MDT vs NCI: Correlation
How closely do Medtronic (MDT) and Neo-Concept International Group Holdings Limited - Class A (NCI) trade together? Their weekly returns over three years give a correlation of -0.17, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDT and NCI?
On 3 years of weekly data the MDT/NCI correlation comes out at -0.17, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.24) sits close to the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at -664.2 %².
Among the 34 assets we track against MDT, NCI ranks #26 by 3-year correlation. On 12-month performance MDT holds a 6.7-point edge, +0.9% against -5.8%. Note the risk asymmetry: NCI runs 8.8 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 NCI: side by side
| MDT (Medtronic) | NCI (Neo-Concept International Group Holdings Limited - Class A) | |
|---|---|---|
| 1-year return | +0.9% | -5.8% |
| 5-year return | -21.4% | n/a |
| Volatility (ann.) | 21.0% | 184.4% |
| Beta vs S&P 500 | 0.37 | -0.24 |
| Max drawdown (3Y) | -28.9% | -99.0% |
| Market cap | $115.2B | – |
| P/E (trailing) | 24.1 | 154.5 |
| Dividend yield | 3.09% | 0.00% |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | MDT | NCI |
|---|---|---|
| 2022 | -22.6% | – |
| 2023 | +9.6% | – |
| 2024 | +0.3% | – |
| 2025 | +24.0% | -65.8% |
| 2026 | -4.7% | +36.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDT and NCI good diversifiers for each other?
By historical standards, yes. A correlation of -0.17 means the two rarely move for the same reasons.
FAQ
What is the correlation between MDT and NCI?
The MDT/NCI correlation stands at -0.17 on a 3-year window (1 year: -0.24, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is NCI a good diversifier for MDT?
By historical standards, yes. A correlation of -0.17 means the two rarely move for the same reasons.
What does a correlation of -0.17 mean?
On the −1 to +1 scale, -0.17 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mdt-vs-nci.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mdt-vs-nci/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MDT correlations · NCI correlations
