FWRD vs LEG: Correlation
How closely do Forward Air Corporation (FWRD) and Leggett & Platt, Incorporated (LEG) trade together? Their weekly returns over three years give a correlation of 0.51, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FWRD and LEG?
Across a 3-year window, the weekly returns of FWRD and LEG correlate at 0.51, moderate. Little has changed lately, as the 1-year reading of 0.51 lands near the 3-year figure. Stretching to 5 years gives 0.50, with an annualized covariance of 1948.7 %².
Few assets follow FWRD as closely as LEG, which ranks #1 of 12 tracked partners. Correlation aside, the last 12 months split them widely, with LEG ahead by 57.0 points (-44.3% versus +12.7%). Risk is not evenly split, since FWRD carries 1.7 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.
FWRD vs LEG: side by side
| FWRD (Forward Air Corporation) | LEG (Leggett & Platt, Incorporated) | |
|---|---|---|
| 1-year return | -44.3% | +12.7% |
| 5-year return | -79.7% | -72.6% |
| Volatility (ann.) | 81.4% | 48.5% |
| Beta vs S&P 500 | 1.69 | 1.29 |
| Max drawdown (3Y) | -89.2% | -76.8% |
| Market cap | $0.6B | $1.3B |
| P/E (trailing) | – | 5.9 |
| Dividend yield | 0.00% | 2.15% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FWRD | LEG |
|---|---|---|
| 2022 | -12.6% | -17.8% |
| 2023 | -39.3% | -13.5% |
| 2024 | -48.7% | -61.9% |
| 2025 | -22.5% | +17.0% |
| 2026 | -29.2% | +1.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FWRD and LEG good diversifiers for each other?
To a limited degree. At 0.51 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between FWRD and LEG?
Using weekly returns as of 2026-08-27: 0.51 over 3 years, with 0.51 over the last year and 0.50 over 5 years.
Is LEG a good diversifier for FWRD?
To a limited degree. At 0.51 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.51 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-leg.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fwrd-vs-leg/)
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Related comparisons
Hubs: FWRD correlations · LEG correlations
