BWLP vs NVGS: Correlation
Measured on weekly returns over the past three years, BW LPG Limited (BWLP) and Navigator Holdings Ltd. (NVGS) carry a correlation of 0.60, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BWLP and NVGS?
On 3 years of weekly data the BWLP/NVGS correlation comes out at 0.60, strong. The relationship has been stable: the 1-year correlation (0.63) sits close to the 3-year figure. The 5-year figure is 0.40, and annualized covariance runs at 843.4 %².
By 3-year correlation, NVGS places #4 of the 12 assets tracked against BWLP. The last year tells two different stories: BWLP led by 34.9 percentage points, +72.4% for BWLP against +37.5% for NVGS. One caveat on sizing: BWLP is 1.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
BWLP vs NVGS: side by side
| BWLP (BW LPG Limited) | NVGS (Navigator Holdings Ltd.) | |
|---|---|---|
| 1-year return | +72.4% | +37.5% |
| 5-year return | +841.4% | +159.5% |
| Volatility (ann.) | 48.8% | 28.8% |
| Beta vs S&P 500 | 0.74 | 0.68 |
| Max drawdown (3Y) | -54.3% | -38.9% |
| Market cap | $3.7B | $1.4B |
| P/E (trailing) | 9.9 | 9.9 |
| Dividend yield | 7.90% | 1.30% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BWLP | NVGS |
|---|---|---|
| 2022 | +60.4% | +34.8% |
| 2023 | +157.7% | +22.5% |
| 2024 | -7.2% | +6.8% |
| 2025 | +22.9% | +14.4% |
| 2026 | +99.6% | +28.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BWLP and NVGS good diversifiers for each other?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between BWLP and NVGS?
Using weekly returns as of 2026-08-27: 0.60 over 3 years, with 0.63 over the last year and 0.40 over 5 years.
Is NVGS a good diversifier for BWLP?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.60 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/bwlp-vs-nvgs.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bwlp-vs-nvgs/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BWLP correlations · NVGS correlations
