CNC vs FRHC: Correlation
Measured on weekly returns over the past three years, Centene Corporation (CNC) and Freedom Holding Corp. (FRHC) carry a correlation of -0.21, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNC and FRHC?
On 3 years of weekly data the CNC/FRHC correlation comes out at -0.21, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.16 lands near the 3-year figure. The 5-year figure is -0.08, and annualized covariance runs at -382.5 %².
By 3-year correlation, FRHC places #22 of the 30 assets tracked against CNC. The last year tells two different stories: CNC led by 128.4 percentage points, +126.5% for CNC against -1.9% for FRHC.
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 FRHC: side by side
| CNC (Centene Corporation) | FRHC (Freedom Holding Corp.) | |
|---|---|---|
| 1-year return | +126.5% | -1.9% |
| 5-year return | +3.3% | +163.7% |
| Volatility (ann.) | 45.4% | 39.9% |
| Beta vs S&P 500 | 0.36 | 0.87 |
| Max drawdown (3Y) | -68.6% | -41.1% |
| Market cap | $32.3B | $10.9B |
| P/E (trailing) | – | 71.1 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | CNC | FRHC |
|---|---|---|
| 2022 | -0.5% | -16.0% |
| 2023 | -9.5% | +38.4% |
| 2024 | -18.4% | +62.1% |
| 2025 | -32.1% | -6.9% |
| 2026 | +58.8% | +40.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNC and FRHC good diversifiers for each other?
Yes. With a correlation of -0.21, CNC and FRHC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CNC and FRHC?
The CNC/FRHC correlation stands at -0.21 on a 3-year window (1 year: -0.16, 5 years: -0.08), computed from weekly returns as of 2026-08-27.
Is FRHC a good diversifier for CNC?
Yes. With a correlation of -0.21, CNC and FRHC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.21 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cnc-vs-frhc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cnc-vs-frhc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CNC correlations · FRHC correlations
