MSEX vs RDZN: Correlation
Measured on weekly returns over the past three years, Middlesex Water Company (MSEX) and Roadzen, Inc. (RDZN) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MSEX and RDZN?
Across a 3-year window, the weekly returns of MSEX and RDZN correlate at -0.24, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.25 over 1 year against -0.24 over 3. Stretching to 5 years gives -0.20, with an annualized covariance of -932.8 %².
Out of 14 assets tracked against MSEX, RDZN lands near the bottom at #13. Their recent paths diverged sharply: over the last 12 months RDZN outperformed by 40.4 percentage points (+10.1% for MSEX against +50.5% for RDZN). Risk is not evenly split, since RDZN carries 3.9 times the volatility of the other side.
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.
MSEX vs RDZN: side by side
| MSEX (Middlesex Water Company) | RDZN (Roadzen, Inc.) | |
|---|---|---|
| 1-year return | +10.1% | +50.5% |
| 5-year return | -41.5% | -84.9% |
| Volatility (ann.) | 31.5% | 122.6% |
| Beta vs S&P 500 | 0.04 | 1.57 |
| Max drawdown (3Y) | -40.2% | -94.0% |
| Market cap | $1.1B | $0.1B |
| P/E (trailing) | 22.6 | 6.8 |
| Dividend yield | 2.43% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MSEX | RDZN |
|---|---|---|
| 2022 | -33.8% | – |
| 2023 | -15.2% | -50.3% |
| 2024 | -18.0% | -57.2% |
| 2025 | -1.7% | +10.6% |
| 2026 | +17.0% | -38.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MSEX and RDZN good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MSEX and RDZN?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.25 over the last year and -0.20 over 5 years.
Is RDZN a good diversifier for MSEX?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 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/msex-vs-rdzn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/msex-vs-rdzn/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MSEX correlations · RDZN correlations
