CME vs PM: Correlation
How closely do CME Group (CME) and Philip Morris International (PM) trade together? Their weekly returns over three years give a correlation of 0.27, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CME and PM?
On 3 years of weekly data the CME/PM correlation comes out at 0.27, weak. The past 12 months show a tighter link (0.43) than the 3-year average (0.27). The 5-year figure is 0.29, and annualized covariance runs at 126.0 %².
By 3-year correlation, PM places #11 of the 47 assets tracked against CME. On 12-month performance PM holds a 12.1-point edge, +8.1% against +20.2%. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.06 to 0.47.
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 PM: side by side
| CME (CME Group) | PM (Philip Morris International) | |
|---|---|---|
| 1-year return | +8.1% | +20.2% |
| 5-year return | +73.9% | +133.5% |
| Volatility (ann.) | 20.0% | 23.1% |
| Beta vs S&P 500 | 0.12 | -0.01 |
| Max drawdown (3Y) | -31.1% | -20.6% |
| Market cap | $101.0B | $296.9B |
| P/E (trailing) | 23.8 | 26.7 |
| Dividend yield | 1.82% | 3.03% |
| Sector / category | Financials | Consumer Staples |
Year-by-year returns
| Year | CME | PM |
|---|---|---|
| 2022 | -22.9% | +12.3% |
| 2023 | +31.3% | -1.9% |
| 2024 | +15.4% | +34.3% |
| 2025 | +19.8% | +38.0% |
| 2026 | +5.9% | +20.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CME and PM good diversifiers for each other?
Reasonably. At 0.27, CME and PM keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CME and PM?
As of 2026-08-27, the correlation of weekly returns between CME and PM is 0.27 over 3 years, 0.43 over 1 year and 0.29 over 5 years.
Is PM a good diversifier for CME?
Reasonably. At 0.27, CME and PM keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
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-pm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cme-vs-pm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CME correlations · PM correlations
