CBZ vs NEU: Correlation
CBIZ, Inc. (CBZ) and NewMarket Corp (NEU) show a moderate relationship: their 3-year correlation of weekly returns is 0.43.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CBZ and NEU?
On 3 years of weekly data the CBZ/NEU correlation comes out at 0.43, moderate. The link has tightened recently: the 1-year correlation (0.55) runs above the 3-year figure (0.43). The 5-year figure is 0.41, and annualized covariance runs at 538.1 %².
Within CBZ's tracked universe of 20 assets, NEU comes in at #13 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months NEU outperformed by 31.0 percentage points (-16.9% for CBZ against +14.1% for NEU). One caveat on sizing: CBZ is 1.6 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.
CBZ vs NEU: side by side
| CBZ (CBIZ, Inc.) | NEU (NewMarket Corp) | |
|---|---|---|
| 1-year return | -16.9% | +14.1% |
| 5-year return | +61.7% | +195.8% |
| Volatility (ann.) | 44.6% | 27.9% |
| Beta vs S&P 500 | 1.02 | 0.58 |
| Max drawdown (3Y) | -71.6% | -32.8% |
| Market cap | $3.0B | $8.5B |
| P/E (trailing) | 26.3 | 19.9 |
| Dividend yield | 0.00% | 1.27% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CBZ | NEU |
|---|---|---|
| 2022 | +19.8% | -6.7% |
| 2023 | +33.6% | +79.1% |
| 2024 | +30.7% | -1.5% |
| 2025 | -38.3% | +32.3% |
| 2026 | +8.4% | +35.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CBZ and NEU good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CBZ and NEU?
Using weekly returns as of 2026-08-27: 0.43 over 3 years, with 0.55 over the last year and 0.41 over 5 years.
Is NEU a good diversifier for CBZ?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.43 mean?
A reading of 0.43 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/cbz-vs-neu.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cbz-vs-neu/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CBZ correlations · NEU correlations
