MERC vs USA: Correlation
How closely do Mercer International Inc. (MERC) and Liberty All-Star Equity Fund (USA) trade together? Their weekly returns over three years give a correlation of 0.42, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MERC and USA?
Across a 3-year window, the weekly returns of MERC and USA correlate at 0.42, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.27 versus 0.42 over 3 years. Stretching to 5 years gives 0.32, with an annualized covariance of 403.7 %².
Among the 11 assets we track against MERC, USA ranks #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months USA outperformed by 89.6 percentage points (-88.0% for MERC against +1.6% for USA). One caveat on sizing: MERC is 4.2 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.
MERC vs USA: side by side
| MERC (Mercer International Inc.) | USA (Liberty All-Star Equity Fund) | |
|---|---|---|
| 1-year return | -88.0% | +1.6% |
| 5-year return | -96.1% | +18.1% |
| Volatility (ann.) | 63.1% | 15.2% |
| Beta vs S&P 500 | 1.38 | 0.89 |
| Max drawdown (3Y) | -96.2% | -17.7% |
| Market cap | – | – |
| P/E (trailing) | – | 10.7 |
| Dividend yield | 0.00% | 11.19% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MERC | USA |
|---|---|---|
| 2022 | -0.6% | -25.2% |
| 2023 | -15.7% | +23.2% |
| 2024 | -28.7% | +20.8% |
| 2025 | -68.5% | +0.1% |
| 2026 | -80.3% | +3.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MERC and USA good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between MERC and USA?
The MERC/USA correlation stands at 0.42 on a 3-year window (1 year: 0.27, 5 years: 0.32), computed from weekly returns as of 2026-08-27.
Is USA a good diversifier for MERC?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.42 mean?
A reading of 0.42 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: MERC correlations · USA correlations
