DOW vs FWDI: Correlation
How closely do Dow Inc. (DOW) and Forward Industries, Inc. (FWDI) trade together? Their weekly returns over three years give a correlation of -0.15, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DOW and FWDI?
On 3 years of weekly data the DOW/FWDI correlation comes out at -0.15, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.04) runs above the 3-year figure (-0.15). The 5-year figure is -0.09, and annualized covariance runs at -668.0 %².
Within DOW's tracked universe of 32 assets, FWDI comes in at #23 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months DOW outperformed by 79.1 percentage points (+29.0% for DOW against -50.1% for FWDI). Risk is not evenly split, since FWDI carries 3.5 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.
DOW vs FWDI: side by side
| DOW (Dow Inc.) | FWDI (Forward Industries, Inc.) | |
|---|---|---|
| 1-year return | +29.0% | -50.1% |
| 5-year return | -38.4% | -73.8% |
| Volatility (ann.) | 35.2% | 123.1% |
| Beta vs S&P 500 | 0.62 | -0.00 |
| Max drawdown (3Y) | -62.2% | -90.9% |
| Market cap | $21.9B | $0.5B |
| P/E (trailing) | – | – |
| Dividend yield | 4.62% | 0.00% |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | DOW | FWDI |
|---|---|---|
| 2022 | -6.6% | -31.4% |
| 2023 | +14.7% | -31.8% |
| 2024 | -22.8% | -32.2% |
| 2025 | -37.4% | +33.5% |
| 2026 | +32.6% | +0.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DOW and FWDI good diversifiers for each other?
Yes. With a correlation of -0.15, DOW and FWDI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DOW and FWDI?
The DOW/FWDI correlation stands at -0.15 on a 3-year window (1 year: -0.04, 5 years: -0.09), computed from weekly returns as of 2026-08-27.
Is FWDI a good diversifier for DOW?
Yes. With a correlation of -0.15, DOW and FWDI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.15 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/dow-vs-fwdi.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dow-vs-fwdi/)
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Related comparisons
Hubs: DOW correlations · FWDI correlations
