CMI vs GWRE: Correlation
Measured on weekly returns over the past three years, Cummins (CMI) and Guidewire Software, Inc. (GWRE) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMI and GWRE?
Over the past 3 years, CMI and GWRE moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.57) than the 3-year average (-0.22). Over 5 years the correlation is -0.03, and the annualized covariance of weekly returns is -259.9 %².
Out of 36 assets tracked against CMI, GWRE lands near the bottom at #33. The last year tells two different stories: CMI led by 52.2 percentage points, +45.1% for CMI against -7.1% for GWRE. Risk is not evenly split, since GWRE carries 1.8 times the volatility of the other side.
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.
CMI vs GWRE: side by side
| CMI (Cummins) | GWRE (Guidewire Software, Inc.) | |
|---|---|---|
| 1-year return | +45.1% | -7.1% |
| 5-year return | +169.6% | +68.2% |
| Volatility (ann.) | 25.9% | 45.6% |
| Beta vs S&P 500 | 1.05 | 0.83 |
| Max drawdown (3Y) | -30.5% | -60.8% |
| Market cap | $79.0B | $16.7B |
| P/E (trailing) | 29.6 | 103.1 |
| Dividend yield | 1.38% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | CMI | GWRE |
|---|---|---|
| 2022 | +14.1% | -44.9% |
| 2023 | +1.7% | +74.3% |
| 2024 | +48.9% | +54.6% |
| 2025 | +49.4% | +19.2% |
| 2026 | +13.6% | +0.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CMI and GWRE good diversifiers for each other?
Yes. With a correlation of -0.22, CMI and GWRE have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CMI and GWRE?
The CMI/GWRE correlation stands at -0.22 on a 3-year window (1 year: -0.57, 5 years: -0.03), computed from weekly returns as of 2026-08-27.
Is GWRE a good diversifier for CMI?
Yes. With a correlation of -0.22, CMI and GWRE have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
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/cmi-vs-gwre.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cmi-vs-gwre/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CMI correlations · GWRE correlations
