BRO vs BWIN: Correlation
How closely do Brown & Brown (BRO) and The Baldwin Insurance Group, Inc. (BWIN) trade together? Their weekly returns over three years give a correlation of 0.46, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BRO and BWIN?
Across a 3-year window, the weekly returns of BRO and BWIN correlate at 0.46, moderate. The relationship has been stable: the 1-year correlation (0.55) sits close to the 3-year figure. Stretching to 5 years gives 0.52, with an annualized covariance of 616.2 %².
By 3-year correlation, BWIN places #17 of the 35 assets tracked against BRO. Their recent paths diverged sharply: over the last 12 months BWIN outperformed by 19.0 percentage points (-25.0% for BRO against -6.0% for BWIN). Note the risk asymmetry: BWIN runs 2.2 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.
BRO vs BWIN: side by side
| BRO (Brown & Brown) | BWIN (The Baldwin Insurance Group, Inc.) | |
|---|---|---|
| 1-year return | -25.0% | -6.0% |
| 5-year return | +27.5% | -13.5% |
| Volatility (ann.) | 24.4% | 54.6% |
| Beta vs S&P 500 | 0.39 | 0.60 |
| Max drawdown (3Y) | -55.8% | -70.2% |
| Market cap | $23.9B | $2.9B |
| P/E (trailing) | 23.3 | – |
| Dividend yield | 0.89% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | BRO | BWIN |
|---|---|---|
| 2022 | -18.4% | -30.4% |
| 2023 | +25.7% | -4.5% |
| 2024 | +44.3% | +61.4% |
| 2025 | -21.4% | -38.0% |
| 2026 | -9.7% | +25.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BRO and BWIN good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between BRO and BWIN?
The BRO/BWIN correlation stands at 0.46 on a 3-year window (1 year: 0.55, 5 years: 0.52), computed from weekly returns as of 2026-08-27.
Is BWIN a good diversifier for BRO?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.46 mean?
On the −1 to +1 scale, 0.46 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bro-vs-bwin.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bro-vs-bwin/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BRO correlations · BWIN correlations
