DFNS vs FNWD: Correlation
T3 Defense Inc. (DFNS) and Finward Bancorp (FNWD) show a moderate relationship: their 3-year correlation of weekly returns is 0.44.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DFNS and FNWD?
Across a 3-year window, the weekly returns of DFNS and FNWD correlate at 0.44, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.70 versus 0.44 over 3 years. Stretching to 5 years gives 0.34, with an annualized covariance of 73530.3 %².
Among the 44 assets we track against DFNS, FNWD ranks #10 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months DFNS outperformed by 156.5 percentage points (+193.5% for DFNS against +37.0% for FNWD). One caveat on sizing: DFNS is 226.4 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.
DFNS vs FNWD: side by side
| DFNS (T3 Defense Inc.) | FNWD (Finward Bancorp) | |
|---|---|---|
| 1-year return | +193.5% | +37.0% |
| 5-year return | -77.9% | +17.8% |
| Volatility (ann.) | 6136.1% | 27.1% |
| Beta vs S&P 500 | -23.33 | 0.12 |
| Max drawdown (3Y) | -99.9% | -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 | DFNS | FNWD |
|---|---|---|
| 2022 | +5.0% | -18.5% |
| 2023 | -62.5% | -27.6% |
| 2024 | +59.9% | +13.4% |
| 2025 | -89.0% | +27.1% |
| 2026 | +215.4% | +23.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DFNS and FNWD good diversifiers for each other?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between DFNS and FNWD?
The DFNS/FNWD correlation stands at 0.44 on a 3-year window (1 year: 0.70, 5 years: 0.34), computed from weekly returns as of 2026-08-27.
Is FNWD a good diversifier for DFNS?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.44 mean?
On the −1 to +1 scale, 0.44 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/dfns-vs-fnwd.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dfns-vs-fnwd/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DFNS correlations · FNWD correlations
