CLW vs FUL: Correlation
How closely do Clearwater Paper Corporation (CLW) and H. B. Fuller Company (FUL) trade together? Their weekly returns over three years give a correlation of 0.46, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CLW and FUL?
On 3 years of weekly data the CLW/FUL correlation comes out at 0.46, moderate. The past 12 months show a tighter link (0.60) than the 3-year average (0.46). The 5-year figure is 0.38, and annualized covariance runs at 728.8 %².
By 3-year correlation, FUL places #5 of the 11 assets tracked against CLW. Their 12-month results are close: -1.7% for CLW against -6.1% for FUL. Note the risk asymmetry: CLW runs 1.7 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 FUL: side by side
| CLW (Clearwater Paper Corporation) | FUL (H. B. Fuller Company) | |
|---|---|---|
| 1-year return | -1.7% | -6.1% |
| 5-year return | -35.0% | -10.4% |
| Volatility (ann.) | 51.3% | 31.0% |
| Beta vs S&P 500 | 0.82 | 0.93 |
| Max drawdown (3Y) | -77.8% | -43.5% |
| Market cap | $0.3B | $3.1B |
| P/E (trailing) | – | 17.2 |
| Dividend yield | 0.00% | 1.64% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CLW | FUL |
|---|---|---|
| 2022 | +3.1% | -10.6% |
| 2023 | -4.5% | +15.0% |
| 2024 | -17.6% | -16.2% |
| 2025 | -41.6% | -10.5% |
| 2026 | +21.2% | -3.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CLW and FUL good diversifiers for each other?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CLW and FUL?
As of 2026-08-27, the correlation of weekly returns between CLW and FUL is 0.46 over 3 years, 0.60 over 1 year and 0.38 over 5 years.
Is FUL a good diversifier for CLW?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
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-ful.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/clw-vs-ful/)
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Related comparisons
Hubs: CLW correlations · FUL correlations
