JOUT vs SPWH: Correlation
How closely do Johnson Outdoors Inc. (JOUT) and Sportsman's Warehouse Holdings, Inc. (SPWH) trade together? Their weekly returns over three years give a correlation of 0.30, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JOUT and SPWH?
Across a 3-year window, the weekly returns of JOUT and SPWH correlate at 0.30, moderate. The link has loosened recently: the 1-year correlation (0.15) runs below the 3-year figure (0.30). Stretching to 5 years gives 0.29, with an annualized covariance of 865.4 %².
Among the 12 assets we track against JOUT, SPWH ranks #7 by 3-year correlation. The last year tells two different stories: JOUT led by 72.6 percentage points, +14.5% for JOUT against -58.1% for SPWH. Risk is not evenly split, since SPWH carries 2.4 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.
JOUT vs SPWH: side by side
| JOUT (Johnson Outdoors Inc.) | SPWH (Sportsman's Warehouse Holdings, Inc.) | |
|---|---|---|
| 1-year return | +14.5% | -58.1% |
| 5-year return | -55.0% | -93.6% |
| Volatility (ann.) | 34.4% | 83.1% |
| Beta vs S&P 500 | 0.57 | 0.37 |
| Max drawdown (3Y) | -59.4% | -82.6% |
| Market cap | $0.5B | – |
| P/E (trailing) | – | – |
| Dividend yield | 2.90% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | JOUT | SPWH |
|---|---|---|
| 2022 | -28.1% | -20.3% |
| 2023 | -17.5% | -54.7% |
| 2024 | -36.1% | -37.3% |
| 2025 | +34.1% | -45.3% |
| 2026 | +10.1% | -21.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JOUT and SPWH good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.30 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between JOUT and SPWH?
The JOUT/SPWH correlation stands at 0.30 on a 3-year window (1 year: 0.15, 5 years: 0.29), computed from weekly returns as of 2026-08-27.
Is SPWH a good diversifier for JOUT?
Yes, to a useful degree: a correlation of 0.30 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.30 mean?
On the −1 to +1 scale, 0.30 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/jout-vs-spwh.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/jout-vs-spwh/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: JOUT correlations · SPWH correlations
