BOW vs PHGE: Correlation
Bowhead Specialty Holdings Inc. (BOW) and BiomX Inc. (PHGE) show a negative relationship: their 3-year correlation of weekly returns is -0.28.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BOW and PHGE?
Across a 3-year window, the weekly returns of BOW and PHGE correlate at -0.28, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.39 versus -0.28 over 3 years. Stretching to 5 years gives n/a, with an annualized covariance of -1319.9 %².
Among the 16 assets we track against BOW, PHGE sits near the bottom by co-movement, at rank #15. Their recent paths diverged sharply: over the last 12 months BOW outperformed by 105.7 percentage points (+7.0% for BOW against -98.7% for PHGE). One caveat on sizing: PHGE is 4.2 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 PHGE: side by side
| BOW (Bowhead Specialty Holdings Inc.) | PHGE (BiomX Inc.) | |
|---|---|---|
| 1-year return | +7.0% | -98.7% |
| 5-year return | n/a | -100.0% |
| Volatility (ann.) | 34.6% | 147.0% |
| Beta vs S&P 500 | 0.37 | 0.33 |
| Max drawdown (3Y) | -49.1% | -99.9% |
| 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 | PHGE |
|---|---|---|
| 2022 | – | -88.3% |
| 2023 | – | +49.7% |
| 2024 | – | -73.9% |
| 2025 | -19.7% | -86.5% |
| 2026 | +17.7% | -92.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BOW and PHGE good diversifiers for each other?
Yes. With a correlation of -0.28, BOW and PHGE have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BOW and PHGE?
Using weekly returns as of 2026-08-27: -0.28 over 3 years, with -0.39 over the last year and n/a over 5 years.
Is PHGE a good diversifier for BOW?
Yes. With a correlation of -0.28, BOW and PHGE have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.28 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/bow-vs-phge.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bow-vs-phge/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BOW correlations · PHGE correlations
