DLTH vs HWH: Correlation
Measured on weekly returns over the past three years, Duluth Holdings Inc. (DLTH) and HWH International Inc. (HWH) carry a correlation of 0.52, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DLTH and HWH?
Across a 3-year window, the weekly returns of DLTH and HWH correlate at 0.52, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.72 versus 0.52 over 3 years. Stretching to 5 years gives 0.46, with an annualized covariance of 7246.7 %².
In DLTH's tracked universe of 11 assets, HWH sits right near the top at #1. Their recent paths diverged sharply: over the last 12 months DLTH outperformed by 21.2 percentage points (+62.3% for DLTH against +41.1% for HWH). One caveat on sizing: HWH is 2.9 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.
DLTH vs HWH: side by side
| DLTH (Duluth Holdings Inc.) | HWH (HWH International Inc.) | |
|---|---|---|
| 1-year return | +62.3% | +41.1% |
| 5-year return | -76.9% | -95.9% |
| Volatility (ann.) | 69.4% | 198.9% |
| Beta vs S&P 500 | 0.64 | 0.98 |
| Max drawdown (3Y) | -77.4% | -98.3% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DLTH | HWH |
|---|---|---|
| 2022 | -59.3% | – |
| 2023 | -12.9% | +2.5% |
| 2024 | -42.6% | -93.7% |
| 2025 | -32.7% | -53.8% |
| 2026 | +77.9% | +33.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DLTH and HWH good diversifiers for each other?
Only partially. A correlation of 0.52 means DLTH and HWH 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 DLTH and HWH?
Using weekly returns as of 2026-08-27: 0.52 over 3 years, with 0.72 over the last year and 0.46 over 5 years.
Is HWH a good diversifier for DLTH?
Only partially. A correlation of 0.52 means DLTH and HWH share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.52 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/dlth-vs-hwh.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dlth-vs-hwh/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DLTH correlations · HWH correlations
