CDW vs KD: Correlation
How closely do CDW Corporation (CDW) and Kyndryl Holdings, Inc. (KD) trade together? Their weekly returns over three years give a correlation of 0.49, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CDW and KD?
Across a 3-year window, the weekly returns of CDW and KD correlate at 0.49, moderate. Recent behaviour matches the longer record: 0.54 over 1 year against 0.49 over 3. Stretching to 5 years gives 0.42, with an annualized covariance of 885.9 %².
By 3-year correlation, KD places #5 of the 40 assets tracked against CDW. Correlation aside, the last 12 months split them widely, with CDW ahead by 50.0 points (-8.0% versus -58.0%). Note the risk asymmetry: KD runs 1.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
CDW vs KD: side by side
| CDW (CDW Corporation) | KD (Kyndryl Holdings, Inc.) | |
|---|---|---|
| 1-year return | -8.0% | -58.0% |
| 5-year return | -20.5% | -67.5% |
| Volatility (ann.) | 34.2% | 53.4% |
| Beta vs S&P 500 | 1.01 | 1.59 |
| Max drawdown (3Y) | -60.4% | -75.6% |
| Market cap | $18.6B | $2.9B |
| P/E (trailing) | 17.0 | 34.0 |
| Dividend yield | 1.78% | 0.00% |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | CDW | KD |
|---|---|---|
| 2022 | -11.7% | -38.6% |
| 2023 | +28.8% | +86.9% |
| 2024 | -22.6% | +66.5% |
| 2025 | -20.6% | -23.2% |
| 2026 | +11.1% | -50.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CDW and KD good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CDW and KD?
Using weekly returns as of 2026-08-27: 0.49 over 3 years, with 0.54 over the last year and 0.42 over 5 years.
Is KD a good diversifier for CDW?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.49 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cdw-vs-kd.json
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[](https://www.pairbook.io/pair/cdw-vs-kd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CDW correlations · KD correlations
