AXS vs BOW: Correlation
Axis Capital Holdings Limited (AXS) and Bowhead Specialty Holdings Inc. (BOW) show a moderate relationship: their 3-year correlation of weekly returns is 0.56.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AXS and BOW?
On 3 years of weekly data the AXS/BOW correlation comes out at 0.56, moderate. Little has changed lately, as the 1-year reading of 0.51 lands near the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at 442.5 %².
Among the 23 assets we track against AXS, BOW ranks #15 by 3-year correlation. Over the last 12 months BOW came out ahead by 5.5 percentage points (+1.5% against +7.0%). Risk is not evenly split, since BOW carries 1.5 times the volatility of the other side.
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.
AXS vs BOW: side by side
| AXS (Axis Capital Holdings Limited) | BOW (Bowhead Specialty Holdings Inc.) | |
|---|---|---|
| 1-year return | +1.5% | +7.0% |
| 5-year return | +118.2% | n/a |
| Volatility (ann.) | 23.0% | 34.6% |
| Beta vs S&P 500 | 0.30 | 0.37 |
| Max drawdown (3Y) | -17.4% | -49.1% |
| Market cap | $7.2B | $1.1B |
| P/E (trailing) | 7.1 | 18.2 |
| Dividend yield | 1.76% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AXS | BOW |
|---|---|---|
| 2022 | +2.6% | – |
| 2023 | +5.6% | – |
| 2024 | +63.9% | – |
| 2025 | +21.9% | -19.7% |
| 2026 | -6.7% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AXS and BOW good diversifiers for each other?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between AXS and BOW?
Using weekly returns as of 2026-08-27: 0.56 over 3 years, with 0.51 over the last year and n/a over 5 years.
Is BOW a good diversifier for AXS?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.56 mean?
On the −1 to +1 scale, 0.56 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/axs-vs-bow.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/axs-vs-bow/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AXS correlations · BOW correlations
