BRO vs MOD: Correlation
How closely do Brown & Brown (BRO) and Modine Manufacturing Company (MOD) trade together? Their weekly returns over three years give a correlation of -0.21, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BRO and MOD?
Over the past 3 years, BRO and MOD moved with a correlation of -0.21, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.51) runs below the 3-year figure (-0.21). Over 5 years the correlation is -0.03, and the annualized covariance of weekly returns is -296.4 %².
By 3-year correlation, MOD places #29 of the 35 assets tracked against BRO. Their recent paths diverged sharply: over the last 12 months MOD outperformed by 57.7 percentage points (-25.0% for BRO against +32.7% for MOD). Risk is not evenly split, since MOD carries 2.4 times the volatility of the other side.
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 MOD: side by side
| BRO (Brown & Brown) | MOD (Modine Manufacturing Company) | |
|---|---|---|
| 1-year return | -25.0% | +32.7% |
| 5-year return | +27.5% | +1391.7% |
| Volatility (ann.) | 24.4% | 59.1% |
| Beta vs S&P 500 | 0.39 | 1.87 |
| Max drawdown (3Y) | -55.8% | -51.6% |
| Market cap | $23.9B | $9.9B |
| P/E (trailing) | 23.3 | 70.0 |
| Dividend yield | 0.89% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | BRO | MOD |
|---|---|---|
| 2022 | -18.4% | +96.8% |
| 2023 | +25.7% | +200.6% |
| 2024 | +44.3% | +94.2% |
| 2025 | -21.4% | +15.2% |
| 2026 | -9.7% | +39.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BRO and MOD good diversifiers for each other?
Yes. With a correlation of -0.21, BRO and MOD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BRO and MOD?
Using weekly returns as of 2026-08-27: -0.21 over 3 years, with -0.51 over the last year and -0.03 over 5 years.
Is MOD a good diversifier for BRO?
Yes. With a correlation of -0.21, BRO and MOD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
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/bro-vs-mod.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bro-vs-mod/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BRO correlations · MOD correlations
