DBGI vs FNWD: Correlation
Digital Brands Group, Inc. (DBGI) and Finward Bancorp (FNWD) show a moderate relationship: their 3-year correlation of weekly returns is 0.47.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DBGI and FNWD?
Over the past 3 years, DBGI and FNWD moved with a correlation of 0.47, which is moderate. The past 12 months show a tighter link (0.70) than the 3-year average (0.47). Over 5 years the correlation is 0.36, and the annualized covariance of weekly returns is 14390.4 %².
Within DBGI's tracked universe of 28 assets, FNWD comes in at #10 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months FNWD outperformed by 66.2 percentage points (-29.2% for DBGI against +37.0% for FNWD). Risk is not evenly split, since DBGI carries 41.6 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.
DBGI vs FNWD: side by side
| DBGI (Digital Brands Group, Inc.) | FNWD (Finward Bancorp) | |
|---|---|---|
| 1-year return | -29.2% | +37.0% |
| 5-year return | -100.0% | +17.8% |
| Volatility (ann.) | 1127.2% | 27.1% |
| Beta vs S&P 500 | -1.93 | 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 | DBGI | FNWD |
|---|---|---|
| 2022 | -98.2% | -18.5% |
| 2023 | -96.9% | -27.6% |
| 2024 | -98.9% | +13.4% |
| 2025 | +610.8% | +27.1% |
| 2026 | -43.1% | +23.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DBGI and FNWD good diversifiers for each other?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between DBGI and FNWD?
The DBGI/FNWD correlation stands at 0.47 on a 3-year window (1 year: 0.70, 5 years: 0.36), computed from weekly returns as of 2026-08-27.
Is FNWD a good diversifier for DBGI?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.47 mean?
A reading of 0.47 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/dbgi-vs-fnwd.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dbgi-vs-fnwd/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DBGI correlations · FNWD correlations
