CF vs VATE: Correlation
Measured on weekly returns over the past three years, CF Industries (CF) and INNOVATE Corp. (VATE) carry a correlation of -0.27, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CF and VATE?
On 3 years of weekly data the CF/VATE correlation comes out at -0.27, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.40 versus -0.27 over 3 years. The 5-year figure is -0.15, and annualized covariance runs at -1084.9 %².
Out of 50 assets tracked against CF, VATE lands near the bottom at #49. Neither side won the trailing year by much: +48.6% against +45.8%. Risk is not evenly split, since VATE carries 3.7 times the volatility of the other side.
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 VATE: side by side
| CF (CF Industries) | VATE (INNOVATE Corp.) | |
|---|---|---|
| 1-year return | +48.6% | +45.8% |
| 5-year return | +211.5% | -79.2% |
| Volatility (ann.) | 32.8% | 122.7% |
| Beta vs S&P 500 | -0.20 | 2.14 |
| Max drawdown (3Y) | -29.2% | -81.0% |
| Market cap | $19.0B | $0.1B |
| P/E (trailing) | 9.3 | – |
| Dividend yield | 1.59% | 0.00% |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | CF | VATE |
|---|---|---|
| 2022 | +22.3% | -49.5% |
| 2023 | -4.7% | -34.2% |
| 2024 | +10.1% | -59.8% |
| 2025 | -7.2% | -8.5% |
| 2026 | +64.9% | +71.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CF and VATE good diversifiers for each other?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
FAQ
What is the correlation between CF and VATE?
Using weekly returns as of 2026-08-27: -0.27 over 3 years, with -0.40 over the last year and -0.15 over 5 years.
Is VATE a good diversifier for CF?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
What does a correlation of -0.27 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-vate.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cf-vs-vate/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CF correlations · VATE correlations
