MDGL vs ZTEK: Correlation
How closely do Madrigal Pharmaceuticals, Inc. (MDGL) and Zentek Ltd. (ZTEK) trade together? Their weekly returns over three years give a correlation of -0.26, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDGL and ZTEK?
Over the past 3 years, MDGL and ZTEK moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.34) sits close to the 3-year figure. Over 5 years the correlation is -0.03, and the annualized covariance of weekly returns is -1255.2 %².
Out of 14 assets tracked against MDGL, ZTEK lands near the bottom at #14. Correlation aside, the last 12 months split them widely, with MDGL ahead by 45.5 points (+27.9% versus -17.6%).
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 ZTEK: side by side
| MDGL (Madrigal Pharmaceuticals, Inc.) | ZTEK (Zentek Ltd.) | |
|---|---|---|
| 1-year return | +27.9% | -17.6% |
| 5-year return | +554.5% | -78.0% |
| Volatility (ann.) | 60.2% | 80.4% |
| Beta vs S&P 500 | 0.71 | 0.63 |
| Max drawdown (3Y) | -38.8% | -79.2% |
| Market cap | $12.6B | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MDGL | ZTEK |
|---|---|---|
| 2022 | +242.5% | -60.1% |
| 2023 | -20.3% | -30.3% |
| 2024 | +33.4% | -13.0% |
| 2025 | +88.7% | -31.9% |
| 2026 | -6.6% | -12.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDGL and ZTEK good diversifiers for each other?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MDGL and ZTEK?
As of 2026-08-27, the correlation of weekly returns between MDGL and ZTEK is -0.26 over 3 years, -0.34 over 1 year and -0.03 over 5 years.
Is ZTEK a good diversifier for MDGL?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.26 mean?
A reading of -0.26 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-ztek.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mdgl-vs-ztek/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MDGL correlations · ZTEK correlations
