PHAT vs SPWH: Correlation
Phathom Pharmaceuticals, Inc. (PHAT) and Sportsman's Warehouse Holdings, Inc. (SPWH) show a moderate relationship: their 3-year correlation of weekly returns is 0.31.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PHAT and SPWH?
On 3 years of weekly data the PHAT/SPWH correlation comes out at 0.31, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.01 versus 0.31 over 3 years. The 5-year figure is 0.27, and annualized covariance runs at 2618.9 %².
Among the 12 assets we track against PHAT, SPWH ranks #7 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months PHAT outperformed by 30.0 percentage points (-28.1% for PHAT against -58.1% for SPWH).
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.
PHAT vs SPWH: side by side
| PHAT (Phathom Pharmaceuticals, Inc.) | SPWH (Sportsman's Warehouse Holdings, Inc.) | |
|---|---|---|
| 1-year return | -28.1% | -58.1% |
| 5-year return | -74.1% | -93.6% |
| Volatility (ann.) | 103.2% | 83.1% |
| Beta vs S&P 500 | 1.89 | 0.37 |
| Max drawdown (3Y) | -88.3% | -82.6% |
| Market cap | $0.7B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PHAT | SPWH |
|---|---|---|
| 2022 | -43.0% | -20.3% |
| 2023 | -18.6% | -54.7% |
| 2024 | -11.1% | -37.3% |
| 2025 | +104.3% | -45.3% |
| 2026 | -46.1% | -21.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PHAT and SPWH good diversifiers for each other?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between PHAT and SPWH?
Using weekly returns as of 2026-08-27: 0.31 over 3 years, with 0.01 over the last year and 0.27 over 5 years.
Is SPWH a good diversifier for PHAT?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.31 mean?
A reading of 0.31 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/phat-vs-spwh.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/phat-vs-spwh/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: PHAT correlations · SPWH correlations
