CI vs PAM: Correlation
Cigna (CI) and Pampa Energia S.A. (PAM) show a negative relationship: their 3-year correlation of weekly returns is -0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CI and PAM?
On 3 years of weekly data the CI/PAM correlation comes out at -0.22, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.57) runs below the 3-year figure (-0.22). The 5-year figure is -0.06, and annualized covariance runs at -269.1 %².
Among the 30 assets we track against CI, PAM ranks #22 by 3-year correlation. The last year tells two different stories: PAM led by 27.8 percentage points, -5.4% for CI against +22.4% for PAM. One caveat on sizing: PAM is 1.7 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.
CI vs PAM: side by side
| CI (Cigna) | PAM (Pampa Energia S.A.) | |
|---|---|---|
| 1-year return | -5.4% | +22.4% |
| 5-year return | +46.7% | +339.3% |
| Volatility (ann.) | 26.7% | 45.3% |
| Beta vs S&P 500 | 0.22 | 0.38 |
| Max drawdown (3Y) | -32.1% | -40.4% |
| Market cap | $73.4B | $4.3B |
| P/E (trailing) | 11.6 | 7.3 |
| Dividend yield | 2.19% | 0.00% |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | CI | PAM |
|---|---|---|
| 2022 | +46.7% | +51.3% |
| 2023 | -8.0% | +55.0% |
| 2024 | -6.3% | +77.6% |
| 2025 | +1.7% | +0.6% |
| 2026 | +2.0% | -8.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CI and PAM good diversifiers for each other?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CI and PAM?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.57 over the last year and -0.06 over 5 years.
Is PAM a good diversifier for CI?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.22 mean?
On the −1 to +1 scale, -0.22 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/ci-vs-pam.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ci-vs-pam/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CI correlations · PAM correlations
