FWRD vs MBC: Correlation
How closely do Forward Air Corporation (FWRD) and MasterBrand, Inc. (MBC) trade together? Their weekly returns over three years give a correlation of 0.46, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FWRD and MBC?
Over the past 3 years, FWRD and MBC moved with a correlation of 0.46, which is moderate. Lately the two have moved closer together, with the 1-year correlation at 0.66 versus 0.46 over 3 years. Over 5 years the correlation is 0.39, and the annualized covariance of weekly returns is 1651.0 %².
MBC is one of the assets that tracks FWRD most closely: it ranks #2 out of the 12 assets we track against FWRD. Over the last 12 months MBC came out ahead by 10.5 percentage points (-44.3% against -33.8%). Risk is not evenly split, since FWRD carries 1.9 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 MBC: side by side
| FWRD (Forward Air Corporation) | MBC (MasterBrand, Inc.) | |
|---|---|---|
| 1-year return | -44.3% | -33.8% |
| 5-year return | -79.7% | n/a |
| Volatility (ann.) | 81.4% | 43.7% |
| Beta vs S&P 500 | 1.69 | 1.16 |
| Max drawdown (3Y) | -89.2% | -64.7% |
| Market cap | $0.6B | $1.8B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FWRD | MBC |
|---|---|---|
| 2022 | -12.6% | – |
| 2023 | -39.3% | +96.7% |
| 2024 | -48.7% | -1.6% |
| 2025 | -22.5% | -24.4% |
| 2026 | -29.2% | -21.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FWRD and MBC good diversifiers for each other?
Reasonably. At 0.46, FWRD and MBC keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FWRD and MBC?
As of 2026-08-27, the correlation of weekly returns between FWRD and MBC is 0.46 over 3 years, 0.66 over 1 year and 0.39 over 5 years.
Is MBC a good diversifier for FWRD?
Reasonably. At 0.46, FWRD and MBC keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.46 mean?
A reading of 0.46 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fwrd-vs-mbc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fwrd-vs-mbc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FWRD correlations · MBC correlations
