MLAB vs TNDM: Correlation
How closely do Mesa Laboratories, Inc. (MLAB) and Tandem Diabetes Care, Inc. (TNDM) 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 MLAB and TNDM?
Across a 3-year window, the weekly returns of MLAB and TNDM correlate at 0.39, moderate. The past 12 months show a weaker link (0.22) than the 3-year average (0.39). Stretching to 5 years gives 0.32, with an annualized covariance of 1461.6 %².
By 3-year correlation, TNDM places #6 of the 12 assets tracked against MLAB. The trailing year gives MLAB the advantage: +88.4% versus +74.7%, a 13.7-point spread.
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.
MLAB vs TNDM: side by side
| MLAB (Mesa Laboratories, Inc.) | TNDM (Tandem Diabetes Care, Inc.) | |
|---|---|---|
| 1-year return | +88.4% | +74.7% |
| 5-year return | -51.1% | -80.9% |
| Volatility (ann.) | 52.3% | 71.1% |
| Beta vs S&P 500 | 1.12 | 0.84 |
| Max drawdown (3Y) | -62.8% | -81.1% |
| Market cap | $0.7B | $1.5B |
| P/E (trailing) | 151.4 | – |
| Dividend yield | 0.50% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MLAB | TNDM |
|---|---|---|
| 2022 | -49.2% | -70.1% |
| 2023 | -36.6% | -34.2% |
| 2024 | +26.6% | +21.8% |
| 2025 | -40.0% | -39.0% |
| 2026 | +64.4% | -2.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MLAB and TNDM good diversifiers for each other?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between MLAB and TNDM?
The MLAB/TNDM correlation stands at 0.39 on a 3-year window (1 year: 0.22, 5 years: 0.32), computed from weekly returns as of 2026-08-27.
Is TNDM a good diversifier for MLAB?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.39 mean?
On the −1 to +1 scale, 0.39 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mlab-vs-tndm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mlab-vs-tndm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MLAB correlations · TNDM correlations
