MGNX vs RLAY: Correlation
How closely do MacroGenics, Inc. (MGNX) and Relay Therapeutics, Inc. (RLAY) trade together? Their weekly returns over three years give a correlation of 0.43, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MGNX and RLAY?
Across a 3-year window, the weekly returns of MGNX and RLAY correlate at 0.43, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.32 versus 0.43 over 3 years. Stretching to 5 years gives 0.36, with an annualized covariance of 2934.4 %².
In MGNX's tracked universe of 14 assets, RLAY sits right near the top at #1. Their recent paths diverged sharply: over the last 12 months RLAY outperformed by 306.8 percentage points (+137.2% for MGNX against +444.0% for RLAY).
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.
MGNX vs RLAY: side by side
| MGNX (MacroGenics, Inc.) | RLAY (Relay Therapeutics, Inc.) | |
|---|---|---|
| 1-year return | +137.2% | +444.0% |
| 5-year return | -82.5% | -35.3% |
| Volatility (ann.) | 96.3% | 71.3% |
| Beta vs S&P 500 | 1.72 | 2.17 |
| Max drawdown (3Y) | -95.1% | -83.4% |
| Market cap | $0.3B | $4.3B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MGNX | RLAY |
|---|---|---|
| 2022 | -58.2% | -51.4% |
| 2023 | +43.4% | -26.3% |
| 2024 | -66.2% | -62.6% |
| 2025 | -50.5% | +105.3% |
| 2026 | +153.4% | +129.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MGNX and RLAY good diversifiers for each other?
Reasonably. At 0.43, MGNX and RLAY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between MGNX and RLAY?
Using weekly returns as of 2026-08-27: 0.43 over 3 years, with 0.32 over the last year and 0.36 over 5 years.
Is RLAY a good diversifier for MGNX?
Reasonably. At 0.43, MGNX and RLAY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.43 mean?
A reading of 0.43 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: MGNX correlations · RLAY correlations
