BATL vs SW: Correlation
How closely do Battalion Oil Corporation (BATL) and Smurfit Westrock (SW) trade together? Their weekly returns over three years give a correlation of -0.14, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BATL and SW?
Over the past 3 years, BATL and SW moved with a correlation of -0.14, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.32) runs below the 3-year figure (-0.14). Over 5 years the correlation is -0.06, and the annualized covariance of weekly returns is -1403.3 %².
By 3-year correlation, SW places #15 of the 44 assets tracked against BATL. Neither side won the trailing year by much: +12.7% against +9.7%. Note the risk asymmetry: BATL runs 6.3 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.
BATL vs SW: side by side
| BATL (Battalion Oil Corporation) | SW (Smurfit Westrock) | |
|---|---|---|
| 1-year return | +12.7% | +9.7% |
| 5-year return | -87.1% | +2.6% |
| Volatility (ann.) | 252.0% | 40.1% |
| Beta vs S&P 500 | -0.19 | 0.92 |
| Max drawdown (3Y) | -95.8% | -40.5% |
| Market cap | $0.1B | $25.5B |
| P/E (trailing) | – | 51.7 |
| Dividend yield | 0.00% | 3.57% |
| Sector / category | US Listed | Materials |
Year-by-year returns
| Year | BATL | SW |
|---|---|---|
| 2022 | -0.9% | -28.0% |
| 2023 | -1.0% | +14.1% |
| 2024 | -82.1% | +37.6% |
| 2025 | -34.3% | -26.2% |
| 2026 | +17.7% | +29.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BATL and SW good diversifiers for each other?
Yes. With a correlation of -0.14, BATL and SW have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BATL and SW?
The BATL/SW correlation stands at -0.14 on a 3-year window (1 year: -0.32, 5 years: -0.06), computed from weekly returns as of 2026-08-27.
Is SW a good diversifier for BATL?
Yes. With a correlation of -0.14, BATL and SW have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.14 mean?
On the −1 to +1 scale, -0.14 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/batl-vs-sw.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/batl-vs-sw/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BATL correlations · SW correlations
