CDT vs FNWD: Correlation
How closely do CDT Equity Inc. (CDT) and Finward Bancorp (FNWD) trade together? Their weekly returns over three years give a correlation of 0.50, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CDT and FNWD?
Over the past 3 years, CDT and FNWD moved with a correlation of 0.50, which is moderate. The link has tightened recently: the 1-year correlation (0.72) runs above the 3-year figure (0.50). Over 5 years the correlation is 0.40, and the annualized covariance of weekly returns is 7467.2 %².
Within CDT's tracked universe of 20 assets, FNWD comes in at #10 by 3-year correlation. Correlation aside, the last 12 months split them widely, with FNWD ahead by 136.3 points (-99.3% versus +37.0%). Risk is not evenly split, since CDT carries 20.2 times the volatility of the other side.
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.
CDT vs FNWD: side by side
| CDT (CDT Equity Inc.) | FNWD (Finward Bancorp) | |
|---|---|---|
| 1-year return | -99.3% | +37.0% |
| 5-year return | -100.0% | +17.8% |
| Volatility (ann.) | 546.1% | 27.1% |
| Beta vs S&P 500 | 0.29 | 0.12 |
| Max drawdown (3Y) | -100.0% | -23.5% |
| Market cap | – | $0.2B |
| P/E (trailing) | – | 19.2 |
| Dividend yield | 0.00% | 1.11% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CDT | FNWD |
|---|---|---|
| 2022 | – | -18.5% |
| 2023 | -55.6% | -27.6% |
| 2024 | -98.5% | +13.4% |
| 2025 | -99.8% | +27.1% |
| 2026 | -94.1% | +23.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CDT and FNWD good diversifiers for each other?
To a limited degree. At 0.50 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 CDT and FNWD?
Using weekly returns as of 2026-08-27: 0.50 over 3 years, with 0.72 over the last year and 0.40 over 5 years.
Is FNWD a good diversifier for CDT?
To a limited degree. At 0.50 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 0.50 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cdt-vs-fnwd.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cdt-vs-fnwd/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CDT correlations · FNWD correlations
