MELI vs TMDX: Correlation
How closely do MercadoLibre, Inc. (MELI) and TransMedics Group, Inc. (TMDX) trade together? Their weekly returns over three years give a correlation of 0.38, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MELI and TMDX?
Over the past 3 years, MELI and TMDX moved with a correlation of 0.38, which is moderate. The relationship has been stable: the 1-year correlation (0.33) sits close to the 3-year figure. Over 5 years the correlation is 0.43, and the annualized covariance of weekly returns is 950.1 %².
Out of 12 assets tracked against MELI, TMDX lands near the bottom at #9. Twelve-month performance is nearly a tie, at -20.0% for MELI and -21.8% for TMDX. One caveat on sizing: TMDX is 1.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
MELI vs TMDX: side by side
| MELI (MercadoLibre, Inc.) | TMDX (TransMedics Group, Inc.) | |
|---|---|---|
| 1-year return | -20.0% | -21.8% |
| 5-year return | +2.8% | +196.3% |
| Volatility (ann.) | 35.7% | 69.5% |
| Beta vs S&P 500 | 1.04 | 1.37 |
| Max drawdown (3Y) | -40.8% | -67.8% |
| Market cap | $97.9B | $3.2B |
| P/E (trailing) | 53.2 | 23.9 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MELI | TMDX |
|---|---|---|
| 2022 | -37.2% | +222.1% |
| 2023 | +85.7% | +27.9% |
| 2024 | +8.2% | -21.0% |
| 2025 | +18.5% | +95.1% |
| 2026 | -4.1% | -24.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MELI and TMDX good diversifiers for each other?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between MELI and TMDX?
Using weekly returns as of 2026-08-27: 0.38 over 3 years, with 0.33 over the last year and 0.43 over 5 years.
Is TMDX a good diversifier for MELI?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.38 mean?
On the −1 to +1 scale, 0.38 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/meli-vs-tmdx.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/meli-vs-tmdx/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MELI correlations · TMDX correlations
