MGNX vs XENE: Correlation
How closely do MacroGenics, Inc. (MGNX) and Xenon Pharmaceuticals Inc. (XENE) trade together? Their weekly returns over three years give a correlation of 0.39, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MGNX and XENE?
Across a 3-year window, the weekly returns of MGNX and XENE correlate at 0.39, moderate. Recent behaviour matches the longer record: 0.45 over 1 year against 0.39 over 3. Stretching to 5 years gives 0.23, with an annualized covariance of 1665.3 %².
Within MGNX's tracked universe of 14 assets, XENE comes in at #5 by 3-year correlation. The last year tells two different stories: MGNX led by 77.9 percentage points, +137.2% for MGNX against +59.3% for XENE. One caveat on sizing: MGNX is 2.2 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 XENE: side by side
| MGNX (MacroGenics, Inc.) | XENE (Xenon Pharmaceuticals Inc.) | |
|---|---|---|
| 1-year return | +137.2% | +59.3% |
| 5-year return | -82.5% | +266.2% |
| Volatility (ann.) | 96.3% | 44.0% |
| Beta vs S&P 500 | 1.72 | 0.83 |
| Max drawdown (3Y) | -95.1% | -43.6% |
| Market cap | $0.3B | $6.0B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MGNX | XENE |
|---|---|---|
| 2022 | -58.2% | +26.2% |
| 2023 | +43.4% | +16.8% |
| 2024 | -66.2% | -14.9% |
| 2025 | -50.5% | +14.3% |
| 2026 | +153.4% | +38.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MGNX and XENE good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between MGNX and XENE?
Using weekly returns as of 2026-08-27: 0.39 over 3 years, with 0.45 over the last year and 0.23 over 5 years.
Is XENE a good diversifier for MGNX?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.39 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
$ curl https://www.pairbook.io/api/v1/pairs/mgnx-vs-xene.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mgnx-vs-xene/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MGNX correlations · XENE correlations
