CF vs MAKO: Correlation
Measured on weekly returns over the past three years, CF Industries (CF) and Mako Mining Corp (MAKO) carry a correlation of -0.20, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CF and MAKO?
On 3 years of weekly data the CF/MAKO correlation comes out at -0.20, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.31) runs below the 3-year figure (-0.20). The 5-year figure is -0.08, and annualized covariance runs at -384.2 %².
Within CF's tracked universe of 50 assets, MAKO comes in at #30 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MAKO ahead by 99.0 points (+48.6% versus +147.6%). One caveat on sizing: MAKO is 1.8 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.
CF vs MAKO: side by side
| CF (CF Industries) | MAKO (Mako Mining Corp) | |
|---|---|---|
| 1-year return | +48.6% | +147.6% |
| 5-year return | +211.5% | +320.0% |
| Volatility (ann.) | 32.8% | 57.6% |
| Beta vs S&P 500 | -0.20 | 1.23 |
| Max drawdown (3Y) | -29.2% | -31.9% |
| Market cap | $19.0B | $1.0B |
| P/E (trailing) | 9.3 | 18.5 |
| Dividend yield | 1.59% | 0.00% |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | CF | MAKO |
|---|---|---|
| 2022 | +22.3% | -67.7% |
| 2023 | -4.7% | +105.0% |
| 2024 | +10.1% | +7.8% |
| 2025 | -7.2% | +162.4% |
| 2026 | +64.9% | +88.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CF and MAKO good diversifiers for each other?
Yes. With a correlation of -0.20, CF and MAKO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CF and MAKO?
The CF/MAKO correlation stands at -0.20 on a 3-year window (1 year: -0.31, 5 years: -0.08), computed from weekly returns as of 2026-08-27.
Is MAKO a good diversifier for CF?
Yes. With a correlation of -0.20, CF and MAKO have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.20 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/cf-vs-mako.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cf-vs-mako/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CF correlations · MAKO correlations
