MTEX vs PNW: Correlation
Mannatech, Incorporated (MTEX) and Pinnacle West Capital (PNW) show a negative relationship: their 3-year correlation of weekly returns is -0.19.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTEX and PNW?
Over the past 3 years, MTEX and PNW moved with a correlation of -0.19, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.27 lands near the 3-year figure. Over 5 years the correlation is -0.15, and the annualized covariance of weekly returns is -228.3 %².
Among the 34 assets we track against MTEX, PNW ranks #13 by 3-year correlation. Correlation aside, the last 12 months split them widely, with PNW ahead by 40.9 points (-28.5% versus +12.4%). Risk is not evenly split, since MTEX carries 3.6 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.
MTEX vs PNW: side by side
| MTEX (Mannatech, Incorporated) | PNW (Pinnacle West Capital) | |
|---|---|---|
| 1-year return | -28.5% | +12.4% |
| 5-year return | -79.1% | +59.3% |
| Volatility (ann.) | 65.8% | 18.2% |
| Beta vs S&P 500 | 0.48 | 0.09 |
| Max drawdown (3Y) | -74.9% | -14.4% |
| Market cap | – | $11.9B |
| P/E (trailing) | – | 18.8 |
| Dividend yield | 0.00% | 3.67% |
| Sector / category | US Listed | Utilities |
Year-by-year returns
| Year | MTEX | PNW |
|---|---|---|
| 2022 | -51.7% | +13.0% |
| 2023 | -53.5% | -1.2% |
| 2024 | +65.8% | +23.5% |
| 2025 | -38.6% | +8.9% |
| 2026 | -23.3% | +13.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTEX and PNW good diversifiers for each other?
Yes. With a correlation of -0.19, MTEX and PNW have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MTEX and PNW?
The MTEX/PNW correlation stands at -0.19 on a 3-year window (1 year: -0.27, 5 years: -0.15), computed from weekly returns as of 2026-08-27.
Is PNW a good diversifier for MTEX?
Yes. With a correlation of -0.19, MTEX and PNW have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.19 mean?
On the −1 to +1 scale, -0.19 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/mtex-vs-pnw.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mtex-vs-pnw/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MTEX correlations · PNW correlations
