AMSF vs XWEL: Correlation
Measured on weekly returns over the past three years, AMERISAFE, Inc. (AMSF) and XWELL, Inc. (XWEL) carry a correlation of -0.27, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AMSF and XWEL?
Across a 3-year window, the weekly returns of AMSF and XWEL correlate at -0.27, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.45 versus -0.27 over 3 years. Stretching to 5 years gives -0.21, with an annualized covariance of -1255.5 %².
XWEL is close to the least connected end of AMSF's tracked universe, ranking #12 of 12. Correlation aside, the last 12 months split them widely, with XWEL ahead by 32.0 points (-39.5% versus -7.5%). Note the risk asymmetry: XWEL runs 7.7 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 XWEL: side by side
| AMSF (AMERISAFE, Inc.) | XWEL (XWELL, Inc.) | |
|---|---|---|
| 1-year return | -39.5% | -7.5% |
| 5-year return | -29.7% | -97.2% |
| Volatility (ann.) | 24.6% | 188.4% |
| Beta vs S&P 500 | 0.22 | 0.41 |
| Max drawdown (3Y) | -50.2% | -92.8% |
| Market cap | $0.5B | – |
| P/E (trailing) | 10.5 | – |
| Dividend yield | 6.09% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AMSF | XWEL |
|---|---|---|
| 2022 | +6.1% | -82.2% |
| 2023 | -0.9% | -75.8% |
| 2024 | +19.6% | -13.2% |
| 2025 | -20.8% | -69.5% |
| 2026 | -30.2% | +115.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AMSF and XWEL good diversifiers for each other?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
FAQ
What is the correlation between AMSF and XWEL?
As of 2026-08-27, the correlation of weekly returns between AMSF and XWEL is -0.27 over 3 years, -0.45 over 1 year and -0.21 over 5 years.
Is XWEL a good diversifier for AMSF?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
What does a correlation of -0.27 mean?
On the −1 to +1 scale, -0.27 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-xwel.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/amsf-vs-xwel/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AMSF correlations · XWEL correlations
