CNM vs FWDI: Correlation
Core & Main, Inc. (CNM) and Forward Industries, Inc. (FWDI) show a negative relationship: their 3-year correlation of weekly returns is -0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNM and FWDI?
Across a 3-year window, the weekly returns of CNM and FWDI correlate at -0.27, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.58 versus -0.27 over 3 years. Stretching to 5 years gives -0.19, with an annualized covariance of -1308.4 %².
Within CNM's tracked universe of 17 assets, FWDI comes in at #12 by 3-year correlation. The last year tells two different stories: CNM led by 16.6 percentage points, -33.5% for CNM against -50.1% for FWDI. One caveat on sizing: FWDI is 3.1 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.
CNM vs FWDI: side by side
| CNM (Core & Main, Inc.) | FWDI (Forward Industries, Inc.) | |
|---|---|---|
| 1-year return | -33.5% | -50.1% |
| 5-year return | +63.1% | -73.8% |
| Volatility (ann.) | 39.7% | 123.1% |
| Beta vs S&P 500 | 1.19 | -0.00 |
| Max drawdown (3Y) | -38.7% | -90.9% |
| Market cap | $8.5B | $0.5B |
| P/E (trailing) | 18.4 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CNM | FWDI |
|---|---|---|
| 2022 | -36.4% | -31.4% |
| 2023 | +109.3% | -31.8% |
| 2024 | +26.0% | -32.2% |
| 2025 | +2.1% | +33.5% |
| 2026 | -15.8% | +0.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNM and FWDI good diversifiers for each other?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
FAQ
What is the correlation between CNM and FWDI?
Using weekly returns as of 2026-08-27: -0.27 over 3 years, with -0.58 over the last year and -0.19 over 5 years.
Is FWDI a good diversifier for CNM?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
What does a correlation of -0.27 mean?
On the −1 to +1 scale, -0.27 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/cnm-vs-fwdi.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cnm-vs-fwdi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CNM correlations · FWDI correlations
