FWRD vs INSM: Correlation
Forward Air Corporation (FWRD) and Insmed Incorporated (INSM) show a moderate relationship: their 3-year correlation of weekly returns is 0.42.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FWRD and INSM?
Across a 3-year window, the weekly returns of FWRD and INSM correlate at 0.42, moderate. Recent behaviour matches the longer record: 0.44 over 1 year against 0.42 over 3. Stretching to 5 years gives 0.39, with an annualized covariance of 3400.3 %².
Within FWRD's tracked universe of 12 assets, INSM comes in at #6 by 3-year correlation. The last year tells two different stories: INSM led by 34.5 percentage points, -44.3% for FWRD against -9.8% for INSM.
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.
FWRD vs INSM: side by side
| FWRD (Forward Air Corporation) | INSM (Insmed Incorporated) | |
|---|---|---|
| 1-year return | -44.3% | -9.8% |
| 5-year return | -79.7% | +339.0% |
| Volatility (ann.) | 81.4% | 100.1% |
| Beta vs S&P 500 | 1.69 | 0.74 |
| Max drawdown (3Y) | -89.2% | -56.5% |
| Market cap | $0.6B | $26.5B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FWRD | INSM |
|---|---|---|
| 2022 | -12.6% | -26.7% |
| 2023 | -39.3% | +55.1% |
| 2024 | -48.7% | +122.8% |
| 2025 | -22.5% | +152.1% |
| 2026 | -29.2% | -30.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FWRD and INSM good diversifiers for each other?
Reasonably. At 0.42, FWRD and INSM keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FWRD and INSM?
The FWRD/INSM correlation stands at 0.42 on a 3-year window (1 year: 0.44, 5 years: 0.39), computed from weekly returns as of 2026-08-27.
Is INSM a good diversifier for FWRD?
Reasonably. At 0.42, FWRD and INSM keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.42 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/fwrd-vs-insm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fwrd-vs-insm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FWRD correlations · INSM correlations
