CWH vs QQQ: Correlation
Camping World Holdings, Inc. (CWH) and Invesco QQQ Trust (QQQ) show a moderate relationship: their 3-year correlation of weekly returns is 0.39.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CWH and QQQ?
Over the past 3 years, CWH and QQQ moved with a correlation of 0.39, which is moderate. The past 12 months show a weaker link (0.26) than the 3-year average (0.39). Over 5 years the correlation is 0.40, and the annualized covariance of weekly returns is 461.8 %².
Among the 28 assets we track against CWH, QQQ sits near the bottom by co-movement, at rank #24. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 89.3 percentage points (-63.0% for CWH against +26.3% for QQQ). One caveat on sizing: CWH is 3.1 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 QQQ: side by side
| CWH (Camping World Holdings, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -63.0% | +26.3% |
| 5-year return | -79.9% | +95.4% |
| Volatility (ann.) | 60.7% | 19.6% |
| Beta vs S&P 500 | 2.02 | 1.28 |
| Max drawdown (3Y) | -79.1% | -22.8% |
| Market cap | $0.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 3.84% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | US Listed | ETF · US Growth & Tech |
QQQ is a Large Growth fund from Invesco: $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | CWH | QQQ |
|---|---|---|
| 2022 | -39.6% | -32.6% |
| 2023 | +25.1% | +54.9% |
| 2024 | -17.9% | +25.6% |
| 2025 | -52.2% | +20.8% |
| 2026 | -33.9% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CWH and QQQ good diversifiers for each other?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CWH and QQQ?
Using weekly returns as of 2026-08-27: 0.39 over 3 years, with 0.26 over the last year and 0.40 over 5 years.
Is QQQ a good diversifier for CWH?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.39 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
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Related comparisons
Hubs: CWH correlations · QQQ correlations
