FSEA vs FWRD: Correlation
Measured on weekly returns over the past three years, First Seacoast Bancorp, Inc. (FSEA) and Forward Air Corporation (FWRD) carry a correlation of -0.35, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FSEA and FWRD?
Over the past 3 years, FSEA and FWRD moved with a correlation of -0.35, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.57 versus -0.35 over 3 years. Over 5 years the correlation is -0.26, and the annualized covariance of weekly returns is -956.9 %².
Among the 47 assets we track against FSEA, FWRD ranks #40 by 3-year correlation. The last year tells two different stories: FSEA led by 93.2 percentage points, +48.9% for FSEA against -44.3% for FWRD. One caveat on sizing: FWRD is 2.5 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.
FSEA vs FWRD: side by side
| FSEA (First Seacoast Bancorp, Inc.) | FWRD (Forward Air Corporation) | |
|---|---|---|
| 1-year return | +48.9% | -44.3% |
| 5-year return | +44.2% | -79.7% |
| Volatility (ann.) | 33.2% | 81.4% |
| Beta vs S&P 500 | 0.19 | 1.69 |
| Max drawdown (3Y) | -21.5% | -89.2% |
| Market cap | $0.1B | $0.6B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FSEA | FWRD |
|---|---|---|
| 2022 | -10.5% | -12.6% |
| 2023 | -32.7% | -39.3% |
| 2024 | +30.6% | -48.7% |
| 2025 | +31.5% | -22.5% |
| 2026 | +29.7% | -29.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FSEA and FWRD good diversifiers for each other?
Yes. With a correlation of -0.35, FSEA and FWRD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FSEA and FWRD?
The FSEA/FWRD correlation stands at -0.35 on a 3-year window (1 year: -0.57, 5 years: -0.26), computed from weekly returns as of 2026-08-27.
Is FWRD a good diversifier for FSEA?
Yes. With a correlation of -0.35, FSEA and FWRD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.35 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/fsea-vs-fwrd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fsea-vs-fwrd/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FSEA correlations · FWRD correlations
