FWDI vs GLNG: Correlation
How closely do Forward Industries, Inc. (FWDI) and Golar LNG Limited (GLNG) trade together? Their weekly returns over three years give a correlation of -0.26, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FWDI and GLNG?
Over the past 3 years, FWDI and GLNG moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.20 over 1 year against -0.26 over 3. Over 5 years the correlation is -0.14, and the annualized covariance of weekly returns is -1179.8 %².
Among the 23 assets we track against FWDI, GLNG sits near the bottom by co-movement, at rank #22. Their recent paths diverged sharply: over the last 12 months GLNG outperformed by 67.8 percentage points (-50.1% for FWDI against +17.7% for GLNG). Risk is not evenly split, since FWDI carries 3.3 times the volatility of the other side.
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.
FWDI vs GLNG: side by side
| FWDI (Forward Industries, Inc.) | GLNG (Golar LNG Limited) | |
|---|---|---|
| 1-year return | -50.1% | +17.7% |
| 5-year return | -73.8% | +415.5% |
| Volatility (ann.) | 123.1% | 37.5% |
| Beta vs S&P 500 | -0.00 | 0.88 |
| Max drawdown (3Y) | -90.9% | -29.4% |
| Market cap | $0.5B | $5.3B |
| P/E (trailing) | – | 35.3 |
| Dividend yield | 0.00% | 1.95% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FWDI | GLNG |
|---|---|---|
| 2022 | -31.4% | +83.9% |
| 2023 | -31.8% | +4.4% |
| 2024 | -32.2% | +90.8% |
| 2025 | +33.5% | -9.7% |
| 2026 | +0.8% | +40.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FWDI and GLNG good diversifiers for each other?
Yes. With a correlation of -0.26, FWDI and GLNG have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FWDI and GLNG?
The FWDI/GLNG correlation stands at -0.26 on a 3-year window (1 year: -0.20, 5 years: -0.14), computed from weekly returns as of 2026-08-27.
Is GLNG a good diversifier for FWDI?
Yes. With a correlation of -0.26, FWDI and GLNG have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 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/fwdi-vs-glng.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fwdi-vs-glng/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FWDI correlations · GLNG correlations
