CNA vs SMSI: Correlation
CNA Financial Corporation (CNA) and Smith Micro Software, Inc. (SMSI) show a negative relationship: their 3-year correlation of weekly returns is -0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNA and SMSI?
Over the past 3 years, CNA and SMSI moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.39) runs below the 3-year figure (-0.22). Over 5 years the correlation is -0.07, and the annualized covariance of weekly returns is -404.6 %².
Among the 26 assets we track against CNA, SMSI sits near the bottom by co-movement, at rank #23. The last year tells two different stories: CNA led by 26.5 percentage points, +7.6% for CNA against -18.9% for SMSI. Note the risk asymmetry: SMSI runs 4.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 SMSI: side by side
| CNA (CNA Financial Corporation) | SMSI (Smith Micro Software, Inc.) | |
|---|---|---|
| 1-year return | +7.6% | -18.9% |
| 5-year return | +64.0% | -98.5% |
| Volatility (ann.) | 19.8% | 94.7% |
| Beta vs S&P 500 | 0.21 | 0.95 |
| Max drawdown (3Y) | -14.6% | -96.8% |
| 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 | SMSI |
|---|---|---|
| 2022 | +3.8% | -57.3% |
| 2023 | +7.1% | -60.5% |
| 2024 | +24.0% | -80.3% |
| 2025 | +7.0% | -58.8% |
| 2026 | +10.1% | +9.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNA and SMSI good diversifiers for each other?
Yes. With a correlation of -0.22, CNA and SMSI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CNA and SMSI?
The CNA/SMSI correlation stands at -0.22 on a 3-year window (1 year: -0.39, 5 years: -0.07), computed from weekly returns as of 2026-08-27.
Is SMSI a good diversifier for CNA?
Yes. With a correlation of -0.22, CNA and SMSI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 mean?
A reading of -0.22 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
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Related comparisons
Hubs: CNA correlations · SMSI correlations
