FSV vs KWY: Correlation
How closely do FirstService Corporation (FSV) and Kingsway Corporation (KWY) trade together? Their weekly returns over three years give a correlation of 0.43, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FSV and KWY?
Over the past 3 years, FSV and KWY moved with a correlation of 0.43, which is moderate. The link has tightened recently: the 1-year correlation (0.57) runs above the 3-year figure (0.43). Over 5 years the correlation is 0.23, and the annualized covariance of weekly returns is 358.8 %².
Within FSV's tracked universe of 14 assets, KWY comes in at #7 by 3-year correlation. Neither side won the trailing year by much: -29.3% against -29.3%. One caveat on sizing: KWY is 1.7 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.
FSV vs KWY: side by side
| FSV (FirstService Corporation) | KWY (Kingsway Corporation) | |
|---|---|---|
| 1-year return | -29.3% | -29.3% |
| 5-year return | -21.9% | +80.2% |
| Volatility (ann.) | 22.3% | 37.8% |
| Beta vs S&P 500 | 0.62 | 0.90 |
| Max drawdown (3Y) | -39.4% | -48.0% |
| Market cap | $6.2B | $0.3B |
| P/E (trailing) | 40.7 | – |
| Dividend yield | 0.81% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FSV | KWY |
|---|---|---|
| 2022 | -37.2% | +44.7% |
| 2023 | +33.1% | +5.9% |
| 2024 | +12.3% | -0.4% |
| 2025 | -13.5% | +60.7% |
| 2026 | -8.9% | -25.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FSV and KWY good diversifiers for each other?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FSV and KWY?
As of 2026-08-27, the correlation of weekly returns between FSV and KWY is 0.43 over 3 years, 0.57 over 1 year and 0.23 over 5 years.
Is KWY a good diversifier for FSV?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.43 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/fsv-vs-kwy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fsv-vs-kwy/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FSV correlations · KWY correlations
