MMYT vs QUAL: Correlation
Measured on weekly returns over the past three years, MakeMyTrip Limited (MMYT) and iShares MSCI USA Quality Factor ETF (QUAL) carry a correlation of 0.52, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MMYT and QUAL?
Over the past 3 years, MMYT and QUAL moved with a correlation of 0.52, which is moderate. Little has changed lately, as the 1-year reading of 0.45 lands near the 3-year figure. Over 5 years the correlation is 0.44, and the annualized covariance of weekly returns is 355.8 %².
Among the 12 assets we track against MMYT, QUAL ranks #4 by 3-year correlation. Correlation aside, the last 12 months split them widely, with QUAL ahead by 63.3 points (-43.6% versus +19.7%). One caveat on sizing: MMYT is 3.5 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.
MMYT vs QUAL: side by side
| MMYT (MakeMyTrip Limited) | QUAL (iShares MSCI USA Quality Factor ETF) | |
|---|---|---|
| 1-year return | -43.6% | +19.7% |
| 5-year return | +128.7% | +68.0% |
| Volatility (ann.) | 49.5% | 14.0% |
| Beta vs S&P 500 | 1.76 | 0.93 |
| Max drawdown (3Y) | -69.9% | -18.0% |
| Market cap | $5.5B | – |
| P/E (trailing) | 253.0 | – |
| Dividend yield | 0.00% | 0.86% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $46.5B |
| Sector / category | US Listed | ETF · US Style |
QUAL, iShares's Large Blend fund, carries $46.5B under management, 123 holdings, a 0.15% expense ratio, a 0.86% trailing dividend yield.
Year-by-year returns
| Year | MMYT | QUAL |
|---|---|---|
| 2022 | -0.5% | -20.5% |
| 2023 | +70.4% | +30.9% |
| 2024 | +139.0% | +22.3% |
| 2025 | -26.9% | +12.7% |
| 2026 | -29.2% | +13.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MMYT and QUAL good diversifiers for each other?
To a limited degree. At 0.52 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 MMYT and QUAL?
As of 2026-08-27, the correlation of weekly returns between MMYT and QUAL is 0.52 over 3 years, 0.45 over 1 year and 0.44 over 5 years.
Is QUAL a good diversifier for MMYT?
To a limited degree. At 0.52 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 0.52 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/mmyt-vs-qual.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mmyt-vs-qual/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MMYT correlations · QUAL correlations
