CDW vs NTAP: Correlation
Measured on weekly returns over the past three years, CDW Corporation (CDW) and NetApp (NTAP) carry a correlation of 0.44, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CDW and NTAP?
Over the past 3 years, CDW and NTAP moved with a correlation of 0.44, which is moderate. Recent behaviour matches the longer record: 0.44 over 1 year against 0.44 over 3. Over 5 years the correlation is 0.48, and the annualized covariance of weekly returns is 572.4 %².
Among the 40 assets we track against CDW, NTAP ranks #18 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months NTAP outperformed by 81.0 percentage points (-8.0% for CDW against +73.0% for NTAP). The relationship is regime-dependent: the rolling one-year correlation swung between 0.13 and 0.65 over the past three years, so this pair behaves very differently depending on the market environment.
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 NTAP: side by side
| CDW (CDW Corporation) | NTAP (NetApp) | |
|---|---|---|
| 1-year return | -8.0% | +73.0% |
| 5-year return | -20.5% | +141.7% |
| Volatility (ann.) | 34.2% | 37.6% |
| Beta vs S&P 500 | 1.01 | 1.38 |
| Max drawdown (3Y) | -60.4% | -42.6% |
| Market cap | $18.6B | $37.4B |
| P/E (trailing) | 17.0 | 30.5 |
| Dividend yield | 1.78% | 1.07% |
| Sector / category | Information Technology | Information Technology |
Year-by-year returns
| Year | CDW | NTAP |
|---|---|---|
| 2022 | -11.7% | -32.9% |
| 2023 | +28.8% | +51.1% |
| 2024 | -22.6% | +34.2% |
| 2025 | -20.6% | -5.9% |
| 2026 | +11.1% | +80.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CDW and NTAP good diversifiers for each other?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CDW and NTAP?
As of 2026-08-27, the correlation of weekly returns between CDW and NTAP is 0.44 over 3 years, 0.44 over 1 year and 0.48 over 5 years.
Is NTAP a good diversifier for CDW?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.44 mean?
On the −1 to +1 scale, 0.44 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/cdw-vs-ntap.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cdw-vs-ntap/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CDW correlations · NTAP correlations
