FWRD vs J: Correlation
How closely do Forward Air Corporation (FWRD) and Jacobs Solutions (J) trade together? Their weekly returns over three years give a correlation of 0.44, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FWRD and J?
Over the past 3 years, FWRD and J moved with a correlation of 0.44, which is moderate. Recent behaviour matches the longer record: 0.50 over 1 year against 0.44 over 3. Over 5 years the correlation is 0.40, and the annualized covariance of weekly returns is 925.0 %².
By 3-year correlation, J places #4 of the 12 assets tracked against FWRD. Their recent paths diverged sharply: over the last 12 months J outperformed by 46.9 percentage points (-44.3% for FWRD against +2.6% for J). Note the risk asymmetry: FWRD runs 3.2 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.
FWRD vs J: side by side
| FWRD (Forward Air Corporation) | J (Jacobs Solutions) | |
|---|---|---|
| 1-year return | -44.3% | +2.6% |
| 5-year return | -79.7% | +40.5% |
| Volatility (ann.) | 81.4% | 25.7% |
| Beta vs S&P 500 | 1.69 | 0.77 |
| Max drawdown (3Y) | -89.2% | -34.4% |
| Market cap | $0.6B | $17.6B |
| P/E (trailing) | – | 49.9 |
| Dividend yield | 0.00% | 0.90% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | FWRD | J |
|---|---|---|
| 2022 | -12.6% | -13.1% |
| 2023 | -39.3% | +9.0% |
| 2024 | -48.7% | +24.2% |
| 2025 | -22.5% | +1.1% |
| 2026 | -29.2% | +14.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FWRD and J good diversifiers for each other?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FWRD and J?
As of 2026-08-27, the correlation of weekly returns between FWRD and J is 0.44 over 3 years, 0.50 over 1 year and 0.40 over 5 years.
Is J a good diversifier for FWRD?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.44 mean?
On the −1 to +1 scale, 0.44 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fwrd-vs-j.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fwrd-vs-j/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FWRD correlations · J correlations
