CF vs DOW: Correlation
Measured on weekly returns over the past three years, CF Industries (CF) and Dow Inc. (DOW) carry a correlation of 0.47, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CF and DOW?
On 3 years of weekly data the CF/DOW correlation comes out at 0.47, moderate. Recent behaviour matches the longer record: 0.57 over 1 year against 0.47 over 3. The 5-year figure is 0.40, and annualized covariance runs at 540.5 %².
Within CF's tracked universe of 50 assets, DOW comes in at #18 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months CF outperformed by 19.6 percentage points (+48.6% for CF against +29.0% for DOW). On a rolling one-year basis the correlation drifted between 0.23 and 0.56, a moderate band.
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.
CF vs DOW: side by side
| CF (CF Industries) | DOW (Dow Inc.) | |
|---|---|---|
| 1-year return | +48.6% | +29.0% |
| 5-year return | +211.5% | -38.4% |
| Volatility (ann.) | 32.8% | 35.2% |
| Beta vs S&P 500 | -0.20 | 0.62 |
| Max drawdown (3Y) | -29.2% | -62.2% |
| Market cap | $19.0B | $21.9B |
| P/E (trailing) | 9.3 | – |
| Dividend yield | 1.59% | 4.62% |
| Sector / category | Materials | Materials |
Year-by-year returns
| Year | CF | DOW |
|---|---|---|
| 2022 | +22.3% | -6.6% |
| 2023 | -4.7% | +14.7% |
| 2024 | +10.1% | -22.8% |
| 2025 | -7.2% | -37.4% |
| 2026 | +64.9% | +32.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CF and DOW good diversifiers for each other?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CF and DOW?
The CF/DOW correlation stands at 0.47 on a 3-year window (1 year: 0.57, 5 years: 0.40), computed from weekly returns as of 2026-08-27.
Is DOW a good diversifier for CF?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.47 mean?
A reading of 0.47 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/cf-vs-dow.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cf-vs-dow/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CF correlations · DOW correlations
