MX vs NCEL: Correlation
Measured on weekly returns over the past three years, Magnachip Semiconductor Corporation (MX) and NewcelX Ltd. (NCEL) carry a correlation of 0.30, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MX and NCEL?
Over the past 3 years, MX and NCEL moved with a correlation of 0.30, which is moderate. Lately the two have moved closer together, with the 1-year correlation at 0.55 versus 0.30 over 3 years. Over 5 years the correlation is 0.23, and the annualized covariance of weekly returns is 2787.8 %².
Out of 16 assets tracked against MX, NCEL lands near the bottom at #12. Their recent paths diverged sharply: over the last 12 months MX outperformed by 86.8 percentage points (+2.2% for MX against -84.6% for NCEL).
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.
MX vs NCEL: side by side
| MX (Magnachip Semiconductor Corporation) | NCEL (NewcelX Ltd.) | |
|---|---|---|
| 1-year return | +2.2% | -84.6% |
| 5-year return | -81.9% | -99.6% |
| Volatility (ann.) | 79.4% | 118.9% |
| Beta vs S&P 500 | 1.88 | 0.68 |
| Max drawdown (3Y) | -73.5% | -99.6% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MX | NCEL |
|---|---|---|
| 2022 | -55.2% | +16.2% |
| 2023 | -20.1% | -54.3% |
| 2024 | -46.4% | -91.1% |
| 2025 | -36.6% | -91.0% |
| 2026 | +27.1% | +80.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MX and NCEL good diversifiers for each other?
Reasonably. At 0.30, MX and NCEL keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between MX and NCEL?
The MX/NCEL correlation stands at 0.30 on a 3-year window (1 year: 0.55, 5 years: 0.23), computed from weekly returns as of 2026-08-27.
Is NCEL a good diversifier for MX?
Reasonably. At 0.30, MX and NCEL keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.30 mean?
A reading of 0.30 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mx-vs-ncel.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mx-vs-ncel/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MX correlations · NCEL correlations
