BBW vs HEI: Correlation
How closely do Build-A-Bear Workshop, Inc. (BBW) and Heico Corporation (HEI) trade together? Their weekly returns over three years give a correlation of 0.34, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BBW and HEI?
On 3 years of weekly data the BBW/HEI correlation comes out at 0.34, moderate. The relationship has been stable: the 1-year correlation (0.40) sits close to the 3-year figure. The 5-year figure is 0.31, and annualized covariance runs at 457.5 %².
Among the 16 assets we track against BBW, HEI ranks #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months HEI outperformed by 56.9 percentage points (-50.4% for BBW against +6.5% for HEI). Note the risk asymmetry: BBW runs 1.8 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.
BBW vs HEI: side by side
| BBW (Build-A-Bear Workshop, Inc.) | HEI (Heico Corporation) | |
|---|---|---|
| 1-year return | -50.4% | +6.5% |
| 5-year return | +86.4% | +169.4% |
| Volatility (ann.) | 48.4% | 27.5% |
| Beta vs S&P 500 | 0.89 | 0.85 |
| Max drawdown (3Y) | -61.7% | -27.1% |
| Market cap | – | – |
| P/E (trailing) | 9.1 | 57.8 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BBW | HEI |
|---|---|---|
| 2022 | +22.1% | +6.7% |
| 2023 | +2.8% | +16.6% |
| 2024 | +105.6% | +33.1% |
| 2025 | +35.4% | +36.2% |
| 2026 | -53.0% | +4.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BBW and HEI good diversifiers for each other?
A fair diversifier. At 0.34, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between BBW and HEI?
Using weekly returns as of 2026-08-27: 0.34 over 3 years, with 0.40 over the last year and 0.31 over 5 years.
Is HEI a good diversifier for BBW?
A fair diversifier. At 0.34, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.34 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/bbw-vs-hei.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/bbw-vs-hei/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BBW correlations · HEI correlations
