FWRD vs QQQ: Correlation
How closely do Forward Air Corporation (FWRD) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.22, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FWRD and QQQ?
Across a 3-year window, the weekly returns of FWRD and QQQ correlate at 0.22, weak. Lately the two have drifted apart, with the 1-year correlation at 0.10 versus 0.22 over 3 years. Stretching to 5 years gives 0.27, with an annualized covariance of 343.9 %².
Out of 12 assets tracked against FWRD, QQQ lands near the bottom at #9. Correlation aside, the last 12 months split them widely, with QQQ ahead by 70.6 points (-44.3% versus +26.3%). Risk is not evenly split, since FWRD carries 4.2 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 QQQ: side by side
| FWRD (Forward Air Corporation) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -44.3% | +26.3% |
| 5-year return | -79.7% | +95.4% |
| Volatility (ann.) | 81.4% | 19.6% |
| Beta vs S&P 500 | 1.69 | 1.28 |
| Max drawdown (3Y) | -89.2% | -22.8% |
| Market cap | $0.6B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | US Listed | ETF · US Growth & Tech |
QQQ is a Large Growth fund from Invesco: $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | FWRD | QQQ |
|---|---|---|
| 2022 | -12.6% | -32.6% |
| 2023 | -39.3% | +54.9% |
| 2024 | -48.7% | +25.6% |
| 2025 | -22.5% | +20.8% |
| 2026 | -29.2% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FWRD and QQQ good diversifiers for each other?
A fair diversifier. At 0.22, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FWRD and QQQ?
Using weekly returns as of 2026-08-27: 0.22 over 3 years, with 0.10 over the last year and 0.27 over 5 years.
Is QQQ a good diversifier for FWRD?
A fair diversifier. At 0.22, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.22 mean?
A reading of 0.22 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-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fwrd-vs-qqq/)
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Related comparisons
Hubs: FWRD correlations · QQQ correlations
