BWIN vs SHLS: Correlation
Measured on weekly returns over the past three years, The Baldwin Insurance Group, Inc. (BWIN) and Shoals Technologies Group, Inc. (SHLS) carry a correlation of -0.25, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BWIN and SHLS?
Across a 3-year window, the weekly returns of BWIN and SHLS correlate at -0.25, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.54) runs below the 3-year figure (-0.25). Stretching to 5 years gives -0.02, with an annualized covariance of -1023.3 %².
Out of 11 assets tracked against BWIN, SHLS lands near the bottom at #11. Their recent paths diverged sharply: over the last 12 months SHLS outperformed by 20.2 percentage points (-6.0% for BWIN against +14.2% for SHLS).
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 SHLS: side by side
| BWIN (The Baldwin Insurance Group, Inc.) | SHLS (Shoals Technologies Group, Inc.) | |
|---|---|---|
| 1-year return | -6.0% | +14.2% |
| 5-year return | -13.5% | -76.8% |
| Volatility (ann.) | 54.6% | 75.0% |
| Beta vs S&P 500 | 0.60 | 1.02 |
| Max drawdown (3Y) | -70.2% | -87.3% |
| Market cap | $2.9B | $1.2B |
| P/E (trailing) | – | 39.1 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BWIN | SHLS |
|---|---|---|
| 2022 | -30.4% | +1.5% |
| 2023 | -4.5% | -37.0% |
| 2024 | +61.4% | -64.4% |
| 2025 | -38.0% | +53.7% |
| 2026 | +25.5% | -12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BWIN and SHLS good diversifiers for each other?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BWIN and SHLS?
The BWIN/SHLS correlation stands at -0.25 on a 3-year window (1 year: -0.54, 5 years: -0.02), computed from weekly returns as of 2026-08-27.
Is SHLS a good diversifier for BWIN?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.25 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-shls.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/bwin-vs-shls/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BWIN correlations · SHLS correlations
