CGC vs SNDL: Correlation
Canopy Growth Corporation (CGC) and SNDL Inc. (SNDL) show a strong relationship: their 3-year correlation of weekly returns is 0.64.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CGC and SNDL?
Across a 3-year window, the weekly returns of CGC and SNDL correlate at 0.64, strong. The past 12 months show a tighter link (0.83) than the 3-year average (0.64). Stretching to 5 years gives 0.59, with an annualized covariance of 4365.6 %².
In CGC's tracked universe of 17 assets, SNDL sits right near the top at #1. On 12-month performance CGC holds a 13.5-point edge, -33.1% against -46.6%. One caveat on sizing: CGC is 2.6 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.
CGC vs SNDL: side by side
| CGC (Canopy Growth Corporation) | SNDL (SNDL Inc.) | |
|---|---|---|
| 1-year return | -33.1% | -46.6% |
| 5-year return | -99.4% | -81.9% |
| Volatility (ann.) | 133.1% | 51.2% |
| Beta vs S&P 500 | 1.82 | 0.81 |
| Max drawdown (3Y) | -95.1% | -57.4% |
| Market cap | $0.5B | $0.3B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CGC | SNDL |
|---|---|---|
| 2022 | -73.5% | -63.8% |
| 2023 | -77.9% | -21.5% |
| 2024 | -46.4% | +9.1% |
| 2025 | -58.4% | -7.3% |
| 2026 | -11.4% | -18.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CGC and SNDL good diversifiers for each other?
Somewhat, no more. With 0.64 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CGC and SNDL?
Using weekly returns as of 2026-08-27: 0.64 over 3 years, with 0.83 over the last year and 0.59 over 5 years.
Is SNDL a good diversifier for CGC?
Somewhat, no more. With 0.64 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.64 mean?
On the −1 to +1 scale, 0.64 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/cgc-vs-sndl.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cgc-vs-sndl/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CGC correlations · SNDL correlations
