NTNX vs SPWH: Correlation
How closely do Nutanix, Inc. (NTNX) and Sportsman's Warehouse Holdings, Inc. (SPWH) trade together? Their weekly returns over three years give a correlation of -0.20, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NTNX and SPWH?
Over the past 3 years, NTNX and SPWH moved with a correlation of -0.20, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.18 over 1 year against -0.20 over 3. Over 5 years the correlation is -0.12, and the annualized covariance of weekly returns is -750.0 %².
Among the 16 assets we track against NTNX, SPWH ranks #8 by 3-year correlation. Correlation aside, the last 12 months split them widely, with NTNX ahead by 58.4 points (+0.3% versus -58.1%). Risk is not evenly split, since SPWH carries 1.8 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.
NTNX vs SPWH: side by side
| NTNX (Nutanix, Inc.) | SPWH (Sportsman's Warehouse Holdings, Inc.) | |
|---|---|---|
| 1-year return | +0.3% | -58.1% |
| 5-year return | +90.4% | -93.6% |
| Volatility (ann.) | 45.6% | 83.1% |
| Beta vs S&P 500 | 1.28 | 0.37 |
| Max drawdown (3Y) | -58.6% | -82.6% |
| Market cap | $18.9B | – |
| P/E (trailing) | 12.7 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NTNX | SPWH |
|---|---|---|
| 2022 | -18.2% | -20.3% |
| 2023 | +83.1% | -54.7% |
| 2024 | +28.3% | -37.3% |
| 2025 | -15.5% | -45.3% |
| 2026 | +35.1% | -21.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NTNX and SPWH good diversifiers for each other?
Yes: at -0.20, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NTNX and SPWH?
Using weekly returns as of 2026-08-27: -0.20 over 3 years, with -0.18 over the last year and -0.12 over 5 years.
Is SPWH a good diversifier for NTNX?
Yes: at -0.20, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.20 mean?
On the −1 to +1 scale, -0.20 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/ntnx-vs-spwh.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ntnx-vs-spwh/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NTNX correlations · SPWH correlations
