XRPN vs FWRD

Comparison between Armada Acquisition Corp II - Class A (XRPN, Company) and Forward Air Corp (FWRD, Company).

XRPN is from the Financial Services sector, while FWRD is from the Industrials sector.

XRPN vs FWRD - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	XRPN(COMPANY)	FWRD(COMPANY)
Market Cap	$328M	$328M
Max Drawdown	3.33%	93.33%
Sharpe Ratio	0.09	-0.22
5Y Beta	-0.01	2.22
Industry	Shell Companies	Integrated Freight & Logistics
P/E Ratio	185.23	-3.55
Forward P/E	N/A	19.92
PEG Ratio	N/A	-0.22
5Y Dividends CAGR	N/A	9.00%
Debt to Equity	0.00%	2086.71%
Free Cash Flow Yield	-0.11%	5.21%
P/S Ratio	N/A	0.13
P/B Ratio	1.46	4.05

Market Cap

Winner

XRPN

$328M

FWRD

$328M

Max Drawdown

Winner

XRPN

3.33%

FWRD

93.33%

Sharpe Ratio

Winner

XRPN

0.09

FWRD

-0.22

5Y Beta

Winner

XRPN

-0.01

FWRD

2.22

Industry

XRPN

Shell Companies

FWRD

Integrated Freight & Logistics

P/E Ratio

XRPN

185.23

Winner

FWRD

-3.55

Forward P/E

XRPN

N/A

FWRD

19.92

PEG Ratio

XRPN

N/A

FWRD

-0.22

5Y Dividends CAGR

XRPN

N/A

FWRD

9.00%

Debt to Equity

Winner

XRPN

0.00%

FWRD

2086.71%

Free Cash Flow Yield

XRPN

-0.11%

Winner

FWRD

5.21%

P/S Ratio

XRPN

N/A

FWRD

0.13

P/B Ratio

Winner

XRPN

1.46

FWRD

4.05

XRPN vs FWRD - Historical Returns

Returns include dividend reinvestment.

Period	XRPN	FWRD
1 month	+0.58%	-52.18%
3 months	+1.02%	-59.89%
6 months	+2.56%	-59.22%
1 year	+3.78%	-39.14%
5 years(CAGR)	N/A	-35.64%
10 years(CAGR)	N/A	-13.13%
Max(CAGR)	+4.04%	+0.07%

Winner

XRPN

+0.58%

FWRD

-52.18%

Winner

XRPN

+1.02%

FWRD

-59.89%

Winner

XRPN

+2.56%

FWRD

-59.22%

Winner

XRPN

+3.78%

FWRD

-39.14%

5Y(CAGR)

XRPN

N/A

FWRD

-35.64%

10Y(CAGR)

XRPN

N/A

FWRD

-13.13%

Max(CAGR)

Winner

XRPN

+4.04%

FWRD

+0.07%

XRPN vs FWRD - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

Year	XRPN	FWRD
2026	+1.96%	-59.41%
2025	+1.99%	-21.53%
2024	N/A	-48.17%
2023	N/A	-39.21%
2022	N/A	-12.25%
2021	N/A	+60.31%
2020	N/A	+11.67%
2019	N/A	+29.03%
2018	N/A	-4.04%
2017	N/A	+20.02%
2016	N/A	+12.01%
2015	N/A	-12.64%
2014	N/A	+17.83%
2013	N/A	+23.47%
2012	N/A	+6.72%
2011	N/A	+12.79%
2010	N/A	+12.36%
2009	N/A	+4.27%
2008	N/A	-18.78%
2007	N/A	+3.58%
2006	N/A	-19.43%
2005	N/A	+23.03%
2004	N/A	+58.12%
2003	N/A	+37.16%
2002	N/A	-42.51%
2001	N/A	-7.83%
2000	N/A	+31.28%
1999	N/A	+57.75%

XRPN vs FWRD Drawdown Comparison

The maximum drawdown for XRPN was -3.33%, occurring on Nov 26, 2025. This drawdown has not yet recovered.

The maximum drawdown for FWRD was -93.19%, occurring on May 19, 2026. This drawdown has not yet recovered.

The current XRPN drawdown is -0.76%. The current FWRD drawdown is -91.64%.

Rank	XRPN	FWRD
#1	-3.33% Oct 14, 2025 - Nov 26, 2025	-93.19% Jan 4, 2022 - May 19, 2026
#2	-0.87% Aug 14, 2025 - Sep 19, 2025	-66.93% Jul 6, 2006 - Jul 9, 2013
#3	-0.76% Oct 2, 2025 - Oct 14, 2025	-65.25% Aug 1, 2000 - Jul 22, 2005
#4	-0.67% Sep 23, 2025 - Sep 29, 2025	-42.77% Jan 16, 2020 - Nov 9, 2020
#5	-0.59% Jul 21, 2025 - Aug 13, 2025	-36.22% Mar 20, 2015 - Sep 27, 2017
#6	-0.34% Sep 29, 2025 - Oct 2, 2025	-36.00% Feb 8, 2000 - Apr 19, 2000
#7	-0.20% Jun 30, 2025 - Jul 16, 2025	-27.94% Oct 1, 2018 - Oct 28, 2019
#8	-0.10% Jun 24, 2025 - Jun 30, 2025	-17.96% Jan 19, 2018 - Jun 20, 2018
#9	-0.10% Jul 16, 2025 - Jul 21, 2025	-17.89% May 7, 2021 - Oct 29, 2021
#10	N/A	-17.39% Jan 6, 2000 - Feb 8, 2000
#11	N/A	-14.97% May 3, 2000 - Jun 27, 2000
#12	N/A	-14.24% Nov 22, 2005 - Jun 30, 2006
#13	N/A	-12.14% Jan 20, 2021 - Feb 9, 2021
#14	N/A	-11.72% Nov 18, 1999 - Dec 7, 1999
#15	N/A	-11.49% Dec 30, 2014 - Feb 10, 2015

Correlation

Correlation between XRPN and FWRD is -0.55 which considered as a moderate negative correlation - the stocks show some tendency to move in opposite directions.

-0.55

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