FWDI vs TCRT: Correlation
Forward Industries, Inc. (FWDI) and Alaunos Therapeutics, Inc. (TCRT) show a weak relationship: their 3-year correlation of weekly returns is 0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FWDI and TCRT?
Over the past 3 years, FWDI and TCRT moved with a correlation of 0.24, which is weak. Lately the two have drifted apart, with the 1-year correlation at 0.10 versus 0.24 over 3 years. Over 5 years the correlation is 0.21, and the annualized covariance of weekly returns is 3611.6 %².
Within FWDI's tracked universe of 23 assets, TCRT comes in at #8 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months TCRT outperformed by 37.9 percentage points (-50.1% for FWDI against -12.2% for TCRT).
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 TCRT: side by side
| FWDI (Forward Industries, Inc.) | TCRT (Alaunos Therapeutics, Inc.) | |
|---|---|---|
| 1-year return | -50.1% | -12.2% |
| 5-year return | -73.8% | -99.3% |
| Volatility (ann.) | 123.1% | 121.9% |
| Beta vs S&P 500 | -0.00 | -1.11 |
| Max drawdown (3Y) | -90.9% | -95.0% |
| 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 | TCRT |
|---|---|---|
| 2022 | -31.4% | -40.4% |
| 2023 | -31.8% | -89.2% |
| 2024 | -32.2% | -81.8% |
| 2025 | +33.5% | +69.1% |
| 2026 | +0.8% | -48.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FWDI and TCRT good diversifiers for each other?
Reasonably. At 0.24, FWDI and TCRT keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FWDI and TCRT?
The FWDI/TCRT correlation stands at 0.24 on a 3-year window (1 year: 0.10, 5 years: 0.21), computed from weekly returns as of 2026-08-27.
Is TCRT a good diversifier for FWDI?
Reasonably. At 0.24, FWDI and TCRT keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.24 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-tcrt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fwdi-vs-tcrt/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FWDI correlations · TCRT correlations
