BCHT vs ESTA: Correlation
Measured on weekly returns over the past three years, Birchtech Corp. (BCHT) and Establishment Labs Holdings Inc. (ESTA) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BCHT and ESTA?
On 3 years of weekly data the BCHT/ESTA correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.14) sits close to the 3-year figure. The 5-year figure is -0.09, and annualized covariance runs at -1345.1 %².
Among the 12 assets we track against BCHT, ESTA sits near the bottom by co-movement, at rank #12. Correlation aside, the last 12 months split them widely, with ESTA ahead by 124.1 points (-54.9% versus +69.2%).
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.
BCHT vs ESTA: side by side
| BCHT (Birchtech Corp.) | ESTA (Establishment Labs Holdings Inc.) | |
|---|---|---|
| 1-year return | -54.9% | +69.2% |
| 5-year return | -67.4% | -0.0% |
| Volatility (ann.) | 80.4% | 70.5% |
| Beta vs S&P 500 | 0.41 | 1.02 |
| Max drawdown (3Y) | -80.2% | -64.1% |
| Market cap | – | $2.1B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BCHT | ESTA |
|---|---|---|
| 2022 | -55.9% | -2.9% |
| 2023 | +253.8% | -60.6% |
| 2024 | -44.6% | +77.9% |
| 2025 | +47.1% | +58.2% |
| 2026 | -66.9% | -1.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BCHT and ESTA good diversifiers for each other?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
FAQ
What is the correlation between BCHT and ESTA?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.14 over the last year and -0.09 over 5 years.
Is ESTA a good diversifier for BCHT?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 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/bcht-vs-esta.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bcht-vs-esta/)
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Related comparisons
Hubs: BCHT correlations · ESTA correlations
