AMSF vs FCEL: Correlation
AMERISAFE, Inc. (AMSF) and FuelCell Energy, Inc. (FCEL) show a negative relationship: their 3-year correlation of weekly returns is -0.23.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AMSF and FCEL?
Across a 3-year window, the weekly returns of AMSF and FCEL correlate at -0.23, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.25) sits close to the 3-year figure. Stretching to 5 years gives -0.11, with an annualized covariance of -617.1 %².
FCEL is close to the least connected end of AMSF's tracked universe, ranking #9 of 12. Their recent paths diverged sharply: over the last 12 months FCEL outperformed by 382.6 percentage points (-39.5% for AMSF against +343.1% for FCEL). Note the risk asymmetry: FCEL runs 4.4 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
AMSF vs FCEL: side by side
| AMSF (AMERISAFE, Inc.) | FCEL (FuelCell Energy, Inc.) | |
|---|---|---|
| 1-year return | -39.5% | +343.1% |
| 5-year return | -29.7% | -89.6% |
| Volatility (ann.) | 24.6% | 109.1% |
| Beta vs S&P 500 | 0.22 | 1.17 |
| Max drawdown (3Y) | -50.2% | -93.0% |
| Market cap | $0.5B | $1.5B |
| P/E (trailing) | 10.5 | – |
| Dividend yield | 6.09% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AMSF | FCEL |
|---|---|---|
| 2022 | +6.1% | -46.5% |
| 2023 | -0.9% | -42.4% |
| 2024 | +19.6% | -81.2% |
| 2025 | -20.8% | -19.1% |
| 2026 | -30.2% | +164.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AMSF and FCEL good diversifiers for each other?
Yes. With a correlation of -0.23, AMSF and FCEL have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AMSF and FCEL?
The AMSF/FCEL correlation stands at -0.23 on a 3-year window (1 year: -0.25, 5 years: -0.11), computed from weekly returns as of 2026-08-27.
Is FCEL a good diversifier for AMSF?
Yes. With a correlation of -0.23, AMSF and FCEL have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 mean?
On the −1 to +1 scale, -0.23 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/amsf-vs-fcel.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/amsf-vs-fcel/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AMSF correlations · FCEL correlations
