AMAT vs CAG: Correlation
How closely do Applied Materials (AMAT) and ConAgra Brands, Inc. (CAG) trade together? Their weekly returns over three years give a correlation of -0.19, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AMAT and CAG?
On 3 years of weekly data the AMAT/CAG correlation comes out at -0.19, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.16 lands near the 3-year figure. The 5-year figure is -0.10, and annualized covariance runs at -203.9 %².
Among the 34 assets we track against AMAT, CAG ranks #29 by 3-year correlation. The last year tells two different stories: AMAT led by 204.8 percentage points, +195.0% for AMAT against -9.8% for CAG. Risk is not evenly split, since AMAT 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.
AMAT vs CAG: side by side
| AMAT (Applied Materials) | CAG (ConAgra Brands, Inc.) | |
|---|---|---|
| 1-year return | +195.0% | -9.8% |
| 5-year return | +269.5% | -36.6% |
| Volatility (ann.) | 43.5% | 24.2% |
| Beta vs S&P 500 | 1.69 | -0.05 |
| Max drawdown (3Y) | -49.9% | -56.7% |
| Market cap | $382.8B | $7.7B |
| P/E (trailing) | 41.3 | – |
| Dividend yield | 0.41% | 8.65% |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | AMAT | CAG |
|---|---|---|
| 2022 | -37.5% | +17.5% |
| 2023 | +68.0% | -22.8% |
| 2024 | +1.1% | +1.5% |
| 2025 | +59.6% | -33.3% |
| 2026 | +88.4% | -2.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AMAT and CAG good diversifiers for each other?
Yes. With a correlation of -0.19, AMAT and CAG have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AMAT and CAG?
As of 2026-08-27, the correlation of weekly returns between AMAT and CAG is -0.19 over 3 years, -0.16 over 1 year and -0.10 over 5 years.
Is CAG a good diversifier for AMAT?
Yes. With a correlation of -0.19, AMAT and CAG have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.19 mean?
A reading of -0.19 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/amat-vs-cag.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/amat-vs-cag/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AMAT correlations · CAG correlations
