MTG vs WKHS: Correlation
Measured on weekly returns over the past three years, MGIC Investment Corporation (MTG) and Workhorse Group, Inc. (WKHS) carry a correlation of -0.20, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTG and WKHS?
Across a 3-year window, the weekly returns of MTG and WKHS correlate at -0.20, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.20 over 1 year against -0.20 over 3. Stretching to 5 years gives -0.08, with an annualized covariance of -677.9 %².
Within MTG's tracked universe of 16 assets, WKHS comes in at #11 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MTG outperformed by 94.1 percentage points (+13.5% for MTG against -80.6% for WKHS). One caveat on sizing: WKHS is 7.3 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.
MTG vs WKHS: side by side
| MTG (MGIC Investment Corporation) | WKHS (Workhorse Group, Inc.) | |
|---|---|---|
| 1-year return | +13.5% | -80.6% |
| 5-year return | +129.5% | -100.0% |
| Volatility (ann.) | 21.6% | 157.8% |
| Beta vs S&P 500 | 0.57 | 1.44 |
| Max drawdown (3Y) | -15.8% | -99.9% |
| Market cap | $6.4B | – |
| P/E (trailing) | 9.8 | – |
| Dividend yield | 1.92% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MTG | WKHS |
|---|---|---|
| 2022 | -7.5% | -65.1% |
| 2023 | +52.4% | -76.3% |
| 2024 | +25.7% | -90.3% |
| 2025 | +25.9% | -95.1% |
| 2026 | +8.2% | -37.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTG and WKHS good diversifiers for each other?
By historical standards, yes. A correlation of -0.20 means the two rarely move for the same reasons.
FAQ
What is the correlation between MTG and WKHS?
As of 2026-08-27, the correlation of weekly returns between MTG and WKHS is -0.20 over 3 years, -0.20 over 1 year and -0.08 over 5 years.
Is WKHS a good diversifier for MTG?
By historical standards, yes. A correlation of -0.20 means the two rarely move for the same reasons.
What does a correlation of -0.20 mean?
On the −1 to +1 scale, -0.20 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/mtg-vs-wkhs.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mtg-vs-wkhs/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MTG correlations · WKHS correlations
