CWH vs OI: Correlation
How closely do Camping World Holdings, Inc. (CWH) and O-I Glass, Inc. (OI) trade together? Their weekly returns over three years give a correlation of 0.54, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CWH and OI?
Over the past 3 years, CWH and OI moved with a correlation of 0.54, which is moderate. The relationship has been stable: the 1-year correlation (0.50) sits close to the 3-year figure. Over 5 years the correlation is 0.46, and the annualized covariance of weekly returns is 1319.9 %².
Among the 28 assets we track against CWH, OI ranks #9 by 3-year correlation. The last year tells two different stories: OI led by 18.2 percentage points, -63.0% for CWH against -44.8% for OI. Note the risk asymmetry: CWH runs 1.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 OI: side by side
| CWH (Camping World Holdings, Inc.) | OI (O-I Glass, Inc.) | |
|---|---|---|
| 1-year return | -63.0% | -44.8% |
| 5-year return | -79.9% | -53.2% |
| Volatility (ann.) | 60.7% | 40.3% |
| Beta vs S&P 500 | 2.02 | 0.91 |
| Max drawdown (3Y) | -79.1% | -68.6% |
| Market cap | $0.4B | $1.1B |
| P/E (trailing) | – | – |
| Dividend yield | 3.84% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CWH | OI |
|---|---|---|
| 2022 | -39.6% | +37.7% |
| 2023 | +25.1% | -1.1% |
| 2024 | -17.9% | -33.8% |
| 2025 | -52.2% | +36.2% |
| 2026 | -33.9% | -51.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CWH and OI good diversifiers for each other?
Only partially. A correlation of 0.54 means CWH and OI 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 OI?
Using weekly returns as of 2026-08-27: 0.54 over 3 years, with 0.50 over the last year and 0.46 over 5 years.
Is OI a good diversifier for CWH?
Only partially. A correlation of 0.54 means CWH and OI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.54 mean?
A reading of 0.54 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-oi.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cwh-vs-oi/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CWH correlations · OI correlations
