CHWY vs NFLX: Correlation
Measured on weekly returns over the past three years, Chewy, Inc. (CHWY) and Netflix (NFLX) carry a correlation of 0.41, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CHWY and NFLX?
Across a 3-year window, the weekly returns of CHWY and NFLX correlate at 0.41, moderate. Recent behaviour matches the longer record: 0.38 over 1 year against 0.41 over 3. Stretching to 5 years gives 0.45, with an annualized covariance of 740.3 %².
By 3-year correlation, NFLX places #4 of the 11 assets tracked against CHWY. The trailing year gives NFLX the advantage: -43.6% versus -34.7%, a 8.9-point spread.
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.
CHWY vs NFLX: side by side
| CHWY (Chewy, Inc.) | NFLX (Netflix) | |
|---|---|---|
| 1-year return | -43.6% | -34.7% |
| 5-year return | -74.7% | +41.0% |
| Volatility (ann.) | 51.6% | 35.2% |
| Beta vs S&P 500 | 1.00 | 0.99 |
| Max drawdown (3Y) | -63.7% | -49.5% |
| Market cap | $9.3B | $332.4B |
| P/E (trailing) | 38.0 | 25.7 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Communication Services |
Year-by-year returns
| Year | CHWY | NFLX |
|---|---|---|
| 2022 | -37.1% | -51.1% |
| 2023 | -36.3% | +65.1% |
| 2024 | +41.7% | +83.1% |
| 2025 | -1.3% | +5.2% |
| 2026 | -31.0% | -14.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CHWY and NFLX good diversifiers for each other?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CHWY and NFLX?
Using weekly returns as of 2026-08-27: 0.41 over 3 years, with 0.38 over the last year and 0.45 over 5 years.
Is NFLX a good diversifier for CHWY?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.41 mean?
A reading of 0.41 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/chwy-vs-nflx.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/chwy-vs-nflx/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CHWY correlations · NFLX correlations
