ARQ vs BWMN: Correlation
Measured on weekly returns over the past three years, Arq, Inc. (ARQ) and Bowman Consulting Group Ltd. (BWMN) carry a correlation of 0.42, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARQ and BWMN?
On 3 years of weekly data the ARQ/BWMN correlation comes out at 0.42, moderate. Little has changed lately, as the 1-year reading of 0.45 lands near the 3-year figure. The 5-year figure is 0.31, and annualized covariance runs at 1882.4 %².
Within ARQ's tracked universe of 15 assets, BWMN comes in at #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months BWMN outperformed by 72.6 percentage points (-71.1% for ARQ against +1.5% for BWMN).
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.
ARQ vs BWMN: side by side
| ARQ (Arq, Inc.) | BWMN (Bowman Consulting Group Ltd.) | |
|---|---|---|
| 1-year return | -71.1% | +1.5% |
| 5-year return | -67.7% | +220.2% |
| Volatility (ann.) | 78.9% | 56.7% |
| Beta vs S&P 500 | 1.85 | 1.08 |
| Max drawdown (3Y) | -79.6% | -56.2% |
| Market cap | $0.1B | $0.7B |
| P/E (trailing) | – | 101.2 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ARQ | BWMN |
|---|---|---|
| 2022 | -63.3% | +2.8% |
| 2023 | +22.6% | +62.6% |
| 2024 | +154.0% | -29.8% |
| 2025 | -56.8% | +32.3% |
| 2026 | -32.7% | +28.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARQ and BWMN good diversifiers for each other?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ARQ and BWMN?
As of 2026-08-27, the correlation of weekly returns between ARQ and BWMN is 0.42 over 3 years, 0.45 over 1 year and 0.31 over 5 years.
Is BWMN a good diversifier for ARQ?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.42 mean?
On the −1 to +1 scale, 0.42 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/arq-vs-bwmn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/arq-vs-bwmn/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ARQ correlations · BWMN correlations
