CHE vs CNC: Correlation
How closely do Chemed Corp (CHE) and Centene Corporation (CNC) trade together? Their weekly returns over three years give a correlation of 0.28, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CHE and CNC?
Over the past 3 years, CHE and CNC moved with a correlation of 0.28, which is weak. The past 12 months show a weaker link (0.10) than the 3-year average (0.28). Over 5 years the correlation is 0.32, and the annualized covariance of weekly returns is 332.2 %².
Within CHE's tracked universe of 16 assets, CNC comes in at #6 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months CNC outperformed by 111.6 percentage points (+14.9% for CHE against +126.5% for CNC). Note the risk asymmetry: CNC runs 1.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
CHE vs CNC: side by side
| CHE (Chemed Corp) | CNC (Centene Corporation) | |
|---|---|---|
| 1-year return | +14.9% | +126.5% |
| 5-year return | +12.2% | +3.3% |
| Volatility (ann.) | 26.0% | 45.4% |
| Beta vs S&P 500 | 0.21 | 0.36 |
| Max drawdown (3Y) | -42.9% | -68.6% |
| Market cap | $6.8B | $32.3B |
| P/E (trailing) | 27.6 | – |
| Dividend yield | 0.44% | 0.00% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | CHE | CNC |
|---|---|---|
| 2022 | -3.2% | -0.5% |
| 2023 | +14.9% | -9.5% |
| 2024 | -9.1% | -18.4% |
| 2025 | -18.9% | -32.1% |
| 2026 | +22.1% | +58.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CHE and CNC good diversifiers for each other?
Reasonably. At 0.28, CHE and CNC keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CHE and CNC?
Using weekly returns as of 2026-08-27: 0.28 over 3 years, with 0.10 over the last year and 0.32 over 5 years.
Is CNC a good diversifier for CHE?
Reasonably. At 0.28, CHE and CNC keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.28 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/che-vs-cnc.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/che-vs-cnc/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CHE correlations · CNC correlations
