CMCL vs SPWH: Correlation
Caledonia Mining Corporation Plc (CMCL) and Sportsman's Warehouse Holdings, Inc. (SPWH) show a moderate relationship: their 3-year correlation of weekly returns is 0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMCL and SPWH?
Over the past 3 years, CMCL and SPWH moved with a correlation of 0.32, which is moderate. The relationship has been stable: the 1-year correlation (0.23) sits close to the 3-year figure. Over 5 years the correlation is 0.25, and the annualized covariance of weekly returns is 1389.4 %².
Among the 13 assets we track against CMCL, SPWH ranks #7 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months CMCL outperformed by 63.5 percentage points (+5.4% for CMCL against -58.1% for SPWH). Risk is not evenly split, since SPWH carries 1.6 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.
CMCL vs SPWH: side by side
| CMCL (Caledonia Mining Corporation Plc) | SPWH (Sportsman's Warehouse Holdings, Inc.) | |
|---|---|---|
| 1-year return | +5.4% | -58.1% |
| 5-year return | +156.5% | -93.6% |
| Volatility (ann.) | 52.7% | 83.1% |
| Beta vs S&P 500 | 1.10 | 0.37 |
| Max drawdown (3Y) | -55.2% | -82.6% |
| Market cap | $0.5B | – |
| P/E (trailing) | 7.3 | – |
| Dividend yield | 2.25% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CMCL | SPWH |
|---|---|---|
| 2022 | +11.4% | -20.3% |
| 2023 | +2.6% | -54.7% |
| 2024 | -18.9% | -37.3% |
| 2025 | +183.7% | -45.3% |
| 2026 | -1.4% | -21.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CMCL and SPWH good diversifiers for each other?
A fair diversifier. At 0.32, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CMCL and SPWH?
The CMCL/SPWH correlation stands at 0.32 on a 3-year window (1 year: 0.23, 5 years: 0.25), computed from weekly returns as of 2026-08-27.
Is SPWH a good diversifier for CMCL?
A fair diversifier. At 0.32, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.32 mean?
On the −1 to +1 scale, 0.32 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/cmcl-vs-spwh.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cmcl-vs-spwh/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CMCL correlations · SPWH correlations
