BWEN vs GRSD: Correlation
Measured on weekly returns over the past three years, Broadwind, Inc. (BWEN) and Grandstand Limited (GRSD) carry a correlation of -0.32, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BWEN and GRSD?
Over the past 3 years, BWEN and GRSD moved with a correlation of -0.32, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.51) runs below the 3-year figure (-0.32). Over 5 years the correlation is -0.10, and the annualized covariance of weekly returns is -1716.1 %².
GRSD is close to the least connected end of BWEN's tracked universe, ranking #17 of 17. Their recent paths diverged sharply: over the last 12 months BWEN outperformed by 190.9 percentage points (+112.5% for BWEN against -78.4% for GRSD). Risk is not evenly split, since BWEN carries 1.9 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.
BWEN vs GRSD: side by side
| BWEN (Broadwind, Inc.) | GRSD (Grandstand Limited) | |
|---|---|---|
| 1-year return | +112.5% | -78.4% |
| 5-year return | +46.2% | -85.5% |
| Volatility (ann.) | 99.9% | 53.1% |
| Beta vs S&P 500 | 1.25 | 0.92 |
| Max drawdown (3Y) | -69.3% | -90.1% |
| Market cap | $0.1B | $0.1B |
| P/E (trailing) | 12.1 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BWEN | GRSD |
|---|---|---|
| 2022 | -4.8% | -9.9% |
| 2023 | +54.7% | +6.6% |
| 2024 | -32.1% | +44.4% |
| 2025 | +50.5% | -61.2% |
| 2026 | +62.2% | -66.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BWEN and GRSD good diversifiers for each other?
Yes. With a correlation of -0.32, BWEN and GRSD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BWEN and GRSD?
Using weekly returns as of 2026-08-27: -0.32 over 3 years, with -0.51 over the last year and -0.10 over 5 years.
Is GRSD a good diversifier for BWEN?
Yes. With a correlation of -0.32, BWEN and GRSD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.32 mean?
On the −1 to +1 scale, -0.32 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bwen-vs-grsd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bwen-vs-grsd/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BWEN correlations · GRSD correlations
