FWDI vs ORBS: Correlation
Measured on weekly returns over the past three years, Forward Industries, Inc. (FWDI) and Eightco Holdings Inc. (ORBS) carry a correlation of 0.57, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FWDI and ORBS?
Across a 3-year window, the weekly returns of FWDI and ORBS correlate at 0.57, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.84 versus 0.57 over 3 years. Stretching to 5 years gives 0.56, with an annualized covariance of 40363.7 %².
ORBS is one of the assets that tracks FWDI most closely: it ranks #1 out of the 23 assets we track against FWDI. Over the last 12 months ORBS came out ahead by 5.2 percentage points (-50.1% against -44.9%). One caveat on sizing: ORBS is 4.7 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 ORBS: side by side
| FWDI (Forward Industries, Inc.) | ORBS (Eightco Holdings Inc.) | |
|---|---|---|
| 1-year return | -50.1% | -44.9% |
| 5-year return | -73.8% | -100.0% |
| Volatility (ann.) | 123.1% | 575.8% |
| Beta vs S&P 500 | -0.00 | 3.91 |
| Max drawdown (3Y) | -90.9% | -98.7% |
| Market cap | $0.5B | $0.3B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FWDI | ORBS |
|---|---|---|
| 2022 | -31.4% | – |
| 2023 | -31.8% | -94.6% |
| 2024 | -32.2% | -14.8% |
| 2025 | +33.5% | -21.0% |
| 2026 | +0.8% | -52.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FWDI and ORBS good diversifiers for each other?
To a limited degree. At 0.57 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between FWDI and ORBS?
Using weekly returns as of 2026-08-27: 0.57 over 3 years, with 0.84 over the last year and 0.56 over 5 years.
Is ORBS a good diversifier for FWDI?
To a limited degree. At 0.57 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.57 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-orbs.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fwdi-vs-orbs/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FWDI correlations · ORBS correlations
