BWLP vs TRMD: Correlation
BW LPG Limited (BWLP) and TORM plc (TRMD) show a strong relationship: their 3-year correlation of weekly returns is 0.61.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BWLP and TRMD?
Over the past 3 years, BWLP and TRMD moved with a correlation of 0.61, which is strong. The relationship has been stable: the 1-year correlation (0.64) sits close to the 3-year figure. Over 5 years the correlation is 0.38, and the annualized covariance of weekly returns is 1184.2 %².
TRMD is one of the assets that tracks BWLP most closely: it ranks #3 out of the 12 assets we track against BWLP. The trailing year gives BWLP the advantage: +72.4% versus +61.4%, a 11.0-point spread.
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 TRMD: side by side
| BWLP (BW LPG Limited) | TRMD (TORM plc) | |
|---|---|---|
| 1-year return | +72.4% | +61.4% |
| 5-year return | +841.4% | +679.6% |
| Volatility (ann.) | 48.8% | 39.6% |
| Beta vs S&P 500 | 0.74 | 0.60 |
| Max drawdown (3Y) | -54.3% | -60.6% |
| Market cap | $3.7B | $3.3B |
| P/E (trailing) | 9.9 | 5.2 |
| Dividend yield | 7.90% | 7.05% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BWLP | TRMD |
|---|---|---|
| 2022 | +60.4% | +297.7% |
| 2023 | +157.7% | +31.6% |
| 2024 | -7.2% | -23.5% |
| 2025 | +22.9% | +11.3% |
| 2026 | +99.6% | +70.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BWLP and TRMD good diversifiers for each other?
To a limited degree. At 0.61 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 BWLP and TRMD?
The BWLP/TRMD correlation stands at 0.61 on a 3-year window (1 year: 0.64, 5 years: 0.38), computed from weekly returns as of 2026-08-27.
Is TRMD a good diversifier for BWLP?
To a limited degree. At 0.61 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 0.61 mean?
On the −1 to +1 scale, 0.61 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/bwlp-vs-trmd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bwlp-vs-trmd/)
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Related comparisons
Hubs: BWLP correlations · TRMD correlations
