MGEE vs MTEX: Correlation
How closely do MGE Energy Inc. (MGEE) and Mannatech, Incorporated (MTEX) trade together? Their weekly returns over three years give a correlation of -0.23, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MGEE and MTEX?
On 3 years of weekly data the MGEE/MTEX correlation comes out at -0.23, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.29 over 1 year against -0.23 over 3. The 5-year figure is -0.18, and annualized covariance runs at -420.0 %².
Among the 15 assets we track against MGEE, MTEX sits near the bottom by co-movement, at rank #14. The last year tells two different stories: MGEE led by 20.2 percentage points, -8.3% for MGEE against -28.5% for MTEX. Risk is not evenly split, since MTEX carries 2.4 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.
MGEE vs MTEX: side by side
| MGEE (MGE Energy Inc.) | MTEX (Mannatech, Incorporated) | |
|---|---|---|
| 1-year return | -8.3% | -28.5% |
| 5-year return | +8.2% | -79.1% |
| Volatility (ann.) | 27.4% | 65.8% |
| Beta vs S&P 500 | 0.26 | 0.48 |
| Max drawdown (3Y) | -30.9% | -74.9% |
| Market cap | $3.0B | – |
| P/E (trailing) | 19.5 | – |
| Dividend yield | 2.39% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MGEE | MTEX |
|---|---|---|
| 2022 | -12.6% | -51.7% |
| 2023 | +5.1% | -53.5% |
| 2024 | +32.8% | +65.8% |
| 2025 | -14.7% | -38.6% |
| 2026 | +1.1% | -23.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MGEE and MTEX good diversifiers for each other?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MGEE and MTEX?
As of 2026-08-27, the correlation of weekly returns between MGEE and MTEX is -0.23 over 3 years, -0.29 over 1 year and -0.18 over 5 years.
Is MTEX a good diversifier for MGEE?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.23 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.
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Related comparisons
Hubs: MGEE correlations · MTEX correlations
