BW vs HLIO: Correlation
Babcock & Wilcox Enterprises, Inc. (BW) and Helios Technologies, Inc. (HLIO) show a moderate relationship: their 3-year correlation of weekly returns is 0.41.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BW and HLIO?
Across a 3-year window, the weekly returns of BW and HLIO correlate at 0.41, moderate. The past 12 months show a weaker link (0.14) than the 3-year average (0.41). Stretching to 5 years gives 0.38, with an annualized covariance of 2392.4 %².
Within BW's tracked universe of 10 assets, HLIO comes in at #4 by 3-year correlation. Correlation aside, the last 12 months split them widely, with BW ahead by 279.6 points (+317.4% versus +37.8%). One caveat on sizing: BW is 3.2 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
BW vs HLIO: side by side
| BW (Babcock & Wilcox Enterprises, Inc.) | HLIO (Helios Technologies, Inc.) | |
|---|---|---|
| 1-year return | +317.4% | +37.8% |
| 5-year return | +5.9% | -5.7% |
| Volatility (ann.) | 137.1% | 42.8% |
| Beta vs S&P 500 | 3.26 | 1.18 |
| Max drawdown (3Y) | -95.2% | -55.9% |
| Market cap | $1.1B | $2.5B |
| P/E (trailing) | – | 34.9 |
| Dividend yield | 0.00% | 0.56% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BW | HLIO |
|---|---|---|
| 2022 | -36.0% | -48.0% |
| 2023 | -74.7% | -16.2% |
| 2024 | +12.3% | -0.8% |
| 2025 | +286.6% | +21.0% |
| 2026 | +21.1% | +39.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BW and HLIO good diversifiers for each other?
Reasonably. At 0.41, BW and HLIO keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BW and HLIO?
Using weekly returns as of 2026-08-27: 0.41 over 3 years, with 0.14 over the last year and 0.38 over 5 years.
Is HLIO a good diversifier for BW?
Reasonably. At 0.41, BW and HLIO keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.41 mean?
A reading of 0.41 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bw-vs-hlio.json
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Related comparisons
Hubs: BW correlations · HLIO correlations
