CLW vs ZCMD: Correlation
Measured on weekly returns over the past three years, Clearwater Paper Corporation (CLW) and Zhongchao Inc. - Class A (ZCMD) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CLW and ZCMD?
Over the past 3 years, CLW and ZCMD moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.15) sits close to the 3-year figure. Over 5 years the correlation is -0.20, and the annualized covariance of weekly returns is -1775.2 %².
Among the 11 assets we track against CLW, ZCMD sits near the bottom by co-movement, at rank #9. Correlation aside, the last 12 months split them widely, with CLW ahead by 98.2 points (-1.7% versus -99.9%). Risk is not evenly split, since ZCMD carries 2.8 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 ZCMD: side by side
| CLW (Clearwater Paper Corporation) | ZCMD (Zhongchao Inc. - Class A) | |
|---|---|---|
| 1-year return | -1.7% | -99.9% |
| 5-year return | -35.0% | -100.0% |
| Volatility (ann.) | 51.3% | 141.8% |
| Beta vs S&P 500 | 0.82 | 0.59 |
| Max drawdown (3Y) | -77.8% | -100.0% |
| Market cap | $0.3B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CLW | ZCMD |
|---|---|---|
| 2022 | +3.1% | -35.4% |
| 2023 | -4.5% | -69.5% |
| 2024 | -17.6% | -53.8% |
| 2025 | -41.6% | -72.2% |
| 2026 | +21.2% | -99.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CLW and ZCMD good diversifiers for each other?
Yes. With a correlation of -0.24, CLW and ZCMD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CLW and ZCMD?
The CLW/ZCMD correlation stands at -0.24 on a 3-year window (1 year: -0.15, 5 years: -0.20), computed from weekly returns as of 2026-08-27.
Is ZCMD a good diversifier for CLW?
Yes. With a correlation of -0.24, CLW and ZCMD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 mean?
A reading of -0.24 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-zcmd.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/clw-vs-zcmd/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CLW correlations · ZCMD correlations
