FNWD vs UTZ: Correlation
Finward Bancorp (FNWD) and Utz Brands Inc (UTZ) 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 FNWD and UTZ?
Across a 3-year window, the weekly returns of FNWD and UTZ correlate at 0.44, moderate. The past 12 months show a tighter link (0.68) than the 3-year average (0.44). Stretching to 5 years gives 0.37, with an annualized covariance of 782.8 %².
By 3-year correlation, UTZ places #5 of the 10 assets tracked against FNWD. The last year tells two different stories: FNWD led by 28.7 percentage points, +37.0% for FNWD against +8.3% for UTZ. Note the risk asymmetry: UTZ runs 2.4 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 UTZ: side by side
| FNWD (Finward Bancorp) | UTZ (Utz Brands Inc) | |
|---|---|---|
| 1-year return | +37.0% | +8.3% |
| 5-year return | +17.8% | -16.7% |
| Volatility (ann.) | 27.1% | 65.9% |
| Beta vs S&P 500 | 0.12 | 0.07 |
| Max drawdown (3Y) | -23.5% | -63.8% |
| Market cap | $0.2B | $2.0B |
| P/E (trailing) | 19.2 | – |
| Dividend yield | 1.11% | 2.62% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNWD | UTZ |
|---|---|---|
| 2022 | -18.5% | +0.9% |
| 2023 | -27.6% | +3.9% |
| 2024 | +13.4% | -2.1% |
| 2025 | +27.1% | -32.3% |
| 2026 | +23.1% | +39.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNWD and UTZ good diversifiers for each other?
Reasonably. At 0.44, FNWD and UTZ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FNWD and UTZ?
As of 2026-08-27, the correlation of weekly returns between FNWD and UTZ is 0.44 over 3 years, 0.68 over 1 year and 0.37 over 5 years.
Is UTZ a good diversifier for FNWD?
Reasonably. At 0.44, FNWD and UTZ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
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/fnwd-vs-utz.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fnwd-vs-utz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNWD correlations · UTZ correlations
