FWRD vs SLRC: Correlation
How closely do Forward Air Corporation (FWRD) and SLR Investment Corp. - Closed End Fund (SLRC) trade together? Their weekly returns over three years give a correlation of 0.43, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FWRD and SLRC?
On 3 years of weekly data the FWRD/SLRC correlation comes out at 0.43, moderate. The link has tightened recently: the 1-year correlation (0.63) runs above the 3-year figure (0.43). The 5-year figure is 0.38, and annualized covariance runs at 687.4 %².
Within FWRD's tracked universe of 12 assets, SLRC comes in at #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SLRC outperformed by 28.6 percentage points (-44.3% for FWRD against -15.7% for SLRC). One caveat on sizing: FWRD is 4.2 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 SLRC: side by side
| FWRD (Forward Air Corporation) | SLRC (SLR Investment Corp. - Closed End Fund) | |
|---|---|---|
| 1-year return | -44.3% | -15.7% |
| 5-year return | -79.7% | +11.2% |
| Volatility (ann.) | 81.4% | 19.4% |
| Beta vs S&P 500 | 1.69 | 0.56 |
| Max drawdown (3Y) | -89.2% | -22.4% |
| Market cap | $0.6B | $0.7B |
| P/E (trailing) | – | 9.2 |
| Dividend yield | 0.00% | 12.31% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FWRD | SLRC |
|---|---|---|
| 2022 | -12.6% | -16.1% |
| 2023 | -39.3% | +20.6% |
| 2024 | -48.7% | +19.1% |
| 2025 | -22.5% | +5.7% |
| 2026 | -29.2% | -14.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FWRD and SLRC good diversifiers for each other?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FWRD and SLRC?
Using weekly returns as of 2026-08-27: 0.43 over 3 years, with 0.63 over the last year and 0.38 over 5 years.
Is SLRC a good diversifier for FWRD?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.43 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-slrc.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fwrd-vs-slrc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FWRD correlations · SLRC correlations
