CLW vs IOSP: Correlation
How closely do Clearwater Paper Corporation (CLW) and Innospec Inc. (IOSP) trade together? Their weekly returns over three years give a correlation of 0.54, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CLW and IOSP?
Over the past 3 years, CLW and IOSP moved with a correlation of 0.54, which is moderate. Lately the two have moved closer together, with the 1-year correlation at 0.65 versus 0.54 over 3 years. Over 5 years the correlation is 0.40, and the annualized covariance of weekly returns is 743.3 %².
Few assets follow CLW as closely as IOSP, which ranks #1 of 11 tracked partners. On 12-month performance IOSP holds a 13.0-point edge, -1.7% against +11.3%. Risk is not evenly split, since CLW carries 1.9 times the volatility of the other side.
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 IOSP: side by side
| CLW (Clearwater Paper Corporation) | IOSP (Innospec Inc.) | |
|---|---|---|
| 1-year return | -1.7% | +11.3% |
| 5-year return | -35.0% | +10.2% |
| Volatility (ann.) | 51.3% | 26.6% |
| Beta vs S&P 500 | 0.82 | 0.94 |
| Max drawdown (3Y) | -77.8% | -48.4% |
| Market cap | $0.3B | $2.3B |
| P/E (trailing) | – | 19.5 |
| Dividend yield | 0.00% | 1.87% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CLW | IOSP |
|---|---|---|
| 2022 | +3.1% | +15.2% |
| 2023 | -4.5% | +21.5% |
| 2024 | -17.6% | -9.6% |
| 2025 | -41.6% | -28.9% |
| 2026 | +21.2% | +26.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CLW and IOSP good diversifiers for each other?
Somewhat, no more. With 0.54 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CLW and IOSP?
The CLW/IOSP correlation stands at 0.54 on a 3-year window (1 year: 0.65, 5 years: 0.40), computed from weekly returns as of 2026-08-27.
Is IOSP a good diversifier for CLW?
Somewhat, no more. With 0.54 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.54 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
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Related comparisons
Hubs: CLW correlations · IOSP correlations
