AXS vs CNA: Correlation
Axis Capital Holdings Limited (AXS) and CNA Financial Corporation (CNA) show a strong relationship: their 3-year correlation of weekly returns is 0.71.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AXS and CNA?
Over the past 3 years, AXS and CNA moved with a correlation of 0.71, which is strong. Little has changed lately, as the 1-year reading of 0.71 lands near the 3-year figure. Over 5 years the correlation is 0.69, and the annualized covariance of weekly returns is 324.5 %².
Few assets follow AXS as closely as CNA, which ranks #2 of 23 tracked partners. On 12-month performance CNA holds a 6.1-point edge, +1.5% against +7.6%.
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.
AXS vs CNA: side by side
| AXS (Axis Capital Holdings Limited) | CNA (CNA Financial Corporation) | |
|---|---|---|
| 1-year return | +1.5% | +7.6% |
| 5-year return | +118.2% | +64.0% |
| Volatility (ann.) | 23.0% | 19.8% |
| Beta vs S&P 500 | 0.30 | 0.21 |
| Max drawdown (3Y) | -17.4% | -14.6% |
| Market cap | $7.2B | $13.2B |
| P/E (trailing) | 7.1 | 10.9 |
| Dividend yield | 1.76% | 3.80% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AXS | CNA |
|---|---|---|
| 2022 | +2.6% | +3.8% |
| 2023 | +5.6% | +7.1% |
| 2024 | +63.9% | +24.0% |
| 2025 | +21.9% | +7.0% |
| 2026 | -6.7% | +10.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AXS and CNA good diversifiers for each other?
Only partially. A correlation of 0.71 means AXS and CNA share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between AXS and CNA?
Using weekly returns as of 2026-08-27: 0.71 over 3 years, with 0.71 over the last year and 0.69 over 5 years.
Is CNA a good diversifier for AXS?
Only partially. A correlation of 0.71 means AXS and CNA share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.71 mean?
On the −1 to +1 scale, 0.71 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/axs-vs-cna.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/axs-vs-cna/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AXS correlations · CNA correlations
