MDGL vs PRLB: Correlation
How closely do Madrigal Pharmaceuticals, Inc. (MDGL) and Proto Labs, Inc. (PRLB) trade together? Their weekly returns over three years give a correlation of 0.43, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDGL and PRLB?
On 3 years of weekly data the MDGL/PRLB correlation comes out at 0.43, moderate. The past 12 months show a weaker link (0.02) than the 3-year average (0.43). The 5-year figure is 0.07, and annualized covariance runs at 1303.4 %².
PRLB is one of the assets that tracks MDGL most closely: it ranks #3 out of the 14 assets we track against MDGL. The last year tells two different stories: PRLB led by 29.7 percentage points, +27.9% for MDGL against +57.6% for PRLB.
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 PRLB: side by side
| MDGL (Madrigal Pharmaceuticals, Inc.) | PRLB (Proto Labs, Inc.) | |
|---|---|---|
| 1-year return | +27.9% | +57.6% |
| 5-year return | +554.5% | +10.1% |
| Volatility (ann.) | 60.2% | 50.3% |
| Beta vs S&P 500 | 0.71 | 1.52 |
| Max drawdown (3Y) | -38.8% | -33.6% |
| Market cap | $12.6B | $1.9B |
| P/E (trailing) | – | 62.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MDGL | PRLB |
|---|---|---|
| 2022 | +242.5% | -50.3% |
| 2023 | -20.3% | +52.6% |
| 2024 | +33.4% | +0.3% |
| 2025 | +88.7% | +29.4% |
| 2026 | -6.6% | +58.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDGL and PRLB good diversifiers for each other?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between MDGL and PRLB?
As of 2026-08-27, the correlation of weekly returns between MDGL and PRLB is 0.43 over 3 years, 0.02 over 1 year and 0.07 over 5 years.
Is PRLB a good diversifier for MDGL?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.43 mean?
A reading of 0.43 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: MDGL correlations · PRLB correlations
