FWDI vs STLD: Correlation
Forward Industries, Inc. (FWDI) and Steel Dynamics (STLD) show a negative relationship: their 3-year correlation of weekly returns is -0.19.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FWDI and STLD?
Over the past 3 years, FWDI and STLD moved with a correlation of -0.19, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.23 over 1 year against -0.19 over 3. Over 5 years the correlation is -0.09, and the annualized covariance of weekly returns is -802.3 %².
Within FWDI's tracked universe of 23 assets, STLD comes in at #16 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months STLD outperformed by 129.9 percentage points (-50.1% for FWDI against +79.8% for STLD). Risk is not evenly split, since FWDI carries 3.6 times the volatility of the other side.
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 STLD: side by side
| FWDI (Forward Industries, Inc.) | STLD (Steel Dynamics) | |
|---|---|---|
| 1-year return | -50.1% | +79.8% |
| 5-year return | -73.8% | +262.0% |
| Volatility (ann.) | 123.1% | 34.5% |
| Beta vs S&P 500 | -0.00 | 1.13 |
| Max drawdown (3Y) | -90.9% | -28.7% |
| Market cap | $0.5B | $33.8B |
| P/E (trailing) | – | 21.4 |
| Dividend yield | 0.00% | 0.87% |
| Sector / category | US Listed | Materials |
Year-by-year returns
| Year | FWDI | STLD |
|---|---|---|
| 2022 | -31.4% | +60.1% |
| 2023 | -31.8% | +22.8% |
| 2024 | -32.2% | -2.0% |
| 2025 | +33.5% | +50.7% |
| 2026 | +0.8% | +39.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FWDI and STLD good diversifiers for each other?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
FAQ
What is the correlation between FWDI and STLD?
Using weekly returns as of 2026-08-27: -0.19 over 3 years, with -0.23 over the last year and -0.09 over 5 years.
Is STLD a good diversifier for FWDI?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
What does a correlation of -0.19 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-stld.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fwdi-vs-stld/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FWDI correlations · STLD correlations
