BP vs WAT: Correlation
Measured on weekly returns over the past three years, BP p.l.c. (BP) and Waters Corporation (WAT) carry a correlation of -0.21, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BP and WAT?
Across a 3-year window, the weekly returns of BP and WAT correlate at -0.21, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.39) runs below the 3-year figure (-0.21). Stretching to 5 years gives -0.04, with an annualized covariance of -201.6 %².
Within BP's tracked universe of 26 assets, WAT comes in at #18 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months WAT outperformed by 15.4 percentage points (+27.6% for BP against +43.0% for WAT).
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.
BP vs WAT: side by side
| BP (BP p.l.c.) | WAT (Waters Corporation) | |
|---|---|---|
| 1-year return | +27.6% | +43.0% |
| 5-year return | +119.9% | +2.0% |
| Volatility (ann.) | 26.6% | 35.3% |
| Beta vs S&P 500 | 0.06 | 0.89 |
| Max drawdown (3Y) | -30.6% | -33.4% |
| Market cap | $109.0B | $41.4B |
| P/E (trailing) | 20.3 | 105.3 |
| Dividend yield | 0.79% | 0.00% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | BP | WAT |
|---|---|---|
| 2022 | +37.0% | -8.1% |
| 2023 | +6.0% | -3.9% |
| 2024 | -11.8% | +12.7% |
| 2025 | +24.5% | +2.4% |
| 2026 | +26.4% | +10.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BP and WAT good diversifiers for each other?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
FAQ
What is the correlation between BP and WAT?
Using weekly returns as of 2026-08-27: -0.21 over 3 years, with -0.39 over the last year and -0.04 over 5 years.
Is WAT a good diversifier for BP?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
What does a correlation of -0.21 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/bp-vs-wat.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bp-vs-wat/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BP correlations · WAT correlations
