MFC vs STEW: Correlation
How closely do Manulife Financial Corporation (MFC) and SRH Total Return Fund, Inc. (STEW) trade together? Their weekly returns over three years give a correlation of 0.67, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MFC and STEW?
On 3 years of weekly data the MFC/STEW correlation comes out at 0.67, strong. Lately the two have drifted apart, with the 1-year correlation at 0.51 versus 0.67 over 3 years. The 5-year figure is 0.71, and annualized covariance runs at 199.6 %².
Few assets follow MFC as closely as STEW, which ranks #3 of 12 tracked partners. Their recent paths diverged sharply: over the last 12 months MFC outperformed by 41.1 percentage points (+46.3% for MFC against +5.2% for STEW). Note the risk asymmetry: MFC runs 1.5 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.
MFC vs STEW: side by side
| MFC (Manulife Financial Corporation) | STEW (SRH Total Return Fund, Inc.) | |
|---|---|---|
| 1-year return | +46.3% | +5.2% |
| 5-year return | +174.6% | +61.2% |
| Volatility (ann.) | 21.2% | 14.1% |
| Beta vs S&P 500 | 0.87 | 0.67 |
| Max drawdown (3Y) | -16.8% | -10.5% |
| Market cap | $71.7B | $1.8B |
| P/E (trailing) | 16.2 | 12.1 |
| Dividend yield | 4.28% | 3.91% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MFC | STEW |
|---|---|---|
| 2022 | -1.2% | -7.3% |
| 2023 | +31.1% | +13.5% |
| 2024 | +45.2% | +19.9% |
| 2025 | +20.6% | +20.3% |
| 2026 | +22.3% | +3.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MFC and STEW good diversifiers for each other?
Only partially. A correlation of 0.67 means MFC and STEW share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between MFC and STEW?
The MFC/STEW correlation stands at 0.67 on a 3-year window (1 year: 0.51, 5 years: 0.71), computed from weekly returns as of 2026-08-27.
Is STEW a good diversifier for MFC?
Only partially. A correlation of 0.67 means MFC and STEW share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.67 mean?
On the −1 to +1 scale, 0.67 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/mfc-vs-stew.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mfc-vs-stew/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MFC correlations · STEW correlations
