AIRI vs RAIL: Correlation
Measured on weekly returns over the past three years, Air Industries Group (AIRI) and Freightcar America, Inc. (RAIL) carry a correlation of 0.35, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AIRI and RAIL?
On 3 years of weekly data the AIRI/RAIL correlation comes out at 0.35, moderate. The link has loosened recently: the 1-year correlation (0.23) runs below the 3-year figure (0.35). The 5-year figure is 0.30, and annualized covariance runs at 1684.0 %².
Within AIRI's tracked universe of 11 assets, RAIL comes in at #4 by 3-year correlation. Twelve-month performance is nearly a tie, at -18.0% for AIRI and -16.1% for RAIL.
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.
AIRI vs RAIL: side by side
| AIRI (Air Industries Group) | RAIL (Freightcar America, Inc.) | |
|---|---|---|
| 1-year return | -18.0% | -16.1% |
| 5-year return | -78.6% | +36.6% |
| Volatility (ann.) | 64.8% | 75.3% |
| Beta vs S&P 500 | 0.80 | 1.84 |
| Max drawdown (3Y) | -69.2% | -71.7% |
| Market cap | – | $0.2B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AIRI | RAIL |
|---|---|---|
| 2022 | -53.3% | -13.3% |
| 2023 | -23.5% | -15.6% |
| 2024 | +25.2% | +231.9% |
| 2025 | -24.6% | +23.5% |
| 2026 | -15.6% | -34.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AIRI and RAIL good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.35 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between AIRI and RAIL?
The AIRI/RAIL correlation stands at 0.35 on a 3-year window (1 year: 0.23, 5 years: 0.30), computed from weekly returns as of 2026-08-27.
Is RAIL a good diversifier for AIRI?
Yes, to a useful degree: a correlation of 0.35 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.35 mean?
A reading of 0.35 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/airi-vs-rail.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/airi-vs-rail/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AIRI correlations · RAIL correlations
