AXS vs SKWD: Correlation
Axis Capital Holdings Limited (AXS) and Skyward Specialty Insurance Group, Inc. (SKWD) show a strong relationship: their 3-year correlation of weekly returns is 0.60.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AXS and SKWD?
Across a 3-year window, the weekly returns of AXS and SKWD correlate at 0.60, strong. Little has changed lately, as the 1-year reading of 0.52 lands near the 3-year figure. Stretching to 5 years gives n/a, with an annualized covariance of 483.4 %².
Within AXS's tracked universe of 23 assets, SKWD comes in at #9 by 3-year correlation. The last year tells two different stories: SKWD led by 17.0 percentage points, +1.5% for AXS against +18.5% for SKWD. Risk is not evenly split, since SKWD 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 SKWD: side by side
| AXS (Axis Capital Holdings Limited) | SKWD (Skyward Specialty Insurance Group, Inc.) | |
|---|---|---|
| 1-year return | +1.5% | +18.5% |
| 5-year return | +118.2% | n/a |
| Volatility (ann.) | 23.0% | 34.9% |
| Beta vs S&P 500 | 0.30 | 0.31 |
| Max drawdown (3Y) | -17.4% | -36.5% |
| Market cap | $7.2B | $2.3B |
| P/E (trailing) | 7.1 | 13.4 |
| Dividend yield | 1.76% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AXS | SKWD |
|---|---|---|
| 2022 | +2.6% | – |
| 2023 | +5.6% | – |
| 2024 | +63.9% | +49.2% |
| 2025 | +21.9% | +1.1% |
| 2026 | -6.7% | +12.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AXS and SKWD good diversifiers for each other?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between AXS and SKWD?
Using weekly returns as of 2026-08-27: 0.60 over 3 years, with 0.52 over the last year and n/a over 5 years.
Is SKWD a good diversifier for AXS?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.60 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/axs-vs-skwd.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/axs-vs-skwd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AXS correlations · SKWD correlations
