Forward Air Correlations

FWRD Stock

USD 29.89 1.73 6.14%

The current 90-days correlation between Forward Air and FTAI Infrastructure is 0.23 (i.e., Modest 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

Very poor diversification

The correlation between Forward Air and DJI is 0.87 (i.e., Very 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 signals in inflation.

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

Moving together with Forward Stock

0.95	EXPD	Expeditors International	Pair Corr
0.86	FDX	FedEx	Pair Corr
0.89	UPS	United Parcel Service	Pair Corr
0.68	XPO	XPO Logistics Trending	Pair Corr
0.84	UPAB	United Parcel Service	Pair Corr
0.94	ZTO	ZTO Express	Pair Corr
0.82	NCEW	New Century Logistics	Pair Corr
0.78	NRSA	NTG Nordic Transport	Pair Corr
0.86	CJT	Cargojet	Pair Corr
0.88	RLGT	Radiant Logistics	Pair Corr
0.82	CHRW	CH Robinson Worldwide	Pair Corr
0.8	I9V	TITANIUM TRANSPORTGROUP	Pair Corr
0.7	APETF	Alpha Esports Tech	Pair Corr
0.78	THO	Thor Industries	Pair Corr
0.73	RCKY	Rocky Brands	Pair Corr
0.62	NFG	National Fuel Gas	Pair Corr
0.87	OBYCF	Obayashi Earnings Call Tomorrow	Pair Corr
0.8	MAT	Mattel Inc Earnings Call This Week	Pair Corr
0.93	WMT	Walmart Common Stock Aggressive Push	Pair Corr
0.63	AROC	Archrock Symbol Change	Pair Corr
0.84	ANDE	Andersons	Pair Corr
0.62	SCAGW	Scage Future Warrants	Pair Corr
0.92	FIBK	First Interstate Ban Normal Trading	Pair Corr
0.75	PGEZF	Group Ten Metals	Pair Corr

Moving against Forward Stock

0.82	HKPD	Hong Kong Pharma	Pair Corr
0.56	ATXG	Addentax Group Corp	Pair Corr
0.56	CJMB	Callan JMB Common	Pair Corr
0.34	AIRT	Air T Inc	Pair Corr
0.47	RVSN	Rail Vision Upward Rally	Pair Corr
0.34	BKLRF	Berkeley Energy	Pair Corr
0.71	BROGF	BROGF	Pair Corr
0.68	POFCY	Petrofac ADR	Pair Corr
0.33	NVNIW	Nvni Group Limited	Pair Corr

Related Correlations Analysis

	FIP	NX	CODI	TE	ASPN	EH	VSTS	CYRX	SNCY	HTLD
FIP		0.81	0.13	0.76	0.25	-0.21	0.32	0.46	0.77	0.75	FIP
NX	0.81		-0.07	0.89	-0.1	-0.57	0.55	0.56	0.97	0.95	NX
CODI	0.13	-0.07		-0.17	0.25	-0.01	-0.19	-0.21	0.06	-0.11	CODI
TE	0.76	0.89	-0.17		-0.2	-0.55	0.62	0.66	0.87	0.91	TE
ASPN	0.25	-0.1	0.25	-0.2		0.61	-0.46	-0.13	-0.17	-0.2	ASPN
EH	-0.21	-0.57	-0.01	-0.55	0.61		-0.71	-0.23	-0.64	-0.62	EH
VSTS	0.32	0.55	-0.19	0.62	-0.46	-0.71		0.53	0.62	0.68	VSTS
CYRX	0.46	0.56	-0.21	0.66	-0.13	-0.23	0.53		0.56	0.64	CYRX
SNCY	0.77	0.97	0.06	0.87	-0.17	-0.64	0.62	0.56		0.95	SNCY
HTLD	0.75	0.95	-0.11	0.91	-0.2	-0.62	0.68	0.64	0.95		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

SNCY	+ 0.97	NX
HTLD	+ 0.95	NX
HTLD	+ 0.95	SNCY
HTLD	+ 0.91	TE
TE	+ 0.89	NX
SNCY	+ 0.87	TE

High negative correlations

VSTS	- 0.71	EH
SNCY	- 0.64	EH
HTLD	- 0.62	EH
EH	- 0.57	NX
EH	- 0.55	TE
VSTS	- 0.46	ASPN

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	3.30	0.02	0.02	0.09	3.89	(3.70)	7.93	(7.30)	18.25
NX	2.08	0.53	0.22	0.37	2.18	(2.30)	6.18	(4.72)	14.57
CODI	4.06	0.16	0.04	0.17	5.48	(4.12)	9.07	(6.84)	35.68
TE	6.80	1.52	0.23	1.01	6.01	(8.24)	15.44	(9.35)	33.07
ASPN	3.76	(1.20)	0.00	(0.30)	0.00	0.00	5.80	(6.65)	47.59
EH	2.13	(0.70)	0.00	(0.38)	0.00	0.00	5.77	(5.09)	17.58
VSTS	2.64	0.48	0.14	0.46	3.30	(2.87)	6.21	(6.37)	18.68
CYRX	2.09	(0.11)	0.00	(0.02)	0.00	0.00	4.90	(4.40)	15.73
SNCY	2.25	0.72	0.37	0.41	1.47	(2.70)	6.32	(3.08)	12.98
HTLD	1.88	0.49	0.31	0.36	1.20	(2.29)	5.90	(2.62)	10.25

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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