BOOT vs FMST: Correlation
Boot Barn Holdings, Inc. (BOOT) and Foremost Clean Energy Ltd. (FMST) show a moderate relationship: their 3-year correlation of weekly returns is 0.46.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BOOT and FMST?
Across a 3-year window, the weekly returns of BOOT and FMST correlate at 0.46, moderate. The past 12 months show a weaker link (0.22) than the 3-year average (0.46). Stretching to 5 years gives n/a, with an annualized covariance of 2589.9 %².
Within BOOT's tracked universe of 12 assets, FMST comes in at #6 by 3-year correlation. The last year tells two different stories: BOOT led by 50.4 percentage points, -12.1% for BOOT against -62.5% for FMST. Risk is not evenly split, since FMST carries 2.5 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.
BOOT vs FMST: side by side
| BOOT (Boot Barn Holdings, Inc.) | FMST (Foremost Clean Energy Ltd.) | |
|---|---|---|
| 1-year return | -12.1% | -62.5% |
| 5-year return | +77.0% | n/a |
| Volatility (ann.) | 47.6% | 118.7% |
| Beta vs S&P 500 | 1.52 | 2.68 |
| Max drawdown (3Y) | -48.9% | -86.7% |
| Market cap | $4.7B | – |
| P/E (trailing) | 20.2 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BOOT | FMST |
|---|---|---|
| 2022 | -49.2% | – |
| 2023 | +22.8% | – |
| 2024 | +97.8% | -44.8% |
| 2025 | +16.2% | +53.6% |
| 2026 | -11.8% | -44.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BOOT and FMST good diversifiers for each other?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between BOOT and FMST?
Using weekly returns as of 2026-08-27: 0.46 over 3 years, with 0.22 over the last year and n/a over 5 years.
Is FMST a good diversifier for BOOT?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.46 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/boot-vs-fmst.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/boot-vs-fmst/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BOOT correlations · FMST correlations
