CLW vs CMCO: Correlation
Clearwater Paper Corporation (CLW) and Columbus McKinnon Corporation (CMCO) show a moderate relationship: their 3-year correlation of weekly returns is 0.50.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CLW and CMCO?
On 3 years of weekly data the CLW/CMCO correlation comes out at 0.50, moderate. Little has changed lately, as the 1-year reading of 0.59 lands near the 3-year figure. The 5-year figure is 0.38, and annualized covariance runs at 1275.8 %².
Few assets follow CLW as closely as CMCO, which ranks #2 of 11 tracked partners. Their recent paths diverged sharply: over the last 12 months CMCO outperformed by 25.0 percentage points (-1.7% for CLW against +23.3% for CMCO).
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.
CLW vs CMCO: side by side
| CLW (Clearwater Paper Corporation) | CMCO (Columbus McKinnon Corporation) | |
|---|---|---|
| 1-year return | -1.7% | +23.3% |
| 5-year return | -35.0% | -58.0% |
| Volatility (ann.) | 51.3% | 50.1% |
| Beta vs S&P 500 | 0.82 | 1.42 |
| Max drawdown (3Y) | -77.8% | -72.8% |
| Market cap | $0.3B | $0.5B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 1.56% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CLW | CMCO |
|---|---|---|
| 2022 | +3.1% | -29.3% |
| 2023 | -4.5% | +21.1% |
| 2024 | -17.6% | -3.9% |
| 2025 | -41.6% | -52.9% |
| 2026 | +21.2% | +7.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CLW and CMCO good diversifiers for each other?
To a limited degree. At 0.50 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between CLW and CMCO?
The CLW/CMCO correlation stands at 0.50 on a 3-year window (1 year: 0.59, 5 years: 0.38), computed from weekly returns as of 2026-08-27.
Is CMCO a good diversifier for CLW?
To a limited degree. At 0.50 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.50 mean?
A reading of 0.50 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: CLW correlations · CMCO correlations
