BWEN vs PIII: Correlation
How closely do Broadwind, Inc. (BWEN) and P3 Health Partners Inc. (PIII) trade together? Their weekly returns over three years give a correlation of 0.57, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BWEN and PIII?
Over the past 3 years, BWEN and PIII moved with a correlation of 0.57, which is moderate. Lately the two have moved closer together, with the 1-year correlation at 0.71 versus 0.57 over 3 years. Over 5 years the correlation is 0.34, and the annualized covariance of weekly returns is 8716.9 %².
In BWEN's tracked universe of 17 assets, PIII sits right near the top at #2. Their recent paths diverged sharply: over the last 12 months BWEN outperformed by 92.9 percentage points (+112.5% for BWEN against +19.6% for PIII). Risk is not evenly split, since PIII carries 1.5 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 PIII: side by side
| BWEN (Broadwind, Inc.) | PIII (P3 Health Partners Inc.) | |
|---|---|---|
| 1-year return | +112.5% | +19.6% |
| 5-year return | +46.2% | -98.1% |
| Volatility (ann.) | 99.9% | 154.4% |
| Beta vs S&P 500 | 1.25 | 0.52 |
| Max drawdown (3Y) | -69.3% | -98.9% |
| Market cap | $0.1B | $1.9B |
| P/E (trailing) | 12.1 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BWEN | PIII |
|---|---|---|
| 2022 | -4.8% | -73.9% |
| 2023 | +54.7% | -23.4% |
| 2024 | -32.1% | -84.0% |
| 2025 | +50.5% | -69.0% |
| 2026 | +62.2% | +169.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BWEN and PIII good diversifiers for each other?
To a limited degree. At 0.57 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between BWEN and PIII?
Using weekly returns as of 2026-08-27: 0.57 over 3 years, with 0.71 over the last year and 0.34 over 5 years.
Is PIII a good diversifier for BWEN?
To a limited degree. At 0.57 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.57 mean?
On the −1 to +1 scale, 0.57 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-piii.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/bwen-vs-piii/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BWEN correlations · PIII correlations
