MEGL vs ODFL: Correlation
Measured on weekly returns over the past three years, Magic Empire Global Limited - Class A (MEGL) and Old Dominion (ODFL) carry a correlation of -0.21, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MEGL and ODFL?
Across a 3-year window, the weekly returns of MEGL and ODFL correlate at -0.21, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.19) sits close to the 3-year figure. Stretching to 5 years gives -0.17, with an annualized covariance of -1260.7 %².
By 3-year correlation, ODFL places #21 of the 38 assets tracked against MEGL. Their recent paths diverged sharply: over the last 12 months ODFL outperformed by 47.6 percentage points (-16.7% for MEGL against +30.9% for ODFL). Note the risk asymmetry: MEGL runs 4.9 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.
MEGL vs ODFL: side by side
| MEGL (Magic Empire Global Limited - Class A) | ODFL (Old Dominion) | |
|---|---|---|
| 1-year return | -16.7% | +30.9% |
| 5-year return | n/a | +39.6% |
| Volatility (ann.) | 170.2% | 34.7% |
| Beta vs S&P 500 | -0.70 | 0.98 |
| Max drawdown (3Y) | -68.7% | -45.2% |
| Market cap | – | $41.6B |
| P/E (trailing) | – | 38.3 |
| Dividend yield | 0.00% | 0.57% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | MEGL | ODFL |
|---|---|---|
| 2022 | – | -20.5% |
| 2023 | -7.3% | +43.5% |
| 2024 | -54.4% | -12.5% |
| 2025 | +117.6% | -10.5% |
| 2026 | -0.4% | +27.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MEGL and ODFL good diversifiers for each other?
Yes. With a correlation of -0.21, MEGL and ODFL have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MEGL and ODFL?
Using weekly returns as of 2026-08-27: -0.21 over 3 years, with -0.19 over the last year and -0.17 over 5 years.
Is ODFL a good diversifier for MEGL?
Yes. With a correlation of -0.21, MEGL and ODFL have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.21 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/megl-vs-odfl.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/megl-vs-odfl/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MEGL correlations · ODFL correlations
