MLR vs ORN: Correlation
How closely do Miller Industries, Inc. (MLR) and Orion Group Holdings, Inc. Common (ORN) trade together? Their weekly returns over three years give a correlation of 0.50, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MLR and ORN?
Over the past 3 years, MLR and ORN moved with a correlation of 0.50, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.26 versus 0.50 over 3 years. Over 5 years the correlation is 0.37, and the annualized covariance of weekly returns is 1045.7 %².
Among the 14 assets we track against MLR, ORN ranks #6 by 3-year correlation. Twelve-month performance is nearly a tie, at +33.4% for MLR and +34.6% for ORN. One caveat on sizing: ORN is 2.0 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.
MLR vs ORN: side by side
| MLR (Miller Industries, Inc.) | ORN (Orion Group Holdings, Inc. Common) | |
|---|---|---|
| 1-year return | +33.4% | +34.6% |
| 5-year return | +70.2% | +77.6% |
| Volatility (ann.) | 31.9% | 65.3% |
| Beta vs S&P 500 | 0.88 | 1.64 |
| Max drawdown (3Y) | -52.7% | -57.6% |
| Market cap | $0.7B | $0.4B |
| P/E (trailing) | 46.3 | 121.6 |
| Dividend yield | 1.43% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MLR | ORN |
|---|---|---|
| 2022 | -17.9% | -36.9% |
| 2023 | +61.8% | +107.6% |
| 2024 | +56.6% | +48.4% |
| 2025 | -41.7% | +35.6% |
| 2026 | +56.2% | -2.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MLR and ORN good diversifiers for each other?
To a limited degree. At 0.50 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between MLR and ORN?
The MLR/ORN correlation stands at 0.50 on a 3-year window (1 year: 0.26, 5 years: 0.37), computed from weekly returns as of 2026-08-27.
Is ORN a good diversifier for MLR?
To a limited degree. At 0.50 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.50 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/mlr-vs-orn.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mlr-vs-orn/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MLR correlations · ORN correlations
