MGEE vs QTI: Correlation
Measured on weekly returns over the past three years, MGE Energy Inc. (MGEE) and QT Imaging Holdings, Inc. (QTI) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MGEE and QTI?
Across a 3-year window, the weekly returns of MGEE and QTI correlate at -0.22, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.19) runs above the 3-year figure (-0.22). Stretching to 5 years gives -0.19, with an annualized covariance of -662.7 %².
QTI is close to the least connected end of MGEE's tracked universe, ranking #13 of 15. Their recent paths diverged sharply: over the last 12 months MGEE outperformed by 83.3 percentage points (-8.3% for MGEE against -91.6% for QTI). Risk is not evenly split, since QTI carries 3.9 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.
MGEE vs QTI: side by side
| MGEE (MGE Energy Inc.) | QTI (QT Imaging Holdings, Inc.) | |
|---|---|---|
| 1-year return | -8.3% | -91.6% |
| 5-year return | +8.2% | -97.9% |
| Volatility (ann.) | 27.4% | 108.2% |
| Beta vs S&P 500 | 0.26 | 0.12 |
| Max drawdown (3Y) | -30.9% | -98.6% |
| 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 | QTI |
|---|---|---|
| 2022 | -12.6% | +3.1% |
| 2023 | +5.1% | +7.7% |
| 2024 | +32.8% | -95.6% |
| 2025 | -14.7% | -16.7% |
| 2026 | +1.1% | -48.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MGEE and QTI good diversifiers for each other?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MGEE and QTI?
The MGEE/QTI correlation stands at -0.22 on a 3-year window (1 year: 0.19, 5 years: -0.19), computed from weekly returns as of 2026-08-27.
Is QTI a good diversifier for MGEE?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.22 mean?
On the −1 to +1 scale, -0.22 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/mgee-vs-qti.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mgee-vs-qti/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MGEE correlations · QTI correlations
