MDT vs MOBX: Correlation
How closely do Medtronic (MDT) and Mobix Labs, Inc. (MOBX) trade together? Their weekly returns over three years give a correlation of -0.18, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDT and MOBX?
Over the past 3 years, MDT and MOBX moved with a correlation of -0.18, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.31) than the 3-year average (-0.18). Over 5 years the correlation is -0.13, and the annualized covariance of weekly returns is -1255.1 %².
Among the 34 assets we track against MDT, MOBX ranks #29 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MDT outperformed by 88.9 percentage points (+0.9% for MDT against -88.0% for MOBX). Note the risk asymmetry: MOBX runs 15.9 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.
MDT vs MOBX: side by side
| MDT (Medtronic) | MOBX (Mobix Labs, Inc.) | |
|---|---|---|
| 1-year return | +0.9% | -88.0% |
| 5-year return | -21.4% | -98.8% |
| Volatility (ann.) | 21.0% | 333.1% |
| Beta vs S&P 500 | 0.37 | -0.62 |
| Max drawdown (3Y) | -28.9% | -99.1% |
| Market cap | $115.2B | – |
| P/E (trailing) | 24.1 | – |
| Dividend yield | 3.09% | 0.00% |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | MDT | MOBX |
|---|---|---|
| 2022 | -22.6% | +3.8% |
| 2023 | +9.6% | -60.6% |
| 2024 | +0.3% | -57.7% |
| 2025 | +24.0% | -84.3% |
| 2026 | -4.7% | -57.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDT and MOBX good diversifiers for each other?
By historical standards, yes. A correlation of -0.18 means the two rarely move for the same reasons.
FAQ
What is the correlation between MDT and MOBX?
The MDT/MOBX correlation stands at -0.18 on a 3-year window (1 year: -0.31, 5 years: -0.13), computed from weekly returns as of 2026-08-27.
Is MOBX a good diversifier for MDT?
By historical standards, yes. A correlation of -0.18 means the two rarely move for the same reasons.
What does a correlation of -0.18 mean?
A reading of -0.18 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/mdt-vs-mobx.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mdt-vs-mobx/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MDT correlations · MOBX correlations
