FGNX vs TDW: Correlation
How closely do FG Nexus Inc. (FGNX) and Tidewater Inc. (TDW) trade together? Their weekly returns over three years give a correlation of -0.19, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FGNX and TDW?
Across a 3-year window, the weekly returns of FGNX and TDW correlate at -0.19, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.18 lands near the 3-year figure. Stretching to 5 years gives -0.05, with an annualized covariance of -942.1 %².
By 3-year correlation, TDW places #11 of the 18 assets tracked against FGNX. Correlation aside, the last 12 months split them widely, with TDW ahead by 140.7 points (-87.5% versus +53.2%). One caveat on sizing: FGNX is 2.3 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.
FGNX vs TDW: side by side
| FGNX (FG Nexus Inc.) | TDW (Tidewater Inc.) | |
|---|---|---|
| 1-year return | -87.5% | +53.2% |
| 5-year return | -98.8% | +724.8% |
| Volatility (ann.) | 105.1% | 46.4% |
| Beta vs S&P 500 | -0.07 | 0.92 |
| Max drawdown (3Y) | -97.9% | -70.3% |
| Market cap | – | $4.6B |
| P/E (trailing) | – | 18.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FGNX | TDW |
|---|---|---|
| 2022 | -24.2% | +244.1% |
| 2023 | -43.9% | +95.7% |
| 2024 | -45.5% | -24.1% |
| 2025 | -87.4% | -7.7% |
| 2026 | -42.8% | +84.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FGNX and TDW good diversifiers for each other?
Yes. With a correlation of -0.19, FGNX and TDW have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FGNX and TDW?
Using weekly returns as of 2026-08-27: -0.19 over 3 years, with -0.18 over the last year and -0.05 over 5 years.
Is TDW a good diversifier for FGNX?
Yes. With a correlation of -0.19, FGNX and TDW have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.19 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.
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Related comparisons
Hubs: FGNX correlations · TDW correlations
