AFRI vs ARTW: Correlation
Measured on weekly returns over the past three years, Forafric Global PLC (AFRI) and Art's-Way Manufacturing Co., Inc. (ARTW) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AFRI and ARTW?
Over the past 3 years, AFRI and ARTW moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.16 over 1 year against -0.22 over 3. Over 5 years the correlation is -0.16, and the annualized covariance of weekly returns is -330.8 %².
ARTW is close to the least connected end of AFRI's tracked universe, ranking #9 of 11. The last year tells two different stories: AFRI led by 27.4 percentage points, +24.4% for AFRI against -3.0% for ARTW. Note the risk asymmetry: ARTW runs 3.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
AFRI vs ARTW: side by side
| AFRI (Forafric Global PLC) | ARTW (Art's-Way Manufacturing Co., Inc.) | |
|---|---|---|
| 1-year return | +24.4% | -3.0% |
| 5-year return | +9.0% | -16.9% |
| Volatility (ann.) | 21.7% | 68.2% |
| Beta vs S&P 500 | 0.33 | 0.87 |
| Max drawdown (3Y) | -34.3% | -60.0% |
| Market cap | $0.3B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AFRI | ARTW |
|---|---|---|
| 2022 | +9.7% | -45.5% |
| 2023 | -4.6% | +7.3% |
| 2024 | -3.2% | +4.8% |
| 2025 | +7.6% | +8.3% |
| 2026 | -1.1% | +23.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AFRI and ARTW good diversifiers for each other?
Yes. With a correlation of -0.22, AFRI and ARTW have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AFRI and ARTW?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.16 over the last year and -0.16 over 5 years.
Is ARTW a good diversifier for AFRI?
Yes. With a correlation of -0.22, AFRI and ARTW have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 mean?
A reading of -0.22 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/afri-vs-artw.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/afri-vs-artw/)
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Related comparisons
Hubs: AFRI correlations · ARTW correlations
