BOW vs SKWD: Correlation
How closely do Bowhead Specialty Holdings Inc. (BOW) and Skyward Specialty Insurance Group, Inc. (SKWD) trade together? Their weekly returns over three years give a correlation of 0.60, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BOW and SKWD?
On 3 years of weekly data the BOW/SKWD correlation comes out at 0.60, strong. The relationship has been stable: the 1-year correlation (0.65) sits close to the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at 735.2 %².
Few assets follow BOW as closely as SKWD, which ranks #1 of 16 tracked partners. The trailing year gives SKWD the advantage: +7.0% versus +18.5%, a 11.5-point spread.
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 SKWD: side by side
| BOW (Bowhead Specialty Holdings Inc.) | SKWD (Skyward Specialty Insurance Group, Inc.) | |
|---|---|---|
| 1-year return | +7.0% | +18.5% |
| 5-year return | n/a | n/a |
| Volatility (ann.) | 34.6% | 34.9% |
| Beta vs S&P 500 | 0.37 | 0.31 |
| Max drawdown (3Y) | -49.1% | -36.5% |
| Market cap | $1.1B | $2.3B |
| P/E (trailing) | 18.2 | 13.4 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BOW | SKWD |
|---|---|---|
| 2024 | – | +49.2% |
| 2025 | -19.7% | +1.1% |
| 2026 | +17.7% | +12.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BOW and SKWD good diversifiers for each other?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between BOW and SKWD?
As of 2026-08-27, the correlation of weekly returns between BOW and SKWD is 0.60 over 3 years, 0.65 over 1 year and n/a over 5 years.
Is SKWD a good diversifier for BOW?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.60 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-skwd.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bow-vs-skwd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BOW correlations · SKWD correlations
