ALVO vs CDW: Correlation
How closely do Alvotech (ALVO) and CDW Corporation (CDW) trade together? Their weekly returns over three years give a correlation of 0.36, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALVO and CDW?
Across a 3-year window, the weekly returns of ALVO and CDW correlate at 0.36, moderate. Recent behaviour matches the longer record: 0.38 over 1 year against 0.36 over 3. Stretching to 5 years gives 0.28, with an annualized covariance of 649.7 %².
CDW is one of the assets that tracks ALVO most closely: it ranks #3 out of the 12 assets we track against ALVO. Their recent paths diverged sharply: over the last 12 months CDW outperformed by 31.2 percentage points (-39.2% for ALVO against -8.0% for CDW). Note the risk asymmetry: ALVO runs 1.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
ALVO vs CDW: side by side
| ALVO (Alvotech) | CDW (CDW Corporation) | |
|---|---|---|
| 1-year return | -39.2% | -8.0% |
| 5-year return | -56.4% | -20.5% |
| Volatility (ann.) | 52.8% | 34.2% |
| Beta vs S&P 500 | 0.81 | 1.01 |
| Max drawdown (3Y) | -82.6% | -60.4% |
| Market cap | $1.7B | $18.6B |
| P/E (trailing) | – | 17.0 |
| Dividend yield | 0.00% | 1.78% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | ALVO | CDW |
|---|---|---|
| 2022 | – | -11.7% |
| 2023 | +14.8% | +28.8% |
| 2024 | +15.2% | -22.6% |
| 2025 | -61.2% | -20.6% |
| 2026 | -4.9% | +11.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALVO and CDW good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ALVO and CDW?
As of 2026-08-27, the correlation of weekly returns between ALVO and CDW is 0.36 over 3 years, 0.38 over 1 year and 0.28 over 5 years.
Is CDW a good diversifier for ALVO?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.36 mean?
On the −1 to +1 scale, 0.36 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/alvo-vs-cdw.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/alvo-vs-cdw/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ALVO correlations · CDW correlations
