MGPI vs OI: Correlation
Measured on weekly returns over the past three years, MGP Ingredients, Inc. (MGPI) and O-I Glass, Inc. (OI) carry a correlation of 0.49, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MGPI and OI?
On 3 years of weekly data the MGPI/OI correlation comes out at 0.49, moderate. Little has changed lately, as the 1-year reading of 0.46 lands near the 3-year figure. The 5-year figure is 0.37, and annualized covariance runs at 796.0 %².
Among the 11 assets we track against MGPI, OI ranks #4 by 3-year correlation. Their 12-month results are close: -44.0% for MGPI against -44.8% for OI.
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.
MGPI vs OI: side by side
| MGPI (MGP Ingredients, Inc.) | OI (O-I Glass, Inc.) | |
|---|---|---|
| 1-year return | -44.0% | -44.8% |
| 5-year return | -73.6% | -53.2% |
| Volatility (ann.) | 40.4% | 40.3% |
| Beta vs S&P 500 | 0.75 | 0.91 |
| Max drawdown (3Y) | -86.5% | -68.6% |
| Market cap | $0.3B | $1.1B |
| P/E (trailing) | – | – |
| Dividend yield | 2.75% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MGPI | OI |
|---|---|---|
| 2022 | +25.8% | +37.7% |
| 2023 | -7.0% | -1.1% |
| 2024 | -59.8% | -33.8% |
| 2025 | -37.3% | +36.2% |
| 2026 | -31.7% | -51.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MGPI and OI good diversifiers for each other?
Reasonably. At 0.49, MGPI and OI keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between MGPI and OI?
As of 2026-08-27, the correlation of weekly returns between MGPI and OI is 0.49 over 3 years, 0.46 over 1 year and 0.37 over 5 years.
Is OI a good diversifier for MGPI?
Reasonably. At 0.49, MGPI and OI keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.49 mean?
A reading of 0.49 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mgpi-vs-oi.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mgpi-vs-oi/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MGPI correlations · OI correlations
