AREC vs BULL: Correlation
Measured on weekly returns over the past three years, American Resources Corporation (AREC) and Webull Corporation - Class A (BULL) carry a correlation of 0.55, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AREC and BULL?
On 3 years of weekly data the AREC/BULL correlation comes out at 0.55, moderate. The past 12 months show a weaker link (0.11) than the 3-year average (0.55). The 5-year figure is 0.52, and annualized covariance runs at 6241.6 %².
In AREC's tracked universe of 16 assets, BULL sits right near the top at #2. The last year tells two different stories: AREC led by 52.0 percentage points, +18.3% for AREC against -33.7% for BULL. One caveat on sizing: AREC is 1.8 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.
AREC vs BULL: side by side
| AREC (American Resources Corporation) | BULL (Webull Corporation - Class A) | |
|---|---|---|
| 1-year return | +18.3% | -33.7% |
| 5-year return | +18.9% | n/a |
| Volatility (ann.) | 141.0% | 80.3% |
| Beta vs S&P 500 | 1.27 | 0.42 |
| Max drawdown (3Y) | -78.1% | -92.6% |
| Market cap | $0.3B | $5.1B |
| P/E (trailing) | – | 15.7 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AREC | BULL |
|---|---|---|
| 2022 | -26.7% | – |
| 2023 | +12.9% | +6.3% |
| 2024 | -32.2% | +7.4% |
| 2025 | +145.5% | -33.2% |
| 2026 | +4.0% | +23.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AREC and BULL good diversifiers for each other?
Only partially. A correlation of 0.55 means AREC and BULL share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between AREC and BULL?
Using weekly returns as of 2026-08-27: 0.55 over 3 years, with 0.11 over the last year and 0.52 over 5 years.
Is BULL a good diversifier for AREC?
Only partially. A correlation of 0.55 means AREC and BULL share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.55 mean?
On the −1 to +1 scale, 0.55 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/arec-vs-bull.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/arec-vs-bull/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AREC correlations · BULL correlations
