MGNX vs XBP: Correlation
MacroGenics, Inc. (MGNX) and XBP Global Holdings, Inc. (XBP) show a negative relationship: their 3-year correlation of weekly returns is -0.23.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MGNX and XBP?
Over the past 3 years, MGNX and XBP moved with a correlation of -0.23, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.17 lands near the 3-year figure. Over 5 years the correlation is -0.18, and the annualized covariance of weekly returns is -3241.2 %².
Among the 14 assets we track against MGNX, XBP ranks #9 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MGNX outperformed by 189.4 percentage points (+137.2% for MGNX against -52.2% for XBP). Note the risk asymmetry: XBP 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.
MGNX vs XBP: side by side
| MGNX (MacroGenics, Inc.) | XBP (XBP Global Holdings, Inc.) | |
|---|---|---|
| 1-year return | +137.2% | -52.2% |
| 5-year return | -82.5% | -97.1% |
| Volatility (ann.) | 96.3% | 145.1% |
| Beta vs S&P 500 | 1.72 | -0.32 |
| Max drawdown (3Y) | -95.1% | -99.5% |
| Market cap | $0.3B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MGNX | XBP |
|---|---|---|
| 2022 | -58.2% | +4.3% |
| 2023 | +43.4% | -49.1% |
| 2024 | -66.2% | -79.4% |
| 2025 | -50.5% | -37.5% |
| 2026 | +153.4% | -57.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MGNX and XBP good diversifiers for each other?
Yes. With a correlation of -0.23, MGNX and XBP have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MGNX and XBP?
The MGNX/XBP correlation stands at -0.23 on a 3-year window (1 year: -0.17, 5 years: -0.18), computed from weekly returns as of 2026-08-27.
Is XBP a good diversifier for MGNX?
Yes. With a correlation of -0.23, MGNX and XBP have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
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.
Use this data
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Related comparisons
Hubs: MGNX correlations · XBP correlations
