BWIN vs GSHD: Correlation
How closely do The Baldwin Insurance Group, Inc. (BWIN) and Goosehead Insurance, Inc. (GSHD) trade together? Their weekly returns over three years give a correlation of 0.53, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BWIN and GSHD?
On 3 years of weekly data the BWIN/GSHD correlation comes out at 0.53, moderate. The past 12 months show a tighter link (0.64) than the 3-year average (0.53). The 5-year figure is 0.56, and annualized covariance runs at 1581.6 %².
In BWIN's tracked universe of 11 assets, GSHD sits right near the top at #1. On 12-month performance BWIN holds a 12.5-point edge, -6.0% against -18.5%.
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.
BWIN vs GSHD: side by side
| BWIN (The Baldwin Insurance Group, Inc.) | GSHD (Goosehead Insurance, Inc.) | |
|---|---|---|
| 1-year return | -6.0% | -18.5% |
| 5-year return | -13.5% | -47.2% |
| Volatility (ann.) | 54.6% | 55.1% |
| Beta vs S&P 500 | 0.60 | 0.42 |
| Max drawdown (3Y) | -70.2% | -72.2% |
| Market cap | $2.9B | $2.5B |
| P/E (trailing) | – | 51.4 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BWIN | GSHD |
|---|---|---|
| 2022 | -30.4% | -73.6% |
| 2023 | -4.5% | +120.7% |
| 2024 | +61.4% | +41.5% |
| 2025 | -38.0% | -27.4% |
| 2026 | +25.5% | -4.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BWIN and GSHD good diversifiers for each other?
Somewhat, no more. With 0.53 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between BWIN and GSHD?
As of 2026-08-27, the correlation of weekly returns between BWIN and GSHD is 0.53 over 3 years, 0.64 over 1 year and 0.56 over 5 years.
Is GSHD a good diversifier for BWIN?
Somewhat, no more. With 0.53 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.53 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bwin-vs-gshd.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bwin-vs-gshd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BWIN correlations · GSHD correlations
