CWH vs THO: Correlation
Measured on weekly returns over the past three years, Camping World Holdings, Inc. (CWH) and Thor Industries, Inc. (THO) carry a correlation of 0.71, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CWH and THO?
On 3 years of weekly data the CWH/THO correlation comes out at 0.71, strong. Recent behaviour matches the longer record: 0.72 over 1 year against 0.71 over 3. The 5-year figure is 0.72, and annualized covariance runs at 1609.5 %².
Few assets follow CWH as closely as THO, which ranks #3 of 28 tracked partners. Their recent paths diverged sharply: over the last 12 months THO outperformed by 33.8 percentage points (-63.0% for CWH against -29.2% for THO). 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 THO: side by side
| CWH (Camping World Holdings, Inc.) | THO (Thor Industries, Inc.) | |
|---|---|---|
| 1-year return | -63.0% | -29.2% |
| 5-year return | -79.9% | -26.9% |
| Volatility (ann.) | 60.7% | 37.1% |
| Beta vs S&P 500 | 2.02 | 1.19 |
| Max drawdown (3Y) | -79.1% | -48.4% |
| Market cap | $0.4B | $4.0B |
| P/E (trailing) | – | 15.4 |
| Dividend yield | 3.84% | 2.65% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CWH | THO |
|---|---|---|
| 2022 | -39.6% | -25.6% |
| 2023 | +25.1% | +59.8% |
| 2024 | -17.9% | -17.9% |
| 2025 | -52.2% | +9.7% |
| 2026 | -33.9% | -24.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CWH and THO good diversifiers for each other?
Only partially. A correlation of 0.71 means CWH and THO 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 THO?
As of 2026-08-27, the correlation of weekly returns between CWH and THO is 0.71 over 3 years, 0.72 over 1 year and 0.72 over 5 years.
Is THO a good diversifier for CWH?
Only partially. A correlation of 0.71 means CWH and THO share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.71 mean?
A reading of 0.71 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 · THO correlations
