CNC vs CVS: Correlation
Measured on weekly returns over the past three years, Centene Corporation (CNC) and CVS Health (CVS) carry a correlation of 0.25, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNC and CVS?
Across a 3-year window, the weekly returns of CNC and CVS correlate at 0.25, weak. The link has tightened recently: the 1-year correlation (0.37) runs above the 3-year figure (0.25). Stretching to 5 years gives 0.33, with an annualized covariance of 396.9 %².
Within CNC's tracked universe of 30 assets, CVS comes in at #17 by 3-year correlation. Correlation aside, the last 12 months split them widely, with CNC ahead by 93.2 points (+126.5% versus +33.3%). This link changes with the market regime, having swung between 0.14 and 0.65 on a rolling one-year basis.
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.
CNC vs CVS: side by side
| CNC (Centene Corporation) | CVS (CVS Health) | |
|---|---|---|
| 1-year return | +126.5% | +33.3% |
| 5-year return | +3.3% | +29.6% |
| Volatility (ann.) | 45.4% | 34.4% |
| Beta vs S&P 500 | 0.36 | 0.40 |
| Max drawdown (3Y) | -68.6% | -44.0% |
| Market cap | $32.3B | $118.8B |
| P/E (trailing) | – | 24.8 |
| Dividend yield | 0.00% | 2.82% |
| Sector / category | Health Care | Health Care |
Year-by-year returns
| Year | CNC | CVS |
|---|---|---|
| 2022 | -0.5% | -7.6% |
| 2023 | -9.5% | -12.5% |
| 2024 | -18.4% | -40.8% |
| 2025 | -32.1% | +84.3% |
| 2026 | +58.8% | +19.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNC and CVS good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.25 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CNC and CVS?
Using weekly returns as of 2026-08-27: 0.25 over 3 years, with 0.37 over the last year and 0.33 over 5 years.
Is CVS a good diversifier for CNC?
Yes, to a useful degree: a correlation of 0.25 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.25 mean?
On the −1 to +1 scale, 0.25 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/cnc-vs-cvs.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cnc-vs-cvs/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CNC correlations · CVS correlations
