, 0.22 over 1 year and 0.12 over 5 years.
Is PEN a good diversifier for MDGL?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.38 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
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Related comparisons
Hubs: MDGL correlations · PEN correlations
