MG vs NWE: Correlation
Mistras Group Inc (MG) and NorthWestern Energy Group, Inc. (NWE) show a moderate relationship: their 3-year correlation of weekly returns is 0.50.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MG and NWE?
Across a 3-year window, the weekly returns of MG and NWE correlate at 0.50, moderate. Recent behaviour matches the longer record: 0.54 over 1 year against 0.50 over 3. Stretching to 5 years gives 0.33, with an annualized covariance of 412.0 %².
Among the 13 assets we track against MG, NWE ranks #4 by 3-year correlation. The last year tells two different stories: MG led by 71.2 percentage points, +99.7% for MG against +28.5% for NWE. Risk is not evenly split, since MG carries 1.9 times the volatility of the other side.
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.
MG vs NWE: side by side
| MG (Mistras Group Inc) | NWE (NorthWestern Energy Group, Inc.) | |
|---|---|---|
| 1-year return | +99.7% | +28.5% |
| 5-year return | +87.3% | +41.5% |
| Volatility (ann.) | 39.7% | 20.9% |
| Beta vs S&P 500 | 0.84 | 0.26 |
| Max drawdown (3Y) | -40.8% | -13.6% |
| Market cap | $0.6B | $4.4B |
| P/E (trailing) | 22.6 | 25.6 |
| Dividend yield | 0.00% | 3.72% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MG | NWE |
|---|---|---|
| 2022 | -33.6% | +8.5% |
| 2023 | +48.5% | -10.1% |
| 2024 | +23.8% | +10.5% |
| 2025 | +39.6% | +26.4% |
| 2026 | +52.2% | +13.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MG and NWE good diversifiers for each other?
To a limited degree. At 0.50 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between MG and NWE?
Using weekly returns as of 2026-08-27: 0.50 over 3 years, with 0.54 over the last year and 0.33 over 5 years.
Is NWE a good diversifier for MG?
To a limited degree. At 0.50 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.50 mean?
A reading of 0.50 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: MG correlations · NWE correlations
