BOW vs PMCB: Correlation
Measured on weekly returns over the past three years, Bowhead Specialty Holdings Inc. (BOW) and PharmaCyte Biotech, Inc. (PMCB) carry a correlation of -0.26, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BOW and PMCB?
Across a 3-year window, the weekly returns of BOW and PMCB correlate at -0.26, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.27 lands near the 3-year figure. Stretching to 5 years gives n/a, with an annualized covariance of -598.8 %².
PMCB is close to the least connected end of BOW's tracked universe, ranking #14 of 16. Correlation aside, the last 12 months split them widely, with BOW ahead by 51.3 points (+7.0% versus -44.3%). Note the risk asymmetry: PMCB runs 1.8 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 PMCB: side by side
| BOW (Bowhead Specialty Holdings Inc.) | PMCB (PharmaCyte Biotech, Inc.) | |
|---|---|---|
| 1-year return | +7.0% | -44.3% |
| 5-year return | n/a | -83.6% |
| Volatility (ann.) | 34.6% | 62.1% |
| Beta vs S&P 500 | 0.37 | 0.92 |
| Max drawdown (3Y) | -49.1% | -80.3% |
| 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 | PMCB |
|---|---|---|
| 2022 | – | +17.2% |
| 2023 | – | -26.3% |
| 2024 | – | -27.3% |
| 2025 | -19.7% | -53.9% |
| 2026 | +17.7% | -25.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BOW and PMCB good diversifiers for each other?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
FAQ
What is the correlation between BOW and PMCB?
Using weekly returns as of 2026-08-27: -0.26 over 3 years, with -0.27 over the last year and n/a over 5 years.
Is PMCB a good diversifier for BOW?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
What does a correlation of -0.26 mean?
A reading of -0.26 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: BOW correlations · PMCB correlations
