BOW vs FWONK: Correlation
Bowhead Specialty Holdings Inc. (BOW) and Liberty Media Corporation - Series C Liberty Formula One (FWONK) show a moderate relationship: their 3-year correlation of weekly returns is 0.39.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BOW and FWONK?
On 3 years of weekly data the BOW/FWONK correlation comes out at 0.39, moderate. The relationship has been stable: the 1-year correlation (0.42) sits close to the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at 336.7 %².
Among the 16 assets we track against BOW, FWONK ranks #7 by 3-year correlation. Neither side won the trailing year by much: +7.0% against +2.3%.
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.
BOW vs FWONK: side by side
| BOW (Bowhead Specialty Holdings Inc.) | FWONK (Liberty Media Corporation - Series C Liberty Formula One) | |
|---|---|---|
| 1-year return | +7.0% | +2.3% |
| 5-year return | n/a | +110.9% |
| Volatility (ann.) | 34.6% | 25.2% |
| Beta vs S&P 500 | 0.37 | 0.54 |
| Max drawdown (3Y) | -49.1% | -24.8% |
| Market cap | $1.1B | $25.6B |
| P/E (trailing) | 18.2 | 127.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BOW | FWONK |
|---|---|---|
| 2022 | – | -5.5% |
| 2023 | – | +9.2% |
| 2024 | – | +46.8% |
| 2025 | -19.7% | +6.3% |
| 2026 | +17.7% | +3.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BOW and FWONK good diversifiers for each other?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between BOW and FWONK?
As of 2026-08-27, the correlation of weekly returns between BOW and FWONK is 0.39 over 3 years, 0.42 over 1 year and n/a over 5 years.
Is FWONK a good diversifier for BOW?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.39 mean?
On the −1 to +1 scale, 0.39 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/bow-vs-fwonk.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/bow-vs-fwonk/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BOW correlations · FWONK correlations
