ALHC vs CNQ: Correlation
How closely do Alignment Healthcare, Inc. (ALHC) and Canadian Natural Resources Limited (CNQ) trade together? Their weekly returns over three years give a correlation of -0.25, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALHC and CNQ?
Across a 3-year window, the weekly returns of ALHC and CNQ correlate at -0.25, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.26 over 1 year against -0.25 over 3. Stretching to 5 years gives -0.10, with an annualized covariance of -428.1 %².
Out of 15 assets tracked against ALHC, CNQ lands near the bottom at #14. Correlation aside, the last 12 months split them widely, with CNQ ahead by 78.2 points (-16.0% versus +62.2%). One caveat on sizing: ALHC is 2.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
ALHC vs CNQ: side by side
| ALHC (Alignment Healthcare, Inc.) | CNQ (Canadian Natural Resources Limited) | |
|---|---|---|
| 1-year return | -16.0% | +62.2% |
| 5-year return | -25.5% | +281.3% |
| Volatility (ann.) | 59.1% | 29.4% |
| Beta vs S&P 500 | 0.29 | 0.06 |
| Max drawdown (3Y) | -50.3% | -35.9% |
| Market cap | $2.8B | $102.6B |
| P/E (trailing) | 75.3 | 12.3 |
| Dividend yield | 0.00% | 4.89% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ALHC | CNQ |
|---|---|---|
| 2022 | -16.4% | +42.9% |
| 2023 | -26.8% | +23.7% |
| 2024 | +30.7% | -1.3% |
| 2025 | +75.6% | +12.6% |
| 2026 | -31.3% | +50.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALHC and CNQ good diversifiers for each other?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
FAQ
What is the correlation between ALHC and CNQ?
The ALHC/CNQ correlation stands at -0.25 on a 3-year window (1 year: -0.26, 5 years: -0.10), computed from weekly returns as of 2026-08-27.
Is CNQ a good diversifier for ALHC?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
What does a correlation of -0.25 mean?
On the −1 to +1 scale, -0.25 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/alhc-vs-cnq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/alhc-vs-cnq/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ALHC correlations · CNQ correlations
