FWDI vs ISPC: Correlation
How closely do Forward Industries, Inc. (FWDI) and iSpecimen Inc. (ISPC) trade together? Their weekly returns over three years give a correlation of 0.40, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FWDI and ISPC?
On 3 years of weekly data the FWDI/ISPC correlation comes out at 0.40, moderate. The past 12 months show a tighter link (0.73) than the 3-year average (0.40). The 5-year figure is 0.23, and annualized covariance runs at 5967.2 %².
Within FWDI's tracked universe of 23 assets, ISPC comes in at #7 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months FWDI outperformed by 44.5 percentage points (-50.1% for FWDI against -94.6% for ISPC).
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 ISPC: side by side
| FWDI (Forward Industries, Inc.) | ISPC (iSpecimen Inc.) | |
|---|---|---|
| 1-year return | -50.1% | -94.6% |
| 5-year return | -73.8% | -100.0% |
| Volatility (ann.) | 123.1% | 121.8% |
| Beta vs S&P 500 | -0.00 | 0.67 |
| Max drawdown (3Y) | -90.9% | -99.8% |
| Market cap | $0.5B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FWDI | ISPC |
|---|---|---|
| 2022 | -31.4% | -82.4% |
| 2023 | -31.8% | -63.6% |
| 2024 | -32.2% | -73.5% |
| 2025 | +33.5% | -90.2% |
| 2026 | +0.8% | -84.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FWDI and ISPC good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between FWDI and ISPC?
Using weekly returns as of 2026-08-27: 0.40 over 3 years, with 0.73 over the last year and 0.23 over 5 years.
Is ISPC a good diversifier for FWDI?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.40 mean?
On the −1 to +1 scale, 0.40 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-ispc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fwdi-vs-ispc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FWDI correlations · ISPC correlations
