BOW vs GP: Correlation
How closely do Bowhead Specialty Holdings Inc. (BOW) and GreenPower Motor Company Inc. (GP) trade together? Their weekly returns over three years give a correlation of -0.29, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BOW and GP?
Across a 3-year window, the weekly returns of BOW and GP correlate at -0.29, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.31) sits close to the 3-year figure. Stretching to 5 years gives n/a, with an annualized covariance of -1144.4 %².
GP is close to the least connected end of BOW's tracked universe, ranking #16 of 16. Correlation aside, the last 12 months split them widely, with BOW ahead by 68.3 points (+7.0% versus -61.3%). Note the risk asymmetry: GP runs 3.0 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.
BOW vs GP: side by side
| BOW (Bowhead Specialty Holdings Inc.) | GP (GreenPower Motor Company Inc.) | |
|---|---|---|
| 1-year return | +7.0% | -61.3% |
| 5-year return | n/a | -99.0% |
| Volatility (ann.) | 34.6% | 104.8% |
| Beta vs S&P 500 | 0.37 | 1.76 |
| Max drawdown (3Y) | -49.1% | -98.0% |
| Market cap | $1.1B | – |
| P/E (trailing) | 18.2 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BOW | GP |
|---|---|---|
| 2022 | – | -81.8% |
| 2023 | – | +80.9% |
| 2024 | – | -75.4% |
| 2025 | -19.7% | -89.9% |
| 2026 | +17.7% | +71.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BOW and GP good diversifiers for each other?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BOW and GP?
The BOW/GP correlation stands at -0.29 on a 3-year window (1 year: -0.31, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is GP a good diversifier for BOW?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.29 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
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Related comparisons
Hubs: BOW correlations · GP correlations
