BFRG vs PHUN: Correlation
How closely do Bullfrog AI Holdings, Inc. (BFRG) and Phunware, Inc. (PHUN) trade together? Their weekly returns over three years give a correlation of 0.40, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BFRG and PHUN?
Over the past 3 years, BFRG and PHUN moved with a correlation of 0.40, which is moderate. Little has changed lately, as the 1-year reading of 0.39 lands near the 3-year figure. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 8931.1 %².
Among the 10 assets we track against BFRG, PHUN ranks #5 by 3-year correlation. The last year tells two different stories: PHUN led by 35.0 percentage points, -55.1% for BFRG against -20.1% for PHUN.
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.
BFRG vs PHUN: side by side
| BFRG (Bullfrog AI Holdings, Inc.) | PHUN (Phunware, Inc.) | |
|---|---|---|
| 1-year return | -55.1% | -20.1% |
| 5-year return | n/a | -96.0% |
| Volatility (ann.) | 136.8% | 162.6% |
| Beta vs S&P 500 | 3.10 | 1.61 |
| Max drawdown (3Y) | -93.8% | -92.6% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BFRG | PHUN |
|---|---|---|
| 2022 | – | -70.6% |
| 2023 | – | -89.4% |
| 2024 | -38.7% | +26.8% |
| 2025 | -55.8% | -64.4% |
| 2026 | -36.0% | +14.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BFRG and PHUN good diversifiers for each other?
A fair diversifier. At 0.40, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between BFRG and PHUN?
Using weekly returns as of 2026-08-27: 0.40 over 3 years, with 0.39 over the last year and n/a over 5 years.
Is PHUN a good diversifier for BFRG?
A fair diversifier. At 0.40, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.40 mean?
A reading of 0.40 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bfrg-vs-phun.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/bfrg-vs-phun/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BFRG correlations · PHUN correlations
