CNC vs NCSM: Correlation
Measured on weekly returns over the past three years, Centene Corporation (CNC) and NCS Multistage Holdings, Inc. (NCSM) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNC and NCSM?
On 3 years of weekly data the CNC/NCSM correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.47) runs below the 3-year figure (-0.24). The 5-year figure is -0.15, and annualized covariance runs at -725.6 %².
NCSM is close to the least connected end of CNC's tracked universe, ranking #26 of 30. The last year tells two different stories: CNC led by 92.0 percentage points, +126.5% for CNC against +34.5% for NCSM.
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 NCSM: side by side
| CNC (Centene Corporation) | NCSM (NCS Multistage Holdings, Inc.) | |
|---|---|---|
| 1-year return | +126.5% | +34.5% |
| 5-year return | +3.3% | +112.6% |
| Volatility (ann.) | 45.4% | 66.0% |
| Beta vs S&P 500 | 0.36 | 0.05 |
| Max drawdown (3Y) | -68.6% | -53.3% |
| Market cap | $32.3B | $0.1B |
| P/E (trailing) | – | 9.7 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | CNC | NCSM |
|---|---|---|
| 2022 | -0.5% | -13.8% |
| 2023 | -9.5% | -28.6% |
| 2024 | -18.4% | +45.4% |
| 2025 | -32.1% | +52.1% |
| 2026 | +58.8% | +28.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNC and NCSM good diversifiers for each other?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
FAQ
What is the correlation between CNC and NCSM?
As of 2026-08-27, the correlation of weekly returns between CNC and NCSM is -0.24 over 3 years, -0.47 over 1 year and -0.15 over 5 years.
Is NCSM a good diversifier for CNC?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
What does a correlation of -0.24 mean?
A reading of -0.24 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-ncsm.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cnc-vs-ncsm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CNC correlations · NCSM correlations
