CLW vs DLB: Correlation
Measured on weekly returns over the past three years, Clearwater Paper Corporation (CLW) and Dolby Laboratories (DLB) carry a correlation of 0.46, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CLW and DLB?
Over the past 3 years, CLW and DLB moved with a correlation of 0.46, which is moderate. Recent behaviour matches the longer record: 0.52 over 1 year against 0.46 over 3. Over 5 years the correlation is 0.37, and the annualized covariance of weekly returns is 619.3 %².
Among the 11 assets we track against CLW, DLB ranks #4 by 3-year correlation. Over the last 12 months CLW came out ahead by 10.6 percentage points (-1.7% against -12.3%). Note the risk asymmetry: CLW runs 2.0 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.
CLW vs DLB: side by side
| CLW (Clearwater Paper Corporation) | DLB (Dolby Laboratories) | |
|---|---|---|
| 1-year return | -1.7% | -12.3% |
| 5-year return | -35.0% | -31.8% |
| Volatility (ann.) | 51.3% | 26.0% |
| Beta vs S&P 500 | 0.82 | 0.78 |
| Max drawdown (3Y) | -77.8% | -43.2% |
| Market cap | $0.3B | $5.8B |
| P/E (trailing) | – | 27.6 |
| Dividend yield | 0.00% | 2.22% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CLW | DLB |
|---|---|---|
| 2022 | +3.1% | -24.9% |
| 2023 | -4.5% | +23.8% |
| 2024 | -17.6% | -7.9% |
| 2025 | -41.6% | -16.3% |
| 2026 | +21.2% | -1.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CLW and DLB good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CLW and DLB?
As of 2026-08-27, the correlation of weekly returns between CLW and DLB is 0.46 over 3 years, 0.52 over 1 year and 0.37 over 5 years.
Is DLB a good diversifier for CLW?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.46 mean?
On the −1 to +1 scale, 0.46 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/clw-vs-dlb.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/clw-vs-dlb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CLW correlations · DLB correlations
