CNC vs FXNC: Correlation
Measured on weekly returns over the past three years, Centene Corporation (CNC) and First National Corporation (FXNC) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNC and FXNC?
Over the past 3 years, CNC and FXNC moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.18 over 1 year against -0.22 over 3. Over 5 years the correlation is -0.07, and the annualized covariance of weekly returns is -268.6 %².
Among the 30 assets we track against CNC, FXNC ranks #24 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months CNC outperformed by 90.6 percentage points (+126.5% for CNC against +35.9% for FXNC). Risk is not evenly split, since CNC carries 1.7 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.
CNC vs FXNC: side by side
| CNC (Centene Corporation) | FXNC (First National Corporation) | |
|---|---|---|
| 1-year return | +126.5% | +35.9% |
| 5-year return | +3.3% | +71.2% |
| Volatility (ann.) | 45.4% | 27.4% |
| Beta vs S&P 500 | 0.36 | 0.50 |
| Max drawdown (3Y) | -68.6% | -31.6% |
| Market cap | $32.3B | $0.3B |
| P/E (trailing) | – | 12.9 |
| Dividend yield | 0.00% | 2.15% |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | CNC | FXNC |
|---|---|---|
| 2022 | -0.5% | -23.3% |
| 2023 | -9.5% | +31.5% |
| 2024 | -18.4% | +9.3% |
| 2025 | -32.1% | +12.7% |
| 2026 | +58.8% | +24.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNC and FXNC good diversifiers for each other?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CNC and FXNC?
As of 2026-08-27, the correlation of weekly returns between CNC and FXNC is -0.22 over 3 years, -0.18 over 1 year and -0.07 over 5 years.
Is FXNC a good diversifier for CNC?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
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
$ curl https://www.pairbook.io/api/v1/pairs/cnc-vs-fxnc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cnc-vs-fxnc/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CNC correlations · FXNC correlations
