GHC vs QUAD: Correlation
How closely do Graham Holdings Company (GHC) and Quad Graphics, Inc (QUAD) trade together? Their weekly returns over three years give a correlation of 0.50, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GHC and QUAD?
On 3 years of weekly data the GHC/QUAD correlation comes out at 0.50, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.37 versus 0.50 over 3 years. The 5-year figure is 0.36, and annualized covariance runs at 671.3 %².
By 3-year correlation, QUAD places #6 of the 16 assets tracked against GHC. The last year tells two different stories: QUAD led by 60.1 percentage points, +5.2% for GHC against +65.3% for QUAD. Note the risk asymmetry: QUAD runs 1.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
GHC vs QUAD: side by side
| GHC (Graham Holdings Company) | QUAD (Quad Graphics, Inc) | |
|---|---|---|
| 1-year return | +5.2% | +65.3% |
| 5-year return | +94.6% | +175.4% |
| Volatility (ann.) | 26.8% | 50.1% |
| Beta vs S&P 500 | 0.78 | 0.96 |
| Max drawdown (3Y) | -19.8% | -45.3% |
| Market cap | $4.8B | $0.5B |
| P/E (trailing) | 9.2 | 15.3 |
| Dividend yield | 0.63% | 3.50% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GHC | QUAD |
|---|---|---|
| 2022 | -3.0% | +2.0% |
| 2023 | +16.6% | +32.8% |
| 2024 | +26.3% | +33.6% |
| 2025 | +27.0% | -5.3% |
| 2026 | +4.5% | +66.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GHC and QUAD good diversifiers for each other?
To a limited degree. At 0.50 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between GHC and QUAD?
As of 2026-08-27, the correlation of weekly returns between GHC and QUAD is 0.50 over 3 years, 0.37 over 1 year and 0.36 over 5 years.
Is QUAD a good diversifier for GHC?
To a limited degree. At 0.50 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.50 mean?
On the −1 to +1 scale, 0.50 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ghc-vs-quad.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ghc-vs-quad/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GHC correlations · QUAD correlations
