MDXH vs NXGL: Correlation
Measured on weekly returns over the past three years, MDxHealth SA (MDXH) and NexGel, Inc (NXGL) carry a correlation of 0.36, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDXH and NXGL?
Across a 3-year window, the weekly returns of MDXH and NXGL correlate at 0.36, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.57 versus 0.36 over 3 years. Stretching to 5 years gives 0.27, with an annualized covariance of 2465.5 %².
Within MDXH's tracked universe of 14 assets, NXGL comes in at #9 by 3-year correlation. Over the last 12 months MDXH came out ahead by 5.1 percentage points (-79.9% against -85.0%).
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.
MDXH vs NXGL: side by side
| MDXH (MDxHealth SA) | NXGL (NexGel, Inc) | |
|---|---|---|
| 1-year return | -79.9% | -85.0% |
| 5-year return | -94.0% | -90.1% |
| Volatility (ann.) | 86.5% | 79.8% |
| Beta vs S&P 500 | 1.97 | 1.14 |
| Max drawdown (3Y) | -92.0% | -93.3% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MDXH | NXGL |
|---|---|---|
| 2022 | -30.6% | -52.1% |
| 2023 | -40.4% | +70.4% |
| 2024 | -39.8% | +109.4% |
| 2025 | +50.6% | -63.9% |
| 2026 | -79.8% | -78.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDXH and NXGL good diversifiers for each other?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between MDXH and NXGL?
As of 2026-08-27, the correlation of weekly returns between MDXH and NXGL is 0.36 over 3 years, 0.57 over 1 year and 0.27 over 5 years.
Is NXGL a good diversifier for MDXH?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.36 mean?
On the −1 to +1 scale, 0.36 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/mdxh-vs-nxgl.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mdxh-vs-nxgl/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MDXH correlations · NXGL correlations
