CF vs SM: Correlation
Measured on weekly returns over the past three years, CF Industries (CF) and SM Energy Company (SM) carry a correlation of 0.57, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CF and SM?
Across a 3-year window, the weekly returns of CF and SM correlate at 0.57, moderate. The past 12 months show a tighter link (0.67) than the 3-year average (0.57). Stretching to 5 years gives 0.49, with an annualized covariance of 895.7 %².
Within CF's tracked universe of 50 assets, SM comes in at #12 by 3-year correlation. Over the last 12 months CF came out ahead by 12.5 percentage points (+48.6% against +36.1%).
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 SM: side by side
| CF (CF Industries) | SM (SM Energy Company) | |
|---|---|---|
| 1-year return | +48.6% | +36.1% |
| 5-year return | +211.5% | +114.6% |
| Volatility (ann.) | 32.8% | 47.6% |
| Beta vs S&P 500 | -0.20 | 0.44 |
| Max drawdown (3Y) | -29.2% | -64.9% |
| Market cap | $19.0B | $8.8B |
| P/E (trailing) | 9.3 | 6.3 |
| Dividend yield | 1.59% | 2.32% |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | CF | SM |
|---|---|---|
| 2022 | +22.3% | +18.6% |
| 2023 | -4.7% | +13.1% |
| 2024 | +10.1% | +1.8% |
| 2025 | -7.2% | -49.7% |
| 2026 | +64.9% | +99.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CF and SM good diversifiers for each other?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CF and SM?
As of 2026-08-27, the correlation of weekly returns between CF and SM is 0.57 over 3 years, 0.67 over 1 year and 0.49 over 5 years.
Is SM a good diversifier for CF?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.57 mean?
A reading of 0.57 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-sm.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cf-vs-sm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CF correlations · SM correlations
