CWH vs MDY: Correlation
Measured on weekly returns over the past three years, Camping World Holdings, Inc. (CWH) and SPDR S&P MidCap 400 ETF (MDY) carry a correlation of 0.69, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CWH and MDY?
Across a 3-year window, the weekly returns of CWH and MDY correlate at 0.69, strong. The relationship has been stable: the 1-year correlation (0.62) sits close to the 3-year figure. Stretching to 5 years gives 0.62, with an annualized covariance of 688.7 %².
Within CWH's tracked universe of 28 assets, MDY comes in at #4 by 3-year correlation. The last year tells two different stories: MDY led by 81.3 percentage points, -63.0% for CWH against +18.3% for MDY. Risk is not evenly split, since CWH carries 3.7 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 MDY: side by side
| CWH (Camping World Holdings, Inc.) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | -63.0% | +18.3% |
| 5-year return | -79.9% | +47.5% |
| Volatility (ann.) | 60.7% | 16.5% |
| Beta vs S&P 500 | 2.02 | 0.91 |
| Max drawdown (3Y) | -79.1% | -24.0% |
| Market cap | $0.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 3.84% | 1.02% |
| Expense ratio | – | 0.23% |
| Assets under management | – | $26.5B |
| Sector / category | US Listed | ETF · US Small & Mid Cap |
MDY, State Street Investment Management's Mid-Cap Blend fund, carries $26.5B under management, 400 holdings, a 0.23% expense ratio, a 1.02% trailing dividend yield.
Year-by-year returns
| Year | CWH | MDY |
|---|---|---|
| 2022 | -39.6% | -13.3% |
| 2023 | +25.1% | +16.1% |
| 2024 | -17.9% | +13.6% |
| 2025 | -52.2% | +7.2% |
| 2026 | -33.9% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CWH and MDY good diversifiers for each other?
Only partially. A correlation of 0.69 means CWH and MDY 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 MDY?
As of 2026-08-27, the correlation of weekly returns between CWH and MDY is 0.69 over 3 years, 0.62 over 1 year and 0.62 over 5 years.
Is MDY a good diversifier for CWH?
Only partially. A correlation of 0.69 means CWH and MDY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.69 mean?
On the −1 to +1 scale, 0.69 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.
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Related comparisons
Hubs: CWH correlations · MDY correlations
