CNC vs ORIO: Correlation
How closely do Centene Corporation (CNC) and Orion Digital Corp. (ORIO) trade together? Their weekly returns over three years give a correlation of -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNC and ORIO?
Over the past 3 years, CNC and ORIO moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.28) than the 3-year average (-0.24). Over 5 years the correlation is -0.09, and the annualized covariance of weekly returns is -874.2 %².
ORIO is close to the least connected end of CNC's tracked universe, ranking #27 of 30. Their recent paths diverged sharply: over the last 12 months CNC outperformed by 181.2 percentage points (+126.5% for CNC against -54.7% for ORIO). Note the risk asymmetry: ORIO runs 1.8 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 ORIO: side by side
| CNC (Centene Corporation) | ORIO (Orion Digital Corp.) | |
|---|---|---|
| 1-year return | +126.5% | -54.7% |
| 5-year return | +3.3% | -94.6% |
| Volatility (ann.) | 45.4% | 79.6% |
| Beta vs S&P 500 | 0.36 | 2.19 |
| Max drawdown (3Y) | -68.6% | -75.9% |
| Market cap | $32.3B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | CNC | ORIO |
|---|---|---|
| 2022 | -0.5% | -84.5% |
| 2023 | -9.5% | +15.9% |
| 2024 | -18.4% | -26.1% |
| 2025 | -32.1% | -21.3% |
| 2026 | +58.8% | -18.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNC and ORIO good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CNC and ORIO?
As of 2026-08-27, the correlation of weekly returns between CNC and ORIO is -0.24 over 3 years, 0.28 over 1 year and -0.09 over 5 years.
Is ORIO a good diversifier for CNC?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
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-orio.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cnc-vs-orio/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CNC correlations · ORIO correlations
