CCU vs EMBJ: Correlation
How closely do Compania Cervecerias Unidas, S.A. (CCU) and Embraer S.A. (EMBJ) trade together? Their weekly returns over three years give a correlation of 0.53, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CCU and EMBJ?
Over the past 3 years, CCU and EMBJ moved with a correlation of 0.53, which is moderate. The relationship has been stable: the 1-year correlation (0.62) sits close to the 3-year figure. Over 5 years the correlation is 0.38, and the annualized covariance of weekly returns is 621.9 %².
EMBJ is one of the assets that tracks CCU most closely: it ranks #3 out of the 11 assets we track against CCU. Correlation aside, the last 12 months split them widely, with EMBJ ahead by 34.8 points (+0.8% versus +35.6%).
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.
CCU vs EMBJ: side by side
| CCU (Compania Cervecerias Unidas, S.A.) | EMBJ (Embraer S.A.) | |
|---|---|---|
| 1-year return | +0.8% | +35.6% |
| 5-year return | -22.7% | +327.0% |
| Volatility (ann.) | 28.3% | 41.9% |
| Beta vs S&P 500 | 0.60 | 0.91 |
| Max drawdown (3Y) | -30.8% | -32.6% |
| Market cap | – | $13.4B |
| P/E (trailing) | 20.0 | 30.5 |
| Dividend yield | 0.00% | 0.95% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CCU | EMBJ |
|---|---|---|
| 2022 | -15.0% | -38.4% |
| 2023 | -2.5% | +68.8% |
| 2024 | -6.2% | +98.8% |
| 2025 | +14.2% | +75.7% |
| 2026 | -3.0% | +17.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CCU and EMBJ good diversifiers for each other?
Somewhat, no more. With 0.53 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CCU and EMBJ?
As of 2026-08-27, the correlation of weekly returns between CCU and EMBJ is 0.53 over 3 years, 0.62 over 1 year and 0.38 over 5 years.
Is EMBJ a good diversifier for CCU?
Somewhat, no more. With 0.53 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.53 mean?
A reading of 0.53 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: CCU correlations · EMBJ correlations
