BWA vs CGNX: Correlation
How closely do BorgWarner Inc. (BWA) and Cognex Corporation (CGNX) trade together? Their weekly returns over three years give a correlation of 0.56, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BWA and CGNX?
Over the past 3 years, BWA and CGNX moved with a correlation of 0.56, which is moderate. The relationship has been stable: the 1-year correlation (0.66) sits close to the 3-year figure. Over 5 years the correlation is 0.51, and the annualized covariance of weekly returns is 760.1 %².
Among the 16 assets we track against BWA, CGNX ranks #5 by 3-year correlation. Over the last 12 months BWA came out ahead by 7.7 percentage points (+50.9% against +43.2%). One caveat on sizing: CGNX is 1.5 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.
BWA vs CGNX: side by side
| BWA (BorgWarner Inc.) | CGNX (Cognex Corporation) | |
|---|---|---|
| 1-year return | +50.9% | +43.2% |
| 5-year return | +84.0% | -27.4% |
| Volatility (ann.) | 29.6% | 45.5% |
| Beta vs S&P 500 | 0.54 | 1.27 |
| Max drawdown (3Y) | -38.7% | -55.7% |
| Market cap | $13.2B | $10.6B |
| P/E (trailing) | 31.9 | 59.4 |
| Dividend yield | 1.05% | 0.54% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BWA | CGNX |
|---|---|---|
| 2022 | -9.2% | -39.1% |
| 2023 | +2.5% | -10.8% |
| 2024 | -10.2% | -13.4% |
| 2025 | +43.9% | +1.2% |
| 2026 | +44.6% | +75.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BWA and CGNX good diversifiers for each other?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between BWA and CGNX?
Using weekly returns as of 2026-08-27: 0.56 over 3 years, with 0.66 over the last year and 0.51 over 5 years.
Is CGNX a good diversifier for BWA?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.56 mean?
A reading of 0.56 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
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Related comparisons
Hubs: BWA correlations · CGNX correlations
