FORM vs MO: Correlation
How closely do FormFactor, Inc. (FORM) and Altria (MO) trade together? Their weekly returns over three years give a correlation of -0.27, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FORM and MO?
Over the past 3 years, FORM and MO moved with a correlation of -0.27, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.26 over 1 year against -0.27 over 3. Over 5 years the correlation is -0.15, and the annualized covariance of weekly returns is -342.4 %².
Among the 14 assets we track against FORM, MO sits near the bottom by co-movement, at rank #11. The last year tells two different stories: FORM led by 267.8 percentage points, +276.6% for FORM against +8.8% for MO. One caveat on sizing: FORM is 2.7 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.
FORM vs MO: side by side
| FORM (FormFactor, Inc.) | MO (Altria) | |
|---|---|---|
| 1-year return | +276.6% | +8.8% |
| 5-year return | +178.6% | +100.4% |
| Volatility (ann.) | 58.1% | 21.8% |
| Beta vs S&P 500 | 2.08 | -0.07 |
| Max drawdown (3Y) | -62.7% | -16.4% |
| Market cap | $8.6B | $113.0B |
| P/E (trailing) | 74.5 | 14.6 |
| Dividend yield | 0.00% | 6.13% |
| Sector / category | US Listed | Consumer Staples |
Year-by-year returns
| Year | FORM | MO |
|---|---|---|
| 2022 | -51.4% | +4.4% |
| 2023 | +87.6% | -3.7% |
| 2024 | +5.5% | +40.8% |
| 2025 | +26.8% | +18.2% |
| 2026 | +97.6% | +21.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FORM and MO good diversifiers for each other?
Yes. With a correlation of -0.27, FORM and MO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FORM and MO?
As of 2026-08-27, the correlation of weekly returns between FORM and MO is -0.27 over 3 years, -0.26 over 1 year and -0.15 over 5 years.
Is MO a good diversifier for FORM?
Yes. With a correlation of -0.27, FORM and MO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.27 mean?
On the −1 to +1 scale, -0.27 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/form-vs-mo.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/form-vs-mo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FORM correlations · MO correlations
