FWDI vs MRK: Correlation
Measured on weekly returns over the past three years, Forward Industries, Inc. (FWDI) and Merck & Co. (MRK) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FWDI and MRK?
Across a 3-year window, the weekly returns of FWDI and MRK correlate at -0.22, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.20 over 1 year against -0.22 over 3. Stretching to 5 years gives -0.15, with an annualized covariance of -771.5 %².
Out of 23 assets tracked against FWDI, MRK lands near the bottom at #19. The last year tells two different stories: MRK led by 133.9 percentage points, -50.1% for FWDI against +83.8% for MRK. Note the risk asymmetry: FWDI runs 4.4 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 MRK: side by side
| FWDI (Forward Industries, Inc.) | MRK (Merck & Co.) | |
|---|---|---|
| 1-year return | -50.1% | +83.8% |
| 5-year return | -73.8% | +128.5% |
| Volatility (ann.) | 123.1% | 27.9% |
| Beta vs S&P 500 | -0.00 | 0.28 |
| Max drawdown (3Y) | -90.9% | -43.4% |
| Market cap | $0.5B | $368.9B |
| P/E (trailing) | – | 121.6 |
| Dividend yield | 0.00% | 2.17% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | FWDI | MRK |
|---|---|---|
| 2022 | -31.4% | +49.4% |
| 2023 | -31.8% | +1.0% |
| 2024 | -32.2% | -6.3% |
| 2025 | +33.5% | +9.8% |
| 2026 | +0.8% | +44.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FWDI and MRK good diversifiers for each other?
Yes. With a correlation of -0.22, FWDI and MRK have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FWDI and MRK?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.20 over the last year and -0.15 over 5 years.
Is MRK a good diversifier for FWDI?
Yes. With a correlation of -0.22, FWDI and MRK have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 mean?
On the −1 to +1 scale, -0.22 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-mrk.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fwdi-vs-mrk/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FWDI correlations · MRK correlations
