BUD vs RCAT: Correlation
How closely do Anheuser-Busch Inbev SA Sponsored ADR (Belgium) (BUD) and Red Cat Holdings, Inc. (RCAT) trade together? Their weekly returns over three years give a correlation of -0.18, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BUD and RCAT?
Over the past 3 years, BUD and RCAT moved with a correlation of -0.18, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.37) than the 3-year average (-0.18). Over 5 years the correlation is -0.13, and the annualized covariance of weekly returns is -578.8 %².
Among the 15 assets we track against BUD, RCAT sits near the bottom by co-movement, at rank #12. Correlation aside, the last 12 months split them widely, with BUD ahead by 24.4 points (+27.8% versus +3.4%). Note the risk asymmetry: RCAT runs 4.5 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.
BUD vs RCAT: side by side
| BUD (Anheuser-Busch Inbev SA Sponsored ADR (Belgium)) | RCAT (Red Cat Holdings, Inc.) | |
|---|---|---|
| 1-year return | +27.8% | +3.4% |
| 5-year return | +39.0% | +239.9% |
| Volatility (ann.) | 26.7% | 121.3% |
| Beta vs S&P 500 | 0.38 | 1.43 |
| Max drawdown (3Y) | -31.5% | -67.2% |
| Market cap | $155.8B | $1.4B |
| P/E (trailing) | 16.9 | – |
| Dividend yield | 1.50% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BUD | RCAT |
|---|---|---|
| 2022 | +0.1% | -54.8% |
| 2023 | +9.0% | -6.4% |
| 2024 | -21.4% | +1360.2% |
| 2025 | +30.1% | -38.3% |
| 2026 | +25.4% | +17.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BUD and RCAT good diversifiers for each other?
Yes: at -0.18, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BUD and RCAT?
The BUD/RCAT correlation stands at -0.18 on a 3-year window (1 year: -0.37, 5 years: -0.13), computed from weekly returns as of 2026-08-27.
Is RCAT a good diversifier for BUD?
Yes: at -0.18, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.18 mean?
On the −1 to +1 scale, -0.18 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.
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Related comparisons
Hubs: BUD correlations · RCAT correlations
