FWRD vs. ^GSPC
FWRD (Forward Air Corporation) is a stock, while ^GSPC (S&P 500 Index) is an index. Over the past 10 years, FWRD returned -10.79%/yr vs 13.71%/yr for ^GSPC. At a 0.41 correlation, their price movements are largely independent.
Performance
FWRD vs. ^GSPC - Performance Comparison
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Returns By Period
In the year-to-date period, FWRD achieves a -47.68% return, which is significantly lower than ^GSPC's 7.60% return. Over the past 10 years, FWRD has underperformed ^GSPC with an annualized return of -10.79%, while ^GSPC has yielded a comparatively higher 13.71% annualized return.
FWRD
- 1D
- -4.60%
- 1M
- 48.64%
- YTD
- -47.68%
- 6M
- -48.38%
- 1Y
- -40.84%
- 3Y*
- -49.03%
- 5Y*
- -32.07%
- 10Y*
- -10.79%
^GSPC
- 1D
- -1.44%
- 1M
- -1.45%
- YTD
- 7.60%
- 6M
- 6.59%
- 1Y
- 22.24%
- 3Y*
- 19.20%
- 5Y*
- 11.54%
- 10Y*
- 13.71%
FWRD vs. ^GSPC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FWRD Forward Air Corporation | -47.68% | -22.48% | -48.70% | -39.34% | -12.56% | 59.42% | 11.27% | 29.00% | -3.49% | 22.67% |
^GSPC S&P 500 Index | 7.60% | 16.39% | 23.31% | 24.23% | -19.44% | 26.89% | 16.26% | 28.88% | -6.24% | 19.42% |
Correlation
The correlation between FWRD and ^GSPC is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.33 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.42 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Nov 16, 1993 | 0.41 |
The correlation between FWRD and ^GSPC shifts across timeframes, from 0.33 (3 years) to 0.47 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
FWRD vs. ^GSPC — Risk / Return Rank
FWRD
^GSPC
FWRD vs. ^GSPC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Forward Air Corporation (FWRD) and S&P 500 Index (^GSPC). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| FWRD | ^GSPC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.30 | ||
| Sortino ratioReturn per unit of downside risk | -2.69 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.32 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | -0.55 | 2.46 | -3.01 |
| Martin ratioReturn relative to average drawdown | -1.19 | 10.92 | -12.11 |
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Drawdowns
FWRD vs. ^GSPC - Drawdown Comparison
The maximum FWRD drawdown since its inception was -93.19%, which is greater than ^GSPC's maximum drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for FWRD and ^GSPC.
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Drawdown Indicators
| FWRD | ^GSPC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.19% | -56.78% | -36.41% |
Max Drawdown (1Y)Largest decline over 1 year | -74.25% | -9.10% | -65.15% |
Max Drawdown (3Y)Largest decline over 3 years | -93.02% | -18.90% | -74.12% |
Max Drawdown (5Y)Largest decline over 5 years | -93.19% | -25.43% | -67.76% |
Max Drawdown (10Y)Largest decline over 10 years | -93.19% | -33.92% | -59.27% |
Current DrawdownCurrent decline from peak | -89.28% | -3.21% | -86.07% |
Average DrawdownAverage peak-to-trough decline | -26.91% | -10.71% | -16.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.33% | 2.04% | +32.29% |
Volatility
FWRD vs. ^GSPC - Volatility Comparison
Forward Air Corporation (FWRD) has a higher volatility of 19.57% compared to S&P 500 Index (^GSPC) at 4.89%. This indicates that FWRD's price experiences larger fluctuations and is considered to be riskier than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FWRD | ^GSPC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.57% | 4.89% | +14.68% |
Volatility (6M)Calculated over the trailing 6-month period | 78.80% | 9.93% | +68.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 79.33% | 12.57% | +66.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.78% | 17.00% | +45.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.32% | 18.08% | +31.24% |
Frequently Asked Questions
FWRD and ^GSPC have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FWRD has higher volatility (19.57%) compared to ^GSPC (4.89%). In terms of maximum drawdown, FWRD dropped -93.19% vs ^GSPC's -56.78%.
^GSPC currently has the higher Sharpe Ratio (1.78 vs -0.52), 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.
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