CWH vs IWM: Correlation
How closely do Camping World Holdings, Inc. (CWH) and iShares Russell 2000 ETF (IWM) trade together? Their weekly returns over three years give a correlation of 0.71, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CWH and IWM?
Across a 3-year window, the weekly returns of CWH and IWM correlate at 0.71, strong. Recent behaviour matches the longer record: 0.67 over 1 year against 0.71 over 3. Stretching to 5 years gives 0.65, with an annualized covariance of 859.1 %².
In CWH's tracked universe of 28 assets, IWM sits right near the top at #2. Their recent paths diverged sharply: over the last 12 months IWM outperformed by 91.4 percentage points (-63.0% for CWH against +28.4% for IWM). Risk is not evenly split, since CWH carries 3.1 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.
CWH vs IWM: side by side
| CWH (Camping World Holdings, Inc.) | IWM (iShares Russell 2000 ETF) | |
|---|---|---|
| 1-year return | -63.0% | +28.4% |
| 5-year return | -79.9% | +41.5% |
| Volatility (ann.) | 60.7% | 19.8% |
| Beta vs S&P 500 | 2.02 | 1.06 |
| Max drawdown (3Y) | -79.1% | -27.5% |
| Market cap | $0.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 3.84% | 0.91% |
| Expense ratio | – | 0.19% |
| Assets under management | – | $80.1B |
| Sector / category | US Listed | ETF · US Small & Mid Cap |
IWM, iShares's Small Blend fund, carries $80.1B under management, 1757 holdings, a 0.19% expense ratio, a 0.91% trailing dividend yield.
Year-by-year returns
| Year | CWH | IWM |
|---|---|---|
| 2022 | -39.6% | -20.5% |
| 2023 | +25.1% | +16.8% |
| 2024 | -17.9% | +11.4% |
| 2025 | -52.2% | +12.7% |
| 2026 | -33.9% | +22.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CWH and IWM good diversifiers for each other?
Only partially. A correlation of 0.71 means CWH and IWM share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between CWH and IWM?
The CWH/IWM correlation stands at 0.71 on a 3-year window (1 year: 0.67, 5 years: 0.65), computed from weekly returns as of 2026-08-27.
Is IWM a good diversifier for CWH?
Only partially. A correlation of 0.71 means CWH and IWM share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.71 mean?
A reading of 0.71 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/cwh-vs-iwm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cwh-vs-iwm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CWH correlations · IWM correlations
