CNA vs HG: Correlation
Measured on weekly returns over the past three years, CNA Financial Corporation (CNA) and Hamilton Insurance Group, Ltd. Class B (HG) carry a correlation of 0.52, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNA and HG?
Over the past 3 years, CNA and HG moved with a correlation of 0.52, which is moderate. Little has changed lately, as the 1-year reading of 0.59 lands near the 3-year figure. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 310.7 %².
Within CNA's tracked universe of 26 assets, HG comes in at #14 by 3-year correlation. The last year tells two different stories: HG led by 48.0 percentage points, +7.6% for CNA against +55.6% for HG. Risk is not evenly split, since HG carries 1.5 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.
CNA vs HG: side by side
| CNA (CNA Financial Corporation) | HG (Hamilton Insurance Group, Ltd. Class B) | |
|---|---|---|
| 1-year return | +7.6% | +55.6% |
| 5-year return | +64.0% | n/a |
| Volatility (ann.) | 19.8% | 30.1% |
| Beta vs S&P 500 | 0.21 | 0.12 |
| Max drawdown (3Y) | -14.6% | -21.1% |
| Market cap | $13.2B | $3.5B |
| P/E (trailing) | 10.9 | 6.2 |
| Dividend yield | 3.80% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CNA | HG |
|---|---|---|
| 2022 | +3.8% | – |
| 2023 | +7.1% | – |
| 2024 | +24.0% | +27.3% |
| 2025 | +7.0% | +46.6% |
| 2026 | +10.1% | +35.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNA and HG good diversifiers for each other?
Only partially. A correlation of 0.52 means CNA and HG share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between CNA and HG?
Using weekly returns as of 2026-08-27: 0.52 over 3 years, with 0.59 over the last year and n/a over 5 years.
Is HG a good diversifier for CNA?
Only partially. A correlation of 0.52 means CNA and HG share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.52 mean?
On the −1 to +1 scale, 0.52 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.
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Related comparisons
Hubs: CNA correlations · HG correlations
