FWRD vs WHR: Correlation
How closely do Forward Air Corporation (FWRD) and Whirlpool Corporation (WHR) trade together? Their weekly returns over three years give a correlation of 0.45, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FWRD and WHR?
Across a 3-year window, the weekly returns of FWRD and WHR correlate at 0.45, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.57 versus 0.45 over 3 years. Stretching to 5 years gives 0.46, with an annualized covariance of 1655.1 %².
In FWRD's tracked universe of 12 assets, WHR sits right near the top at #3. Over the last 12 months FWRD came out ahead by 12.2 percentage points (-44.3% against -56.5%). One caveat on sizing: FWRD is 1.8 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 WHR: side by side
| FWRD (Forward Air Corporation) | WHR (Whirlpool Corporation) | |
|---|---|---|
| 1-year return | -44.3% | -56.5% |
| 5-year return | -79.7% | -77.3% |
| Volatility (ann.) | 81.4% | 45.6% |
| Beta vs S&P 500 | 1.69 | 1.09 |
| Max drawdown (3Y) | -89.2% | -71.1% |
| Market cap | $0.6B | $2.6B |
| P/E (trailing) | – | 13.1 |
| Dividend yield | 0.00% | 6.73% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FWRD | WHR |
|---|---|---|
| 2022 | -12.6% | -37.2% |
| 2023 | -39.3% | -9.1% |
| 2024 | -48.7% | +0.6% |
| 2025 | -22.5% | -33.0% |
| 2026 | -29.2% | -44.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FWRD and WHR good diversifiers for each other?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FWRD and WHR?
Using weekly returns as of 2026-08-27: 0.45 over 3 years, with 0.57 over the last year and 0.46 over 5 years.
Is WHR a good diversifier for FWRD?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.45 mean?
On the −1 to +1 scale, 0.45 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-whr.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fwrd-vs-whr/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FWRD correlations · WHR correlations
