BGMS vs WAT: Correlation
Measured on weekly returns over the past three years, Bio Green Med Solution, Inc. (BGMS) and Waters Corporation (WAT) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BGMS and WAT?
Over the past 3 years, BGMS and WAT moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.05) than the 3-year average (-0.22). Over 5 years the correlation is -0.14, and the annualized covariance of weekly returns is -1602.6 %².
Among the 15 assets we track against BGMS, WAT sits near the bottom by co-movement, at rank #11. The last year tells two different stories: WAT led by 132.0 percentage points, -89.0% for BGMS against +43.0% for WAT. Note the risk asymmetry: BGMS runs 5.8 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.
BGMS vs WAT: side by side
| BGMS (Bio Green Med Solution, Inc.) | WAT (Waters Corporation) | |
|---|---|---|
| 1-year return | -89.0% | +43.0% |
| 5-year return | -100.0% | +2.0% |
| Volatility (ann.) | 203.4% | 35.3% |
| Beta vs S&P 500 | 0.91 | 0.89 |
| Max drawdown (3Y) | -100.0% | -33.4% |
| Market cap | – | $41.4B |
| P/E (trailing) | – | 105.3 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | BGMS | WAT |
|---|---|---|
| 2022 | -82.8% | -8.1% |
| 2023 | -73.4% | -3.9% |
| 2024 | -85.8% | +12.7% |
| 2025 | -96.6% | +2.4% |
| 2026 | -39.8% | +10.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BGMS and WAT good diversifiers for each other?
Yes. With a correlation of -0.22, BGMS and WAT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BGMS and WAT?
The BGMS/WAT correlation stands at -0.22 on a 3-year window (1 year: -0.05, 5 years: -0.14), computed from weekly returns as of 2026-08-27.
Is WAT a good diversifier for BGMS?
Yes. With a correlation of -0.22, BGMS and WAT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 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.
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Related comparisons
Hubs: BGMS correlations · WAT correlations
