MRNA vs WMT: Correlation
How closely do Moderna (MRNA) and Walmart (WMT) trade together? Their weekly returns over three years give a correlation of -0.22, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MRNA and WMT?
Across a 3-year window, the weekly returns of MRNA and WMT correlate at -0.22, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.41) than the 3-year average (-0.22). Stretching to 5 years gives -0.10, with an annualized covariance of -500.4 %².
Among the 38 assets we track against MRNA, WMT sits near the bottom by co-movement, at rank #35. The last year tells two different stories: MRNA led by 461.1 percentage points, +468.8% for MRNA against +7.7% for WMT. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.21 to 0.33. Note the risk asymmetry: MRNA runs 4.4 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.
MRNA vs WMT: side by side
| MRNA (Moderna) | WMT (Walmart) | |
|---|---|---|
| 1-year return | +468.8% | +7.7% |
| 5-year return | -61.5% | +121.9% |
| Volatility (ann.) | 100.7% | 23.0% |
| Beta vs S&P 500 | 0.98 | 0.53 |
| Max drawdown (3Y) | -86.6% | -23.3% |
| Market cap | $57.0B | $816.7B |
| P/E (trailing) | – | 37.1 |
| Dividend yield | 0.00% | 0.92% |
| Sector / category | Health Care | Consumer Staples |
Year-by-year returns
| Year | MRNA | WMT |
|---|---|---|
| 2022 | -29.3% | -0.5% |
| 2023 | -44.6% | +12.9% |
| 2024 | -58.2% | +74.0% |
| 2025 | -29.1% | +24.5% |
| 2026 | +384.1% | -7.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MRNA and WMT good diversifiers for each other?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
FAQ
What is the correlation between MRNA and WMT?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.41 over the last year and -0.10 over 5 years.
Is WMT a good diversifier for MRNA?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
What does a correlation of -0.22 mean?
On the −1 to +1 scale, -0.22 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.
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Related comparisons
Hubs: MRNA correlations · WMT correlations
