BVS vs FLYE: Correlation
How closely do Bioventus Inc. (BVS) and Fly-E Group, Inc. (FLYE) 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 BVS and FLYE?
On 3 years of weekly data the BVS/FLYE correlation comes out at -0.21, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.30 over 1 year against -0.21 over 3. The 5-year figure is n/a, and annualized covariance runs at -1479.1 %².
Among the 11 assets we track against BVS, FLYE sits near the bottom by co-movement, at rank #9. The last year tells two different stories: BVS led by 173.1 percentage points, +84.1% for BVS against -89.0% for FLYE. Risk is not evenly split, since FLYE carries 2.9 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.
BVS vs FLYE: side by side
| BVS (Bioventus Inc.) | FLYE (Fly-E Group, Inc.) | |
|---|---|---|
| 1-year return | +84.1% | -89.0% |
| 5-year return | -6.2% | n/a |
| Volatility (ann.) | 52.7% | 153.0% |
| Beta vs S&P 500 | 0.89 | 1.73 |
| Max drawdown (3Y) | -55.2% | -99.8% |
| Market cap | $0.9B | – |
| P/E (trailing) | 17.9 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BVS | FLYE |
|---|---|---|
| 2022 | -82.0% | – |
| 2023 | +101.9% | – |
| 2024 | +99.2% | – |
| 2025 | -29.1% | -92.1% |
| 2026 | +85.3% | -74.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BVS and FLYE good diversifiers for each other?
Yes. With a correlation of -0.21, BVS and FLYE have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BVS and FLYE?
The BVS/FLYE correlation stands at -0.21 on a 3-year window (1 year: -0.30, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is FLYE a good diversifier for BVS?
Yes. With a correlation of -0.21, BVS and FLYE 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.
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Related comparisons
Hubs: BVS correlations · FLYE correlations
