BFLY vs SDGR: Correlation
How closely do Butterfly Network, Inc. (BFLY) and Schrodinger, Inc. (SDGR) trade together? Their weekly returns over three years give a correlation of 0.46, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BFLY and SDGR?
Across a 3-year window, the weekly returns of BFLY and SDGR correlate at 0.46, moderate. Recent behaviour matches the longer record: 0.44 over 1 year against 0.46 over 3. Stretching to 5 years gives 0.48, with an annualized covariance of 2619.8 %².
SDGR is one of the assets that tracks BFLY most closely: it ranks #2 out of the 11 assets we track against BFLY. Their recent paths diverged sharply: over the last 12 months BFLY outperformed by 452.3 percentage points (+455.4% for BFLY against +3.1% for SDGR). One caveat on sizing: BFLY is 1.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
BFLY vs SDGR: side by side
| BFLY (Butterfly Network, Inc.) | SDGR (Schrodinger, Inc.) | |
|---|---|---|
| 1-year return | +455.4% | +3.1% |
| 5-year return | -27.5% | -65.2% |
| Volatility (ann.) | 98.1% | 57.7% |
| Beta vs S&P 500 | 2.32 | 1.91 |
| Max drawdown (3Y) | -72.4% | -70.2% |
| Market cap | $2.3B | $1.5B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BFLY | SDGR |
|---|---|---|
| 2022 | -63.2% | -46.3% |
| 2023 | -56.1% | +91.5% |
| 2024 | +188.9% | -46.1% |
| 2025 | +21.8% | -7.3% |
| 2026 | +129.5% | +14.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BFLY and SDGR good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between BFLY and SDGR?
The BFLY/SDGR correlation stands at 0.46 on a 3-year window (1 year: 0.44, 5 years: 0.48), computed from weekly returns as of 2026-08-27.
Is SDGR a good diversifier for BFLY?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.46 mean?
A reading of 0.46 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: BFLY correlations · SDGR correlations
