CNC vs NMAD: Correlation
How closely do Centene Corporation (CNC) and Nomad Power Solutions, Inc. (NMAD) trade together? Their weekly returns over three years give a correlation of -0.46, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNC and NMAD?
Over the past 3 years, CNC and NMAD moved with a correlation of -0.46, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.03 versus -0.46 over 3 years. Over 5 years the correlation is -0.37, and the annualized covariance of weekly returns is -4143.0 %².
Among the 30 assets we track against CNC, NMAD sits near the bottom by co-movement, at rank #29. Correlation aside, the last 12 months split them widely, with CNC ahead by 97.3 points (+126.5% versus +29.2%). Note the risk asymmetry: NMAD runs 4.4 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.
CNC vs NMAD: side by side
| CNC (Centene Corporation) | NMAD (Nomad Power Solutions, Inc.) | |
|---|---|---|
| 1-year return | +126.5% | +29.2% |
| 5-year return | +3.3% | -80.2% |
| Volatility (ann.) | 45.4% | 197.9% |
| Beta vs S&P 500 | 0.36 | 0.82 |
| Max drawdown (3Y) | -68.6% | -80.8% |
| Market cap | $32.3B | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | CNC | NMAD |
|---|---|---|
| 2022 | -0.5% | -57.1% |
| 2023 | -9.5% | -53.9% |
| 2024 | -18.4% | -13.6% |
| 2025 | -32.1% | +93.6% |
| 2026 | +58.8% | +12.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNC and NMAD good diversifiers for each other?
Yes. With a correlation of -0.46, CNC and NMAD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CNC and NMAD?
As of 2026-08-27, the correlation of weekly returns between CNC and NMAD is -0.46 over 3 years, -0.03 over 1 year and -0.37 over 5 years.
Is NMAD a good diversifier for CNC?
Yes. With a correlation of -0.46, CNC and NMAD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.46 mean?
A reading of -0.46 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-nmad.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cnc-vs-nmad/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CNC correlations · NMAD correlations
