BWEN vs FCEL: Correlation
Broadwind, Inc. (BWEN) and FuelCell Energy, Inc. (FCEL) show a moderate relationship: their 3-year correlation of weekly returns is 0.40.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BWEN and FCEL?
Across a 3-year window, the weekly returns of BWEN and FCEL correlate at 0.40, moderate. Recent behaviour matches the longer record: 0.43 over 1 year against 0.40 over 3. Stretching to 5 years gives 0.34, with an annualized covariance of 4330.4 %².
By 3-year correlation, FCEL places #7 of the 17 assets tracked against BWEN. The last year tells two different stories: FCEL led by 230.6 percentage points, +112.5% for BWEN against +343.1% for FCEL.
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.
BWEN vs FCEL: side by side
| BWEN (Broadwind, Inc.) | FCEL (FuelCell Energy, Inc.) | |
|---|---|---|
| 1-year return | +112.5% | +343.1% |
| 5-year return | +46.2% | -89.6% |
| Volatility (ann.) | 99.9% | 109.1% |
| Beta vs S&P 500 | 1.25 | 1.17 |
| Max drawdown (3Y) | -69.3% | -93.0% |
| Market cap | $0.1B | $1.5B |
| P/E (trailing) | 12.1 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BWEN | FCEL |
|---|---|---|
| 2022 | -4.8% | -46.5% |
| 2023 | +54.7% | -42.4% |
| 2024 | -32.1% | -81.2% |
| 2025 | +50.5% | -19.1% |
| 2026 | +62.2% | +164.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BWEN and FCEL good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between BWEN and FCEL?
The BWEN/FCEL correlation stands at 0.40 on a 3-year window (1 year: 0.43, 5 years: 0.34), computed from weekly returns as of 2026-08-27.
Is FCEL a good diversifier for BWEN?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.40 mean?
A reading of 0.40 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/bwen-vs-fcel.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bwen-vs-fcel/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BWEN correlations · FCEL correlations
