Abstract. Severe storms (Dst) and Forbush decreases (FD) during cycle 23 showed that maximum negative Dst magnitudes usually occurred almost simultaneously with the maximum negative values of the B z component of interplanetary magnetic field B, but the maximum magnitudes of negative Dst and B z were poorly correlated (+0.28). A parameter B z (CP) was calculated (cumulative partial B z ) as sum of the hourly negative values of B z from the time of start to the maximum negative value. The correlation of negative Dst maximum with B z (CP) was higher (+0.59) as compared to that of Dst with B z alone (+0.28). When the product of B z with the solar wind speed V (at the hour of negative B z maximum) was considered, the correlation of negative Dst maximum with V B z was +0.59 and with V B z (CP), 0.71. Thus, including V improved the correlations. However, ground-based Dst values have a considerable contribution from magnetopause currents (several tens of nT, even exceeding 100 nT in very severe storms). When their contribution is subtracted from Dst(nT), the residue Dst* representing true ring current effect is much better correlated with B z and B z (CP), but not with V B z or V B z (CP), indicating that these are unimportant parameters and the effect of V is seen only through the solar wind ram pressure causing magnetopause currents. Maximum negative Dst (or Dst*) did not occur at the same hour as maximum FD. The time evolutions of Dst and FD were very different. The correlations were almost zero. Basically, negative Dst (or Dst*) and FDs are uncorrelated, indicating altogether different mechanism.