FNWD vs SLND: Correlation
How closely do Finward Bancorp (FNWD) and Southland Holdings, Inc. (SLND) trade together? Their weekly returns over three years give a correlation of -0.21, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNWD and SLND?
Across a 3-year window, the weekly returns of FNWD and SLND correlate at -0.21, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.31) sits close to the 3-year figure. Stretching to 5 years gives -0.20, with an annualized covariance of -446.0 %².
SLND is close to the least connected end of FNWD's tracked universe, ranking #8 of 10. The last year tells two different stories: FNWD led by 121.0 percentage points, +37.0% for FNWD against -84.0% for SLND. Note the risk asymmetry: SLND runs 3.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
FNWD vs SLND: side by side
| FNWD (Finward Bancorp) | SLND (Southland Holdings, Inc.) | |
|---|---|---|
| 1-year return | +37.0% | -84.0% |
| 5-year return | +17.8% | -93.4% |
| Volatility (ann.) | 27.1% | 80.0% |
| Beta vs S&P 500 | 0.12 | 0.62 |
| Max drawdown (3Y) | -23.5% | -92.3% |
| Market cap | $0.2B | – |
| P/E (trailing) | 19.2 | – |
| Dividend yield | 1.11% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNWD | SLND |
|---|---|---|
| 2022 | -18.5% | +2.9% |
| 2023 | -27.6% | -49.5% |
| 2024 | +13.4% | -37.0% |
| 2025 | +27.1% | +2.2% |
| 2026 | +23.1% | -80.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNWD and SLND good diversifiers for each other?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FNWD and SLND?
Using weekly returns as of 2026-08-27: -0.21 over 3 years, with -0.31 over the last year and -0.20 over 5 years.
Is SLND a good diversifier for FNWD?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.21 mean?
A reading of -0.21 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: FNWD correlations · SLND correlations
