MDGL vs WGS: Correlation
Madrigal Pharmaceuticals, Inc. (MDGL) and GeneDx Holdings Corp. (WGS) show a moderate relationship: their 3-year correlation of weekly returns is 0.36.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDGL and WGS?
Over the past 3 years, MDGL and WGS moved with a correlation of 0.36, which is moderate. The past 12 months show a weaker link (0.04) than the 3-year average (0.36). Over 5 years the correlation is 0.11, and the annualized covariance of weekly returns is 2470.9 %².
Within MDGL's tracked universe of 14 assets, WGS comes in at #7 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MDGL outperformed by 58.8 percentage points (+27.9% for MDGL against -30.9% for WGS). Risk is not evenly split, since WGS carries 1.9 times the volatility of the other side.
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 WGS: side by side
| MDGL (Madrigal Pharmaceuticals, Inc.) | WGS (GeneDx Holdings Corp.) | |
|---|---|---|
| 1-year return | +27.9% | -30.9% |
| 5-year return | +554.5% | -69.2% |
| Volatility (ann.) | 60.2% | 113.8% |
| Beta vs S&P 500 | 0.71 | 1.13 |
| Max drawdown (3Y) | -38.8% | -79.4% |
| Market cap | $12.6B | $2.7B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MDGL | WGS |
|---|---|---|
| 2022 | +242.5% | -94.1% |
| 2023 | -20.3% | -68.4% |
| 2024 | +33.4% | +2694.9% |
| 2025 | +88.7% | +69.2% |
| 2026 | -6.6% | -31.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDGL and WGS good diversifiers for each other?
Reasonably. At 0.36, MDGL and WGS keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between MDGL and WGS?
The MDGL/WGS correlation stands at 0.36 on a 3-year window (1 year: 0.04, 5 years: 0.11), computed from weekly returns as of 2026-08-27.
Is WGS a good diversifier for MDGL?
Reasonably. At 0.36, MDGL and WGS keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.36 mean?
A reading of 0.36 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mdgl-vs-wgs.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mdgl-vs-wgs/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MDGL correlations · WGS correlations
