BAER vs BOW: Correlation
Bridger Aerospace Group Holdings, Inc. (BAER) and Bowhead Specialty Holdings Inc. (BOW) show a negative relationship: their 3-year correlation of weekly returns is -0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BAER and BOW?
On 3 years of weekly data the BAER/BOW correlation comes out at -0.25, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.30) sits close to the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at -855.0 %².
BOW is close to the least connected end of BAER's tracked universe, ranking #11 of 11. Their recent paths diverged sharply: over the last 12 months BOW outperformed by 50.6 percentage points (-43.6% for BAER against +7.0% for BOW). Note the risk asymmetry: BAER runs 2.8 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.
BAER vs BOW: side by side
| BAER (Bridger Aerospace Group Holdings, Inc.) | BOW (Bowhead Specialty Holdings Inc.) | |
|---|---|---|
| 1-year return | -43.6% | +7.0% |
| 5-year return | -88.1% | n/a |
| Volatility (ann.) | 97.4% | 34.6% |
| Beta vs S&P 500 | 1.71 | 0.37 |
| Max drawdown (3Y) | -87.8% | -49.1% |
| Market cap | $0.1B | $1.1B |
| P/E (trailing) | – | 18.2 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BAER | BOW |
|---|---|---|
| 2022 | +3.8% | – |
| 2023 | -31.8% | – |
| 2024 | -69.2% | – |
| 2025 | -14.1% | -19.7% |
| 2026 | -37.2% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BAER and BOW good diversifiers for each other?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
FAQ
What is the correlation between BAER and BOW?
As of 2026-08-27, the correlation of weekly returns between BAER and BOW is -0.25 over 3 years, -0.30 over 1 year and n/a over 5 years.
Is BOW a good diversifier for BAER?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
What does a correlation of -0.25 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/baer-vs-bow.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/baer-vs-bow/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BAER correlations · BOW correlations
