FWDI vs MITQ: Correlation
How closely do Forward Industries, Inc. (FWDI) and Moving iMage Technologies, Inc. (MITQ) trade together? Their weekly returns over three years give a correlation of 0.41, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FWDI and MITQ?
Over the past 3 years, FWDI and MITQ moved with a correlation of 0.41, which is moderate. The link has tightened recently: the 1-year correlation (0.65) runs above the 3-year figure (0.41). Over 5 years the correlation is 0.34, and the annualized covariance of weekly returns is 4209.0 %².
Within FWDI's tracked universe of 23 assets, MITQ comes in at #6 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MITQ outperformed by 27.5 percentage points (-50.1% for FWDI against -22.6% for MITQ).
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 MITQ: side by side
| FWDI (Forward Industries, Inc.) | MITQ (Moving iMage Technologies, Inc.) | |
|---|---|---|
| 1-year return | -50.1% | -22.6% |
| 5-year return | -73.8% | -82.9% |
| Volatility (ann.) | 123.1% | 84.1% |
| Beta vs S&P 500 | -0.00 | -0.11 |
| Max drawdown (3Y) | -90.9% | -66.4% |
| 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 | MITQ |
|---|---|---|
| 2022 | -31.4% | -45.2% |
| 2023 | -31.8% | -17.8% |
| 2024 | -32.2% | -31.2% |
| 2025 | +33.5% | +1.7% |
| 2026 | +0.8% | -12.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FWDI and MITQ good diversifiers for each other?
Reasonably. At 0.41, FWDI and MITQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FWDI and MITQ?
Using weekly returns as of 2026-08-27: 0.41 over 3 years, with 0.65 over the last year and 0.34 over 5 years.
Is MITQ a good diversifier for FWDI?
Reasonably. At 0.41, FWDI and MITQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.41 mean?
A reading of 0.41 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
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Related comparisons
Hubs: FWDI correlations · MITQ correlations
