CLW vs MITK: Correlation
How closely do Clearwater Paper Corporation (CLW) and Mitek Systems, Inc. (MITK) trade together? Their weekly returns over three years give a correlation of 0.47, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CLW and MITK?
Across a 3-year window, the weekly returns of CLW and MITK correlate at 0.47, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.29 versus 0.47 over 3 years. Stretching to 5 years gives 0.39, with an annualized covariance of 1234.9 %².
In CLW's tracked universe of 11 assets, MITK sits right near the top at #3. Their recent paths diverged sharply: over the last 12 months MITK outperformed by 88.4 percentage points (-1.7% for CLW against +86.7% for MITK).
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 MITK: side by side
| CLW (Clearwater Paper Corporation) | MITK (Mitek Systems, Inc.) | |
|---|---|---|
| 1-year return | -1.7% | +86.7% |
| 5-year return | -35.0% | -15.0% |
| Volatility (ann.) | 51.3% | 51.1% |
| Beta vs S&P 500 | 0.82 | 1.14 |
| Max drawdown (3Y) | -77.8% | -52.1% |
| Market cap | $0.3B | $0.9B |
| P/E (trailing) | – | 40.9 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CLW | MITK |
|---|---|---|
| 2022 | +3.1% | -45.4% |
| 2023 | -4.5% | +34.6% |
| 2024 | -17.6% | -14.6% |
| 2025 | -41.6% | -5.2% |
| 2026 | +21.2% | +82.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CLW and MITK good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CLW and MITK?
As of 2026-08-27, the correlation of weekly returns between CLW and MITK is 0.47 over 3 years, 0.29 over 1 year and 0.39 over 5 years.
Is MITK a good diversifier for CLW?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.47 mean?
A reading of 0.47 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/clw-vs-mitk.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/clw-vs-mitk/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CLW correlations · MITK correlations
