CNA vs RMCF: Correlation
Measured on weekly returns over the past three years, CNA Financial Corporation (CNA) and Rocky Mountain Chocolate Factory, Inc. (RMCF) carry a correlation of -0.27, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNA and RMCF?
Across a 3-year window, the weekly returns of CNA and RMCF correlate at -0.27, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.38 versus -0.27 over 3 years. Stretching to 5 years gives -0.16, with an annualized covariance of -367.6 %².
RMCF is close to the least connected end of CNA's tracked universe, ranking #24 of 26. Correlation aside, the last 12 months split them widely, with CNA ahead by 27.5 points (+7.6% versus -19.9%). Risk is not evenly split, since RMCF carries 3.5 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 RMCF: side by side
| CNA (CNA Financial Corporation) | RMCF (Rocky Mountain Chocolate Factory, Inc.) | |
|---|---|---|
| 1-year return | +7.6% | -19.9% |
| 5-year return | +64.0% | -84.3% |
| Volatility (ann.) | 19.8% | 68.5% |
| Beta vs S&P 500 | 0.21 | 0.77 |
| Max drawdown (3Y) | -14.6% | -87.0% |
| Market cap | $13.2B | – |
| P/E (trailing) | 10.9 | – |
| Dividend yield | 3.80% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CNA | RMCF |
|---|---|---|
| 2022 | +3.8% | -27.4% |
| 2023 | +7.1% | -19.3% |
| 2024 | +24.0% | -47.2% |
| 2025 | +7.0% | -21.8% |
| 2026 | +10.1% | -38.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNA and RMCF good diversifiers for each other?
Yes. With a correlation of -0.27, CNA and RMCF have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CNA and RMCF?
Using weekly returns as of 2026-08-27: -0.27 over 3 years, with -0.38 over the last year and -0.16 over 5 years.
Is RMCF a good diversifier for CNA?
Yes. With a correlation of -0.27, CNA and RMCF have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
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/cna-vs-rmcf.json
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[](https://www.pairbook.io/pair/cna-vs-rmcf/)
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Related comparisons
Hubs: CNA correlations · RMCF correlations
