CWH vs SPY: Correlation
How closely do Camping World Holdings, Inc. (CWH) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.48, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CWH and SPY?
Over the past 3 years, CWH and SPY moved with a correlation of 0.48, which is moderate. The past 12 months show a weaker link (0.32) than the 3-year average (0.48). Over 5 years the correlation is 0.46, and the annualized covariance of weekly returns is 421.1 %².
Among the 28 assets we track against CWH, SPY ranks #19 by 3-year correlation. The last year tells two different stories: SPY led by 83.6 percentage points, -63.0% for CWH against +20.6% for SPY. Risk is not evenly split, since CWH carries 4.2 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 SPY: side by side
| CWH (Camping World Holdings, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -63.0% | +20.6% |
| 5-year return | -79.9% | +82.4% |
| Volatility (ann.) | 60.7% | 14.5% |
| Beta vs S&P 500 | 2.02 | 1.00 |
| Max drawdown (3Y) | -79.1% | -18.8% |
| Market cap | $0.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 3.84% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | CWH | SPY |
|---|---|---|
| 2022 | -39.6% | -18.2% |
| 2023 | +25.1% | +26.2% |
| 2024 | -17.9% | +24.9% |
| 2025 | -52.2% | +17.7% |
| 2026 | -33.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CWH and SPY good diversifiers for each other?
Reasonably. At 0.48, CWH and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CWH and SPY?
The CWH/SPY correlation stands at 0.48 on a 3-year window (1 year: 0.32, 5 years: 0.46), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for CWH?
Reasonably. At 0.48, CWH and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.48 mean?
A reading of 0.48 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: CWH correlations · SPY correlations
