BMI vs FRMM: Correlation
How closely do Badger Meter, Inc. (BMI) and Forum Markets, Incorporated (FRMM) trade together? Their weekly returns over three years give a correlation of -0.23, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BMI and FRMM?
On 3 years of weekly data the BMI/FRMM correlation comes out at -0.23, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.36) than the 3-year average (-0.23). The 5-year figure is -0.12, and annualized covariance runs at -1876.5 %².
Within BMI's tracked universe of 15 assets, FRMM comes in at #9 by 3-year correlation. The last year tells two different stories: BMI led by 54.9 percentage points, -26.1% for BMI against -81.0% for FRMM. Risk is not evenly split, since FRMM carries 6.4 times the volatility of the other side.
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 FRMM: side by side
| BMI (Badger Meter, Inc.) | FRMM (Forum Markets, Incorporated) | |
|---|---|---|
| 1-year return | -26.1% | -81.0% |
| 5-year return | +33.9% | -100.0% |
| Volatility (ann.) | 35.9% | 228.0% |
| Beta vs S&P 500 | 0.62 | 2.29 |
| Max drawdown (3Y) | -55.1% | -98.9% |
| Market cap | $4.0B | $0.1B |
| P/E (trailing) | 32.1 | – |
| Dividend yield | 1.17% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BMI | FRMM |
|---|---|---|
| 2022 | +3.2% | -95.7% |
| 2023 | +42.6% | -93.7% |
| 2024 | +38.3% | -55.2% |
| 2025 | -17.2% | -73.1% |
| 2026 | -20.3% | +15.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BMI and FRMM good diversifiers for each other?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BMI and FRMM?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with -0.36 over the last year and -0.12 over 5 years.
Is FRMM a good diversifier for BMI?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.23 mean?
On the −1 to +1 scale, -0.23 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-frmm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bmi-vs-frmm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BMI correlations · FRMM correlations
