BH vs CWH: Correlation
Measured on weekly returns over the past three years, Biglari Holdings Inc. (BH) and Camping World Holdings, Inc. (CWH) carry a correlation of 0.43, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BH and CWH?
On 3 years of weekly data the BH/CWH correlation comes out at 0.43, moderate. The relationship has been stable: the 1-year correlation (0.49) sits close to the 3-year figure. The 5-year figure is 0.40, and annualized covariance runs at 1171.2 %².
By 3-year correlation, CWH places #4 of the 12 assets tracked against BH. Their recent paths diverged sharply: over the last 12 months BH outperformed by 82.6 percentage points (+19.6% for BH against -63.0% for CWH).
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.
BH vs CWH: side by side
| BH (Biglari Holdings Inc.) | CWH (Camping World Holdings, Inc.) | |
|---|---|---|
| 1-year return | +19.6% | -63.0% |
| 5-year return | +115.0% | -79.9% |
| Volatility (ann.) | 45.1% | 60.7% |
| Beta vs S&P 500 | 0.45 | 2.02 |
| Max drawdown (3Y) | -48.0% | -79.1% |
| Market cap | $1.2B | $0.4B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 3.84% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BH | CWH |
|---|---|---|
| 2022 | -2.6% | -39.6% |
| 2023 | +18.8% | +25.1% |
| 2024 | +54.2% | -17.9% |
| 2025 | +30.7% | -52.2% |
| 2026 | +14.0% | -33.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BH and CWH good diversifiers for each other?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between BH and CWH?
As of 2026-08-27, the correlation of weekly returns between BH and CWH is 0.43 over 3 years, 0.49 over 1 year and 0.40 over 5 years.
Is CWH a good diversifier for BH?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.43 mean?
A reading of 0.43 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bh-vs-cwh.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bh-vs-cwh/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BH correlations · CWH correlations
