MEC vs WAL: Correlation
How closely do Mayville Engineering Company, Inc. (MEC) and Western Alliance Bancorporation (WAL) trade together? Their weekly returns over three years give a correlation of 0.48, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MEC and WAL?
Over the past 3 years, MEC and WAL moved with a correlation of 0.48, which is moderate. Recent behaviour matches the longer record: 0.52 over 1 year against 0.48 over 3. Over 5 years the correlation is 0.43, and the annualized covariance of weekly returns is 926.8 %².
WAL is one of the assets that tracks MEC most closely: it ranks #2 out of the 12 assets we track against MEC. The last year tells two different stories: MEC led by 48.8 percentage points, +39.5% for MEC against -9.3% for WAL.
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.
MEC vs WAL: side by side
| MEC (Mayville Engineering Company, Inc.) | WAL (Western Alliance Bancorporation) | |
|---|---|---|
| 1-year return | +39.5% | -9.3% |
| 5-year return | +34.1% | -9.7% |
| Volatility (ann.) | 49.2% | 39.5% |
| Beta vs S&P 500 | 0.79 | 1.51 |
| Max drawdown (3Y) | -45.8% | -36.0% |
| Market cap | $0.5B | $8.6B |
| P/E (trailing) | – | 9.0 |
| Dividend yield | 0.00% | 2.06% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MEC | WAL |
|---|---|---|
| 2022 | -15.1% | -43.7% |
| 2023 | +13.9% | +14.1% |
| 2024 | +9.0% | +29.7% |
| 2025 | +19.1% | +2.5% |
| 2026 | +8.7% | -4.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MEC and WAL good diversifiers for each other?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between MEC and WAL?
Using weekly returns as of 2026-08-27: 0.48 over 3 years, with 0.52 over the last year and 0.43 over 5 years.
Is WAL a good diversifier for MEC?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.48 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: MEC correlations · WAL correlations
