CWH vs MERC: Correlation
Measured on weekly returns over the past three years, Camping World Holdings, Inc. (CWH) and Mercer International Inc. (MERC) carry a correlation of 0.44, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CWH and MERC?
On 3 years of weekly data the CWH/MERC correlation comes out at 0.44, moderate. Little has changed lately, as the 1-year reading of 0.45 lands near the 3-year figure. The 5-year figure is 0.41, and annualized covariance runs at 1678.2 %².
Within CWH's tracked universe of 28 assets, MERC comes in at #21 by 3-year correlation. Correlation aside, the last 12 months split them widely, with CWH ahead by 25.0 points (-63.0% versus -88.0%).
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 MERC: side by side
| CWH (Camping World Holdings, Inc.) | MERC (Mercer International Inc.) | |
|---|---|---|
| 1-year return | -63.0% | -88.0% |
| 5-year return | -79.9% | -96.1% |
| Volatility (ann.) | 60.7% | 63.1% |
| Beta vs S&P 500 | 2.02 | 1.38 |
| Max drawdown (3Y) | -79.1% | -96.2% |
| Market cap | $0.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 3.84% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CWH | MERC |
|---|---|---|
| 2022 | -39.6% | -0.6% |
| 2023 | +25.1% | -15.7% |
| 2024 | -17.9% | -28.7% |
| 2025 | -52.2% | -68.5% |
| 2026 | -33.9% | -80.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CWH and MERC good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CWH and MERC?
As of 2026-08-27, the correlation of weekly returns between CWH and MERC is 0.44 over 3 years, 0.45 over 1 year and 0.41 over 5 years.
Is MERC a good diversifier for CWH?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.44 mean?
A reading of 0.44 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-merc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cwh-vs-merc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CWH correlations · MERC correlations
