BWEN vs HCWB: Correlation
Measured on weekly returns over the past three years, Broadwind, Inc. (BWEN) and HCW Biologics Inc. (HCWB) carry a correlation of 0.46, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BWEN and HCWB?
On 3 years of weekly data the BWEN/HCWB correlation comes out at 0.46, moderate. The past 12 months show a tighter link (0.62) than the 3-year average (0.46). The 5-year figure is 0.28, and annualized covariance runs at 10873.8 %².
Among the 17 assets we track against BWEN, HCWB ranks #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months BWEN outperformed by 203.7 percentage points (+112.5% for BWEN against -91.2% for HCWB). Note the risk asymmetry: HCWB runs 2.4 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 HCWB: side by side
| BWEN (Broadwind, Inc.) | HCWB (HCW Biologics Inc.) | |
|---|---|---|
| 1-year return | +112.5% | -91.2% |
| 5-year return | +46.2% | -99.7% |
| Volatility (ann.) | 99.9% | 238.8% |
| Beta vs S&P 500 | 1.25 | 1.21 |
| Max drawdown (3Y) | -69.3% | -99.7% |
| Market cap | $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 | HCWB |
|---|---|---|
| 2022 | -4.8% | -17.5% |
| 2023 | +54.7% | -36.0% |
| 2024 | -32.1% | -63.6% |
| 2025 | +50.5% | -94.6% |
| 2026 | +62.2% | -45.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BWEN and HCWB good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between BWEN and HCWB?
As of 2026-08-27, the correlation of weekly returns between BWEN and HCWB is 0.46 over 3 years, 0.62 over 1 year and 0.28 over 5 years.
Is HCWB a good diversifier for BWEN?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.46 mean?
On the −1 to +1 scale, 0.46 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-hcwb.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bwen-vs-hcwb/)
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Related comparisons
Hubs: BWEN correlations · HCWB correlations
