AMBP vs BPOP: Correlation
How closely do Ardagh Metal Packaging S.A. (AMBP) and Popular, Inc. (BPOP) trade together? Their weekly returns over three years give a correlation of 0.48, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AMBP and BPOP?
Across a 3-year window, the weekly returns of AMBP and BPOP correlate at 0.48, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.32 versus 0.48 over 3 years. Stretching to 5 years gives 0.49, with an annualized covariance of 538.2 %².
BPOP is one of the assets that tracks AMBP most closely: it ranks #2 out of the 12 assets we track against AMBP. The trailing year gives AMBP the advantage: +47.0% versus +39.2%, a 7.8-point spread. One caveat on sizing: AMBP is 1.6 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.
AMBP vs BPOP: side by side
| AMBP (Ardagh Metal Packaging S.A.) | BPOP (Popular, Inc.) | |
|---|---|---|
| 1-year return | +47.0% | +39.2% |
| 5-year return | -26.6% | +157.8% |
| Volatility (ann.) | 43.0% | 26.3% |
| Beta vs S&P 500 | 0.71 | 0.84 |
| Max drawdown (3Y) | -39.2% | -22.6% |
| Market cap | $3.1B | $10.8B |
| P/E (trailing) | 103.4 | 11.5 |
| Dividend yield | 7.65% | 1.77% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AMBP | BPOP |
|---|---|---|
| 2022 | -42.5% | -16.8% |
| 2023 | -11.5% | +28.3% |
| 2024 | -12.4% | +17.9% |
| 2025 | +49.2% | +36.0% |
| 2026 | +32.3% | +37.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AMBP and BPOP good diversifiers for each other?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between AMBP and BPOP?
Using weekly returns as of 2026-08-27: 0.48 over 3 years, with 0.32 over the last year and 0.49 over 5 years.
Is BPOP a good diversifier for AMBP?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.48 mean?
A reading of 0.48 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: AMBP correlations · BPOP correlations
