FWDI vs QQQ: Correlation
Measured on weekly returns over the past three years, Forward Industries, Inc. (FWDI) and Invesco QQQ Trust (QQQ) carry a correlation of 0.03, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FWDI and QQQ?
Over the past 3 years, FWDI and QQQ moved with a correlation of 0.03, which is near zero, meaning they move largely independently. The past 12 months show a tighter link (0.25) than the 3-year average (0.03). Over 5 years the correlation is 0.06, and the annualized covariance of weekly returns is 73.7 %².
Within FWDI's tracked universe of 23 assets, QQQ comes in at #9 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 76.4 percentage points (-50.1% for FWDI against +26.3% for QQQ). Note the risk asymmetry: FWDI runs 6.3 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 QQQ: side by side
| FWDI (Forward Industries, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -50.1% | +26.3% |
| 5-year return | -73.8% | +95.4% |
| Volatility (ann.) | 123.1% | 19.6% |
| Beta vs S&P 500 | -0.00 | 1.28 |
| Max drawdown (3Y) | -90.9% | -22.8% |
| Market cap | $0.5B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | US Listed | ETF · US Growth & Tech |
QQQ is a Large Growth fund from Invesco: $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | FWDI | QQQ |
|---|---|---|
| 2022 | -31.4% | -32.6% |
| 2023 | -31.8% | +54.9% |
| 2024 | -32.2% | +25.6% |
| 2025 | +33.5% | +20.8% |
| 2026 | +0.8% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FWDI and QQQ good diversifiers for each other?
Yes. With a correlation of 0.03, FWDI and QQQ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FWDI and QQQ?
As of 2026-08-27, the correlation of weekly returns between FWDI and QQQ is 0.03 over 3 years, 0.25 over 1 year and 0.06 over 5 years.
Is QQQ a good diversifier for FWDI?
Yes. With a correlation of 0.03, FWDI and QQQ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.03 mean?
A reading of 0.03 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
$ curl https://www.pairbook.io/api/v1/pairs/fwdi-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fwdi-vs-qqq/)
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Related comparisons
Hubs: FWDI correlations · QQQ correlations
