CI vs CNC: Correlation
How closely do Cigna (CI) and Centene Corporation (CNC) trade together? Their weekly returns over three years give a correlation of 0.26, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CI and CNC?
Across a 3-year window, the weekly returns of CI and CNC correlate at 0.26, weak. The relationship has been stable: the 1-year correlation (0.21) sits close to the 3-year figure. Stretching to 5 years gives 0.36, with an annualized covariance of 310.7 %².
Within CI's tracked universe of 30 assets, CNC comes in at #18 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months CNC outperformed by 131.9 percentage points (-5.4% for CI against +126.5% for CNC). The rolling one-year correlation moved between 0.22 and 0.64 over the past three years, a moderate range. 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.
CI vs CNC: side by side
| CI (Cigna) | CNC (Centene Corporation) | |
|---|---|---|
| 1-year return | -5.4% | +126.5% |
| 5-year return | +46.7% | +3.3% |
| Volatility (ann.) | 26.7% | 45.4% |
| Beta vs S&P 500 | 0.22 | 0.36 |
| Max drawdown (3Y) | -32.1% | -68.6% |
| Market cap | $73.4B | $32.3B |
| P/E (trailing) | 11.6 | – |
| Dividend yield | 2.19% | 0.00% |
| Sector / category | Health Care | Health Care |
Year-by-year returns
| Year | CI | CNC |
|---|---|---|
| 2022 | +46.7% | -0.5% |
| 2023 | -8.0% | -9.5% |
| 2024 | -6.3% | -18.4% |
| 2025 | +1.7% | -32.1% |
| 2026 | +2.0% | +58.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CI and CNC good diversifiers for each other?
A fair diversifier. At 0.26, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CI and CNC?
The CI/CNC correlation stands at 0.26 on a 3-year window (1 year: 0.21, 5 years: 0.36), computed from weekly returns as of 2026-08-27.
Is CNC a good diversifier for CI?
A fair diversifier. At 0.26, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.26 mean?
A reading of 0.26 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/ci-vs-cnc.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ci-vs-cnc/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CI correlations · CNC correlations
