FWDI vs. UPXI

Last updated Jun 4, 2026

FWDI (Forward Industries, Inc) and UPXI (Upexi Inc.) are both stocks. FWDI operates in Footwear & Accessories (Consumer Cyclical), while UPXI operates in Internet Content & Information (Communication Services). Over the past 3 years, FWDI returned -25.97%/yr vs -74.86%/yr for UPXI. At a 0.18 correlation, their price movements are largely independent.

Performance

FWDI vs. UPXI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Forward Industries, Inc (FWDI) and Upexi Inc. (UPXI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FWDI achieves a -36.16% return, which is significantly higher than UPXI's -39.88% return.

FWDI

• 1D: -6.01%
• 1M: -6.01%
• YTD: -36.16%
• 6M: -50.41%
• 1Y: -30.02%
• 3Y*: -25.97%
• 5Y*: -31.06%
• 10Y*: -10.36%

UPXI

• 1D: -5.61%
• 1M: -25.74%
• YTD: -39.88%
• 6M: -65.29%
• 1Y: -90.78%
• 3Y*: -74.86%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

FWDI vs. UPXI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FWDI Forward Industries, Inc	-36.16%	33.54%	-32.14%	-31.93%	-31.31%	-48.68%
UPXI Upexi Inc.	-39.88%	-52.14%	-84.87%	-61.33%	-25.37%	-28.21%

Correlation

The correlation between FWDI and UPXI is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (All Time) Calculated using the full available price history since Jun 25, 2021	0.18

Over the past year, FWDI and UPXI have become more correlated (0.45) than their long-term average of 0.18, meaning their price movements have been converging.

Fundamentals

Market Cap FWDI : $400.58M UPXI : $66.16M
EPS FWDI : -$20.47 UPXI : -$4.10
PS Ratio FWDI : 4.97 UPXI : 2.15
Total Revenue (TTM) FWDI : $42.85M UPXI : $26.14M
Gross Profit (TTM) FWDI : $29.79M UPXI : $22.60M
EBITDA (TTM) FWDI : -$439.96M UPXI : -$52.70M

Return for Risk

FWDI vs. UPXI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FWDI

FWDI Risk / Return Rank: 35
FWDI Sharpe Ratio Rank: 31
FWDI Sortino Ratio Rank: 41
FWDI Omega Ratio Rank: 40
FWDI Calmar Ratio Rank: 30
FWDI Martin Ratio Rank: 33

UPXI

UPXI Risk / Return Rank: 11
UPXI Sharpe Ratio Rank: 15
UPXI Sortino Ratio Rank: 10
UPXI Omega Ratio Rank: 12
UPXI Calmar Ratio Rank: 4
UPXI Martin Ratio Rank: 13

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FWDI vs. UPXI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Forward Industries, Inc (FWDI) and Upexi Inc. (UPXI). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	FWDI	UPXI	Difference
Sharpe ratio Return per unit of total volatility	-0.25	-0.59	+0.34
Sortino ratio Return per unit of downside risk	0.45	-1.04	+1.49
Omega ratio Gain probability vs. loss probability	1.05	0.88	+0.17
Calmar ratio Return relative to maximum drawdown	-0.34	-0.95	+0.61
Martin ratio Return relative to average drawdown	-0.45	-1.22	+0.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FWDI vs. UPXI - Sharpe Ratio Comparison

The current FWDI Sharpe Ratio is -0.25, which is higher than the UPXI Sharpe Ratio of -0.59. The chart below compares the historical Sharpe Ratios of FWDI and UPXI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FWDI	UPXI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.25	-0.59	+0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.36	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.11	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.04	-0.30	+0.26

Drawdowns

FWDI vs. UPXI - Drawdown Comparison

The maximum FWDI drawdown since its inception was -98.85%, roughly equal to the maximum UPXI drawdown of -99.64%. Use the drawdown chart below to compare losses from any high point for FWDI and UPXI.

Drawdown Indicators

	FWDI	UPXI	Difference
Max Drawdown Largest peak-to-trough decline	-98.85%	-99.64%	+0.79%
Max Drawdown (1Y) Largest decline over 1 year	-89.56%	-95.55%	+5.99%
Max Drawdown (3Y) Largest decline over 3 years	-89.56%	-99.10%	+9.54%
Max Drawdown (5Y) Largest decline over 5 years	-89.72%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-93.24%	—	—
Current Drawdown Current decline from peak	-98.53%	-99.36%	+0.83%
Average Drawdown Average peak-to-trough decline	-82.24%	-72.75%	-9.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	66.25%	74.15%	-7.90%

Volatility

FWDI vs. UPXI - Volatility Comparison

Forward Industries, Inc (FWDI) has a higher volatility of 25.79% compared to Upexi Inc. (UPXI) at 23.38%. This indicates that FWDI's price experiences larger fluctuations and is considered to be riskier than UPXI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FWDI	UPXI	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.79%	23.38%	+2.41%
Volatility (6M) Calculated over the trailing 6-month period	59.95%	94.36%	-34.41%
Volatility (1Y) Calculated over the trailing 1-year period	120.90%	154.65%	-33.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	85.85%	204.12%	-118.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	90.47%	204.12%	-113.65%

Dividends

FWDI vs. UPXI - Dividend Comparison

Neither FWDI nor UPXI has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

Frequently Asked Questions

Can I hold both FWDI and UPXI in my portfolio?

FWDI and UPXI have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FWDI or UPXI?

FWDI has higher volatility (25.79%) compared to UPXI (23.38%). In terms of maximum drawdown, FWDI dropped -98.85% vs UPXI's -99.64%.

Which has better risk-adjusted returns?

FWDI currently has the higher Sharpe Ratio (-0.25 vs -0.59), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.