CME vs NOC: Correlation
CME Group (CME) and Northrop Grumman (NOC) show a weak relationship: their 3-year correlation of weekly returns is 0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CME and NOC?
Across a 3-year window, the weekly returns of CME and NOC correlate at 0.27, weak. The link has tightened recently: the 1-year correlation (0.40) runs above the 3-year figure (0.27). Stretching to 5 years gives 0.19, with an annualized covariance of 144.3 %².
By 3-year correlation, NOC places #10 of the 47 assets tracked against CME. On 12-month performance CME holds a 13.7-point edge, +8.1% against -5.6%. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.07 to 0.45.
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.
CME vs NOC: side by side
| CME (CME Group) | NOC (Northrop Grumman) | |
|---|---|---|
| 1-year return | +8.1% | -5.6% |
| 5-year return | +73.9% | +60.1% |
| Volatility (ann.) | 20.0% | 26.7% |
| Beta vs S&P 500 | 0.12 | 0.24 |
| Max drawdown (3Y) | -31.1% | -35.1% |
| Market cap | $101.0B | $77.4B |
| P/E (trailing) | 23.8 | 17.5 |
| Dividend yield | 1.82% | 1.71% |
| Sector / category | Financials | Industrials |
Year-by-year returns
| Year | CME | NOC |
|---|---|---|
| 2022 | -22.9% | +43.0% |
| 2023 | +31.3% | -12.8% |
| 2024 | +15.4% | +1.9% |
| 2025 | +19.8% | +23.6% |
| 2026 | +5.9% | -3.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CME and NOC good diversifiers for each other?
A fair diversifier. At 0.27, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CME and NOC?
Using weekly returns as of 2026-08-27: 0.27 over 3 years, with 0.40 over the last year and 0.19 over 5 years.
Is NOC a good diversifier for CME?
A fair diversifier. At 0.27, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.27 mean?
A reading of 0.27 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/cme-vs-noc.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cme-vs-noc/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CME correlations · NOC correlations
