Forward Air Correlations

FWRD Stock

USD 25.00 0.29 1.15%

The current 90-days correlation between Forward Air and FTAI Infrastructure is 0.02 (i.e., Significant 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

Average diversification

The correlation between Forward Air and DJI is 0.11 (i.e., Average 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 signals in population.

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

Moving together with Forward Stock

0.72	ZTO	ZTO Express	Pair Corr
0.64	TTNM	Titanium Transportation	Pair Corr
0.61	HUBG	Hub Group	Pair Corr
0.71	002889	Shenzhen Easttop Supply	Pair Corr

Moving against Forward Stock

0.76	603329	Shanghai Ace InvestDvlp	Pair Corr
0.7	600119	YUD Yangtze River	Pair Corr
0.65	GVH	Globavend Holdings	Pair Corr
0.6	002352	SF Holding	Pair Corr
0.58	001202	Guangdong Jushen Log	Pair Corr
0.58	603117	Jiangsu Wanlin Modern	Pair Corr
0.53	HKPD	Hong Kong Pharma	Pair Corr
0.52	FLX	BingEx	Pair Corr
0.5	002120	YUNDA Holding	Pair Corr
0.41	000099	Citic Offshore Helicopter	Pair Corr
0.34	001228	Yongtaiyun Chemical	Pair Corr
0.72	300240	Jiangsu Feiliks Intl	Pair Corr
0.68	AIRT	Air T Inc	Pair Corr
0.65	300013	Jiangsu Xinning Modern	Pair Corr
0.58	603648	Shanghai Shine Link	Pair Corr
0.56	002210	Shenzhen Feima Inter	Pair Corr
0.55	600787	CMST Development	Pair Corr
0.54	CJMB	Callan JMB Common	Pair Corr
0.37	FRW	Freightways Group	Pair Corr

Related Correlations Analysis

	FIP	NX	CODI	TE	ASPN	EH	VSTS	CYRX	SNCY	HTLD
FIP		0.5	0.42	0.18	0.63	0.5	-0.23	0.53	-0.21	0.2	FIP
NX	0.5		-0.15	0.5	0.19	0.02	0.28	0.56	0.37	0.77	NX
CODI	0.42	-0.15		-0.45	0.72	0.64	-0.61	0.39	-0.65	-0.35	CODI
TE	0.18	0.5	-0.45		-0.48	-0.63	0.75	0.27	0.79	0.68	TE
ASPN	0.63	0.19	0.72	-0.48		0.92	-0.77	0.41	-0.75	-0.2	ASPN
EH	0.5	0.02	0.64	-0.63	0.92		-0.87	0.21	-0.82	-0.34	EH
VSTS	-0.23	0.28	-0.61	0.75	-0.77	-0.87		0.04	0.92	0.62	VSTS
CYRX	0.53	0.56	0.39	0.27	0.41	0.21	0.04		0.04	0.49	CYRX
SNCY	-0.21	0.37	-0.65	0.79	-0.75	-0.82	0.92	0.04		0.71	SNCY
HTLD	0.2	0.77	-0.35	0.68	-0.2	-0.34	0.62	0.49	0.71		HTLD
	FIP	NX	CODI	TE	ASPN	EH	VSTS	CYRX	SNCY	HTLD

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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

EH	+ 0.92	ASPN
SNCY	+ 0.92	VSTS
SNCY	+ 0.79	TE
HTLD	+ 0.77	NX
VSTS	+ 0.75	TE
ASPN	+ 0.72	CODI

High negative correlations

VSTS	- 0.87	EH
SNCY	- 0.82	EH
VSTS	- 0.77	ASPN
SNCY	- 0.75	ASPN
SNCY	- 0.65	CODI
EH	- 0.63	TE

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
FIP	3.35	0.05	0.02	0.09	3.75	(3.85)	7.45	(6.73)	18.25
NX	2.01	0.10	0.06	0.11	2.52	(2.01)	5.20	(4.72)	14.57
CODI	4.19	(0.38)	0.00	(0.40)	0.00	0.00	7.26	(7.77)	35.96
TE	7.72	1.94	0.31	1.01	5.99	(9.98)	16.72	(9.73)	43.42
ASPN	3.99	(1.21)	0.00	(0.35)	0.00	0.00	7.63	(7.06)	56.65
EH	2.12	(0.49)	0.00	(0.31)	0.00	0.00	4.67	(5.09)	14.52
VSTS	2.49	0.65	0.19	0.61	2.73	(2.87)	6.21	(4.15)	18.68
CYRX	2.51	0.06	0.02	0.13	3.59	(2.64)	5.25	(5.51)	20.48
SNCY	2.23	0.22	0.11	0.18	2.22	(2.49)	5.53	(4.25)	13.97
HTLD	1.70	0.04	0.03	0.08	1.85	(1.94)	4.69	(3.27)	10.06

Forward Air Corporate Management

James Faught	Chief Officer	Profile
Rebecca Garbrick	CFO Treasurer	Profile
Nancee Ronning	Chief Officer	Profile
Tim Osborne	Executive Operations	Profile
Jamie Pierson	Chief Officer	Profile
Douglas Smith	Chief Officer	Profile
Jason Ringgenberg	Interim Officer	Profile

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