CWH vs SHOO: Correlation
How closely do Camping World Holdings, Inc. (CWH) and Steven Madden, Ltd. (SHOO) trade together? Their weekly returns over three years give a correlation of 0.52, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CWH and SHOO?
On 3 years of weekly data the CWH/SHOO correlation comes out at 0.52, moderate. The link has loosened recently: the 1-year correlation (0.40) runs below the 3-year figure (0.52). The 5-year figure is 0.47, and annualized covariance runs at 1219.1 %².
Within CWH's tracked universe of 28 assets, SHOO comes in at #14 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SHOO outperformed by 118.5 percentage points (-63.0% for CWH against +55.5% for SHOO). One caveat on sizing: CWH is 1.6 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 SHOO: side by side
| CWH (Camping World Holdings, Inc.) | SHOO (Steven Madden, Ltd.) | |
|---|---|---|
| 1-year return | -63.0% | +55.5% |
| 5-year return | -79.9% | +22.4% |
| Volatility (ann.) | 60.7% | 38.3% |
| Beta vs S&P 500 | 2.02 | 1.13 |
| Max drawdown (3Y) | -79.1% | -60.2% |
| Market cap | $0.4B | $3.3B |
| P/E (trailing) | – | 22.6 |
| Dividend yield | 3.84% | 1.86% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CWH | SHOO |
|---|---|---|
| 2022 | -39.6% | -29.5% |
| 2023 | +25.1% | +34.6% |
| 2024 | -17.9% | +3.2% |
| 2025 | -52.2% | +0.6% |
| 2026 | -33.9% | +8.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CWH and SHOO good diversifiers for each other?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CWH and SHOO?
As of 2026-08-27, the correlation of weekly returns between CWH and SHOO is 0.52 over 3 years, 0.40 over 1 year and 0.47 over 5 years.
Is SHOO a good diversifier for CWH?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.52 mean?
A reading of 0.52 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-shoo.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cwh-vs-shoo/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CWH correlations · SHOO correlations
