KWY vs ORIO: Correlation
How closely do Kingsway Corporation (KWY) and Orion Digital Corp. (ORIO) trade together? Their weekly returns over three years give a correlation of 0.42, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KWY and ORIO?
Over the past 3 years, KWY and ORIO moved with a correlation of 0.42, which is moderate. The link has loosened recently: the 1-year correlation (0.22) runs below the 3-year figure (0.42). Over 5 years the correlation is 0.28, and the annualized covariance of weekly returns is 1252.5 %².
Within KWY's tracked universe of 10 assets, ORIO comes in at #4 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months KWY outperformed by 25.4 percentage points (-29.3% for KWY against -54.7% for ORIO). One caveat on sizing: ORIO is 2.1 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.
KWY vs ORIO: side by side
| KWY (Kingsway Corporation) | ORIO (Orion Digital Corp.) | |
|---|---|---|
| 1-year return | -29.3% | -54.7% |
| 5-year return | +80.2% | -94.6% |
| Volatility (ann.) | 37.8% | 79.6% |
| Beta vs S&P 500 | 0.90 | 2.19 |
| Max drawdown (3Y) | -48.0% | -75.9% |
| Market cap | $0.3B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | KWY | ORIO |
|---|---|---|
| 2022 | +44.7% | -84.5% |
| 2023 | +5.9% | +15.9% |
| 2024 | -0.4% | -26.1% |
| 2025 | +60.7% | -21.3% |
| 2026 | -25.5% | -18.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KWY and ORIO good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between KWY and ORIO?
Using weekly returns as of 2026-08-27: 0.42 over 3 years, with 0.22 over the last year and 0.28 over 5 years.
Is ORIO a good diversifier for KWY?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.42 mean?
On the −1 to +1 scale, 0.42 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/kwy-vs-orio.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/kwy-vs-orio/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: KWY correlations · ORIO correlations
