MGX vs TLF: Correlation
Metagenomi Therapeutics, Inc. (MGX) and Tandy Leather Factory, Inc. (TLF) show a moderate relationship: their 3-year correlation of weekly returns is 0.47.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MGX and TLF?
Across a 3-year window, the weekly returns of MGX and TLF correlate at 0.47, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.29 versus 0.47 over 3 years. Stretching to 5 years gives n/a, with an annualized covariance of 1063.3 %².
In MGX's tracked universe of 18 assets, TLF sits right near the top at #3. The last year tells two different stories: TLF led by 46.9 percentage points, -34.9% for MGX against +12.0% for TLF. Note the risk asymmetry: MGX runs 3.3 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.
MGX vs TLF: side by side
| MGX (Metagenomi Therapeutics, Inc.) | TLF (Tandy Leather Factory, Inc.) | |
|---|---|---|
| 1-year return | -34.9% | +12.0% |
| 5-year return | n/a | +11.5% |
| Volatility (ann.) | 86.5% | 26.5% |
| Beta vs S&P 500 | 1.23 | 0.23 |
| Max drawdown (3Y) | -90.7% | -34.9% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MGX | TLF |
|---|---|---|
| 2022 | – | -17.5% |
| 2023 | – | +0.2% |
| 2024 | – | +12.4% |
| 2025 | -55.1% | -20.9% |
| 2026 | -25.3% | +28.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MGX and TLF good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between MGX and TLF?
As of 2026-08-27, the correlation of weekly returns between MGX and TLF is 0.47 over 3 years, 0.29 over 1 year and n/a over 5 years.
Is TLF a good diversifier for MGX?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.47 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/mgx-vs-tlf.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mgx-vs-tlf/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MGX correlations · TLF correlations
