Forward Air Correlations

FWRD Stock

USD 24.54 0.61 2.43%

The current 90-days correlation between Forward Air and Chart Industries is 0.75 (i.e., Poor diversification). The correlation of Forward Air is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

Forward Air Correlation With Market

Poor diversification

The correlation between Forward Air and DJI is 0.75 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Forward Air and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Forward Stock

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Forward Air. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as various price indices.

For information on how to trade Forward Stock refer to our How to Trade Forward Stock guide.

Moving together with Forward Stock

0.72	EXPD	Expeditors International	Pair Corr
0.78	FDX	FedEx	Pair Corr
0.82	PBI	Pitney Bowes	Pair Corr
0.7	UPS	United Parcel Service	Pair Corr
0.67	JBHT	JB Hunt Transport	Pair Corr
0.66	SGLY	Singularity Future	Pair Corr
0.82	J	Jacobs Solutions	Pair Corr
0.81	R	Ryder System	Pair Corr
0.64	MBAV	M3 Brigade Acquisition	Pair Corr
0.69	LOKVU	Live Oak Acquisition	Pair Corr
0.78	DIST	Distoken Acquisition	Pair Corr
0.75	AL	Air Lease	Pair Corr
0.63	AP	Ampco Pittsburgh	Pair Corr
0.79	AZ	A2Z Smart Technologies	Pair Corr
0.69	BA	Boeing Aggressive Push	Pair Corr
0.82	BE	Bloom Energy Corp	Pair Corr
0.7	BV	BrightView Holdings	Pair Corr
0.75	BW	Babcock Wilcox Enter	Pair Corr
0.72	BZ	Kanzhun Ltd ADR	Pair Corr
0.64	CP	Canadian Pacific Railway	Pair Corr
0.84	CR	Crane Company	Pair Corr
0.81	CW	Curtiss Wright	Pair Corr
0.77	DE	Deere Company	Pair Corr
0.76	DY	Dycom Industries	Pair Corr
0.62	FC	Franklin Covey	Pair Corr
0.74	GD	General Dynamics	Pair Corr

Moving against Forward Stock

0.6	NCEW	New Century Logistics	Pair Corr
0.43	LSH	Lakeside Holding	Pair Corr
0.42	PAL	Proficient Auto Logi	Pair Corr
0.37	PSIG	PS International	Pair Corr
0.33	HXHX	Haoxin Holdings	Pair Corr

Related Correlations Analysis

	GTLS-PB	GLMFF	PRIM	TOON	CPAC	MAT	DOOO	SWMD
GTLS-PB		0.69	0.82	0.66	0.41	0.81	0.28	0.0	GTLS-PB
GLMFF	0.69		0.82	0.7	0.59	0.72	0.58	0.0	GLMFF
PRIM	0.82	0.82		0.8	0.67	0.87	0.72	0.0	PRIM
TOON	0.66	0.7	0.8		0.7	0.84	0.63	0.0	TOON
CPAC	0.41	0.59	0.67	0.7		0.74	0.8	0.0	CPAC
MAT	0.81	0.72	0.87	0.84	0.74		0.63	0.0	MAT
DOOO	0.28	0.58	0.72	0.63	0.8	0.63		0.0	DOOO
SWMD	0.0	0.0	0.0	0.0	0.0	0.0	0.0		SWMD
	GTLS-PB	GLMFF	PRIM	TOON	CPAC	MAT	DOOO	SWMD

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

MAT	+ 0.87	PRIM
MAT	+ 0.84	TOON
PRIM	+ 0.82	GTLS-PB
PRIM	+ 0.82	GLMFF
MAT	+ 0.81	GTLS-PB
TOON	+ 0.8	PRIM

High negative correlations

SWMD	- 0.0	DOOO
SWMD	- 0.0	MAT
SWMD	- 0.0	CPAC
SWMD	- 0.0	TOON
SWMD	- 0.0	PRIM
SWMD	- 0.0	GLMFF

Risk-Adjusted Indicators

There is a big difference between Forward Stock performing well and Forward Air Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Forward Air's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
GTLS-PB	2.52	0.10	0.04	0.12	3.53	(2.80)	6.16	(5.95)	17.47
GLMFF	0.64	0.32	0.00	290.78	0.00	0.00	0.00	0.00	11.11
PRIM	2.21	0.45	0.16	0.45	2.46	(2.39)	4.03	(4.45)	15.38
TOON	3.28	0.29	0.06	0.38	3.51	(4.27)	6.33	(5.95)	27.78
CPAC	1.40	0.05	0.00	(2.03)	2.16	(1.46)	3.19	(3.36)	8.75
MAT	2.18	(0.01)	0.00	0.06	3.97	(2.14)	4.60	(4.07)	18.82
DOOO	2.16	0.48	0.18	0.51	2.28	(2.43)	4.45	(3.28)	19.19
SWMD	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Forward Air Corporate Management

James Faught	Chief Officer	Profile
Rebecca Garbrick	CFO Treasurer	Profile
Nancee Ronning	Chief Officer	Profile
Jamie Pierson	Chief Officer	Profile
Douglas Smith	Chief Officer	Profile
Joseph Tomasello	Chief Officer	Profile

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2025 Macroaxis LLC