CLW vs. PHX

Last updated Jun 4, 2026

CLW (Clearwater Paper Corporation) and PHX (PHX Minerals Inc.) are both stocks. CLW operates in Paper & Paper Products (Basic Materials), while PHX operates in Oil & Gas E&P (Energy). At a 0.27 correlation, their price movements are largely independent.

Performance

CLW vs. PHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Clearwater Paper Corporation (CLW) and PHX Minerals Inc. (PHX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CLW

• 1D: 0.00%
• 1M: 29.79%
• YTD: -4.60%
• 6M: -8.59%
• 1Y: -42.74%
• 3Y*: -19.10%
• 5Y*: -10.45%
• 10Y*: -12.39%

PHX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

CLW vs. PHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CLW Clearwater Paper Corporation	-4.60%	-41.55%	-17.58%	-4.47%	3.11%	-2.86%	76.73%	-12.35%	-46.32%	-30.74%
PHX PHX Minerals Inc.	0.00%	10.88%	29.52%	-14.64%	83.43%	-4.32%	-79.09%	-26.79%	-23.93%	-12.03%

Correlation

The correlation between CLW and PHX is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (5Y) Calculated over the trailing 5-year period	0.16
Correlation (10Y) Calculated over the trailing 10-year period	0.21
Correlation (All Time) Calculated using the full available price history since Dec 8, 2008	0.27

Over the past year, the correlation between CLW and PHX has dropped to 0.04 - well below their long-term average of 0.27, suggesting their price drivers have been diverging.

Fundamentals

Total Revenue (TTM) CLW : $1.54B PHX : $38.46M
Gross Profit (TTM) CLW : $78.00M PHX : $21.10M
EBITDA (TTM) CLW : $18.50M PHX : $20.95M

Return for Risk

CLW vs. PHX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CLW

CLW Risk / Return Rank: 12
CLW Sharpe Ratio Rank: 7
CLW Sortino Ratio Rank: 9
CLW Omega Ratio Rank: 10
CLW Calmar Ratio Rank: 14
CLW Martin Ratio Rank: 19

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CLW vs. PHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Clearwater Paper Corporation (CLW) and PHX Minerals Inc. (PHX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	CLW	PHX	Difference
Sharpe ratio: Return per unit of total volatility	-0.88	—	—
Sortino ratio: Return per unit of downside risk	-1.14	—	—
Omega ratio: Gain probability vs. loss probability	0.85	—	—
Calmar ratio: Return relative to maximum drawdown	-0.72	—	—
Martin ratio: Return relative to average drawdown	-1.07	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	CLW	PHX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.88	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.23	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.24	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.04	—	—

Drawdowns

Drawdown Indicators

	CLW	PHX	Difference
Max Drawdown Largest peak-to-trough decline	-83.48%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-59.66%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-77.82%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-77.82%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-82.02%	—	—
Current Drawdown Current decline from peak	-77.95%	—	—
Average Drawdown Average peak-to-trough decline	-37.48%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	40.15%	—	—

Volatility

Volatility by Period

	CLW	PHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.97%	—	—
Volatility (6M) Calculated over the trailing 6-month period	37.17%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	48.92%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.08%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.08%	—	—

Dividends

CLW vs. PHX - Dividend Comparison

Neither CLW nor PHX has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CLW Clearwater Paper Corporation	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PHX PHX Minerals Inc.	0.00%	1.84%	3.50%	3.03%	1.93%	1.84%	3.04%	1.43%	1.03%	0.78%	0.68%	0.99%

Financials

Frequently Asked Questions

Can I hold both CLW and PHX in my portfolio?

CLW and PHX have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.