AWI vs FSS: Correlation
Armstrong World Industries Inc (AWI) and Federal Signal Corporation (FSS) 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 AWI and FSS?
On 3 years of weekly data the AWI/FSS correlation comes out at 0.61, strong. Little has changed lately, as the 1-year reading of 0.55 lands near the 3-year figure. The 5-year figure is 0.61, and annualized covariance runs at 517.2 %².
By 3-year correlation, FSS places #5 of the 15 assets tracked against AWI. The trailing year gives FSS the advantage: -10.5% versus -5.3%, a 5.2-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.
AWI vs FSS: side by side
| AWI (Armstrong World Industries Inc) | FSS (Federal Signal Corporation) | |
|---|---|---|
| 1-year return | -10.5% | -5.3% |
| 5-year return | +76.7% | +203.9% |
| Volatility (ann.) | 27.3% | 31.2% |
| Beta vs S&P 500 | 0.88 | 1.02 |
| Max drawdown (3Y) | -25.2% | -31.5% |
| Market cap | $7.4B | $7.3B |
| P/E (trailing) | 24.3 | 26.2 |
| Dividend yield | 0.76% | 0.48% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AWI | FSS |
|---|---|---|
| 2022 | -40.3% | +8.2% |
| 2023 | +45.4% | +66.3% |
| 2024 | +45.1% | +21.1% |
| 2025 | +36.2% | +18.2% |
| 2026 | -7.6% | +11.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AWI and FSS good diversifiers for each other?
Somewhat, no more. With 0.61 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between AWI and FSS?
Using weekly returns as of 2026-08-27: 0.61 over 3 years, with 0.55 over the last year and 0.61 over 5 years.
Is FSS a good diversifier for AWI?
Somewhat, no more. With 0.61 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.61 mean?
A reading of 0.61 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: AWI correlations · FSS correlations
