BMI vs EFOI: Correlation
How closely do Badger Meter, Inc. (BMI) and Energy Focus, Inc. (EFOI) trade together? Their weekly returns over three years give a correlation of -0.35, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BMI and EFOI?
On 3 years of weekly data the BMI/EFOI correlation comes out at -0.35, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.62) runs below the 3-year figure (-0.35). The 5-year figure is -0.20, and annualized covariance runs at -2003.3 %².
Among the 15 assets we track against BMI, EFOI sits near the bottom by co-movement, at rank #15. Correlation aside, the last 12 months split them widely, with EFOI ahead by 39.3 points (-26.1% versus +13.2%). Note the risk asymmetry: EFOI runs 4.4 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.
BMI vs EFOI: side by side
| BMI (Badger Meter, Inc.) | EFOI (Energy Focus, Inc.) | |
|---|---|---|
| 1-year return | -26.1% | +13.2% |
| 5-year return | +33.9% | -87.5% |
| Volatility (ann.) | 35.9% | 158.7% |
| Beta vs S&P 500 | 0.62 | 1.96 |
| Max drawdown (3Y) | -55.1% | -58.2% |
| Market cap | $4.0B | – |
| P/E (trailing) | 32.1 | – |
| Dividend yield | 1.17% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BMI | EFOI |
|---|---|---|
| 2022 | +3.2% | -92.5% |
| 2023 | +42.6% | -32.6% |
| 2024 | +38.3% | -21.2% |
| 2025 | -17.2% | +94.1% |
| 2026 | -20.3% | +25.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BMI and EFOI good diversifiers for each other?
Yes. With a correlation of -0.35, BMI and EFOI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BMI and EFOI?
Using weekly returns as of 2026-08-27: -0.35 over 3 years, with -0.62 over the last year and -0.20 over 5 years.
Is EFOI a good diversifier for BMI?
Yes. With a correlation of -0.35, BMI and EFOI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.35 mean?
On the −1 to +1 scale, -0.35 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/bmi-vs-efoi.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/bmi-vs-efoi/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BMI correlations · EFOI correlations
