CWK vs GHC: Correlation
Measured on weekly returns over the past three years, Cushman & Wakefield Ltd. (CWK) and Graham Holdings Company (GHC) carry a correlation of 0.64, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CWK and GHC?
Over the past 3 years, CWK and GHC moved with a correlation of 0.64, which is strong. Recent behaviour matches the longer record: 0.61 over 1 year against 0.64 over 3. Over 5 years the correlation is 0.59, and the annualized covariance of weekly returns is 803.4 %².
By 3-year correlation, GHC places #6 of the 26 assets tracked against CWK. The last year tells two different stories: GHC led by 16.6 percentage points, -11.4% for CWK against +5.2% for GHC. One caveat on sizing: CWK is 1.8 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.
CWK vs GHC: side by side
| CWK (Cushman & Wakefield Ltd.) | GHC (Graham Holdings Company) | |
|---|---|---|
| 1-year return | -11.4% | +5.2% |
| 5-year return | -22.4% | +94.6% |
| Volatility (ann.) | 47.1% | 26.8% |
| Beta vs S&P 500 | 1.67 | 0.78 |
| Max drawdown (3Y) | -49.0% | -19.8% |
| Market cap | $3.3B | $4.8B |
| P/E (trailing) | 50.5 | 9.2 |
| Dividend yield | 0.00% | 0.63% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CWK | GHC |
|---|---|---|
| 2022 | -44.0% | -3.0% |
| 2023 | -13.3% | +16.6% |
| 2024 | +21.1% | +26.3% |
| 2025 | +23.8% | +27.0% |
| 2026 | -12.7% | +4.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CWK and GHC good diversifiers for each other?
Somewhat, no more. With 0.64 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CWK and GHC?
The CWK/GHC correlation stands at 0.64 on a 3-year window (1 year: 0.61, 5 years: 0.59), computed from weekly returns as of 2026-08-27.
Is GHC a good diversifier for CWK?
Somewhat, no more. With 0.64 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.64 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
$ curl https://www.pairbook.io/api/v1/pairs/cwk-vs-ghc.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cwk-vs-ghc/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CWK correlations · GHC correlations
