FWDI vs IEX: Correlation
Measured on weekly returns over the past three years, Forward Industries, Inc. (FWDI) and IDEX Corporation (IEX) carry a correlation of -0.16, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FWDI and IEX?
On 3 years of weekly data the FWDI/IEX correlation comes out at -0.16, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.17 over 1 year against -0.16 over 3. The 5-year figure is -0.10, and annualized covariance runs at -457.4 %².
By 3-year correlation, IEX places #14 of the 23 assets tracked against FWDI. Their recent paths diverged sharply: over the last 12 months IEX outperformed by 93.1 percentage points (-50.1% for FWDI against +43.0% for IEX). One caveat on sizing: FWDI is 5.3 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.
FWDI vs IEX: side by side
| FWDI (Forward Industries, Inc.) | IEX (IDEX Corporation) | |
|---|---|---|
| 1-year return | -50.1% | +43.0% |
| 5-year return | -73.8% | +10.5% |
| Volatility (ann.) | 123.1% | 23.3% |
| Beta vs S&P 500 | -0.00 | 0.89 |
| Max drawdown (3Y) | -90.9% | -34.6% |
| Market cap | $0.5B | $17.2B |
| P/E (trailing) | – | 33.8 |
| Dividend yield | 0.00% | 1.23% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | FWDI | IEX |
|---|---|---|
| 2022 | -31.4% | -2.2% |
| 2023 | -31.8% | -3.8% |
| 2024 | -32.2% | -2.4% |
| 2025 | +33.5% | -13.7% |
| 2026 | +0.8% | +32.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FWDI and IEX good diversifiers for each other?
Yes: at -0.16, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FWDI and IEX?
Using weekly returns as of 2026-08-27: -0.16 over 3 years, with -0.17 over the last year and -0.10 over 5 years.
Is IEX a good diversifier for FWDI?
Yes: at -0.16, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.16 mean?
On the −1 to +1 scale, -0.16 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/fwdi-vs-iex.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fwdi-vs-iex/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FWDI correlations · IEX correlations
