BKHA vs OPY: Correlation
How closely do Black Hawk Acquisition Corporation - Class A (BKHA) and Oppenheimer Holdings, Inc. (OPY) trade together? Their weekly returns over three years give a correlation of 0.31, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BKHA and OPY?
On 3 years of weekly data the BKHA/OPY correlation comes out at 0.31, moderate. The relationship has been stable: the 1-year correlation (0.33) sits close to the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at 58.7 %².
Among the 10 assets we track against BKHA, OPY ranks #5 by 3-year correlation. Correlation aside, the last 12 months split them widely, with OPY ahead by 63.9 points (+8.0% versus +71.9%). One caveat on sizing: OPY is 5.1 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.
BKHA vs OPY: side by side
| BKHA (Black Hawk Acquisition Corporation - Class A) | OPY (Oppenheimer Holdings, Inc.) | |
|---|---|---|
| 1-year return | +8.0% | +71.9% |
| 5-year return | n/a | +185.5% |
| Volatility (ann.) | 5.9% | 30.2% |
| Beta vs S&P 500 | 0.02 | 0.93 |
| Max drawdown (3Y) | -10.1% | -29.4% |
| Market cap | – | $1.3B |
| P/E (trailing) | 99.0 | 13.3 |
| Dividend yield | 0.00% | 0.66% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BKHA | OPY |
|---|---|---|
| 2022 | – | -7.2% |
| 2023 | – | -0.9% |
| 2024 | – | +57.3% |
| 2025 | +8.4% | +15.6% |
| 2026 | +5.6% | +67.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BKHA and OPY good diversifiers for each other?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between BKHA and OPY?
The BKHA/OPY correlation stands at 0.31 on a 3-year window (1 year: 0.33, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is OPY a good diversifier for BKHA?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.31 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/bkha-vs-opy.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/bkha-vs-opy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BKHA correlations · OPY correlations
