CWD vs FWDI: Correlation
How closely do CaliberCos Inc. (CWD) and Forward Industries, Inc. (FWDI) trade together? Their weekly returns over three years give a correlation of 0.56, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CWD and FWDI?
Across a 3-year window, the weekly returns of CWD and FWDI correlate at 0.56, moderate. The link has tightened recently: the 1-year correlation (0.83) runs above the 3-year figure (0.56). Stretching to 5 years gives n/a, with an annualized covariance of 13379.7 %².
In CWD's tracked universe of 16 assets, FWDI sits right near the top at #3. Their recent paths diverged sharply: over the last 12 months FWDI outperformed by 16.4 percentage points (-66.5% for CWD against -50.1% for FWDI). One caveat on sizing: CWD is 1.6 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.
CWD vs FWDI: side by side
| CWD (CaliberCos Inc.) | FWDI (Forward Industries, Inc.) | |
|---|---|---|
| 1-year return | -66.5% | -50.1% |
| 5-year return | n/a | -73.8% |
| Volatility (ann.) | 194.6% | 123.1% |
| Beta vs S&P 500 | 1.40 | -0.00 |
| Max drawdown (3Y) | -98.7% | -90.9% |
| Market cap | – | $0.5B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CWD | FWDI |
|---|---|---|
| 2022 | – | -31.4% |
| 2023 | – | -31.8% |
| 2024 | -45.8% | -32.2% |
| 2025 | -91.1% | +33.5% |
| 2026 | -54.0% | +0.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CWD and FWDI good diversifiers for each other?
To a limited degree. At 0.56 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 CWD and FWDI?
The CWD/FWDI correlation stands at 0.56 on a 3-year window (1 year: 0.83, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is FWDI a good diversifier for CWD?
To a limited degree. At 0.56 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 0.56 mean?
A reading of 0.56 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/cwd-vs-fwdi.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cwd-vs-fwdi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CWD correlations · FWDI correlations
