CNC vs QH: Correlation
Measured on weekly returns over the past three years, Centene Corporation (CNC) and Quhuo Limited - Class A (QH) carry a correlation of 0.36, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNC and QH?
Across a 3-year window, the weekly returns of CNC and QH correlate at 0.36, moderate. The link has tightened recently: the 1-year correlation (0.50) runs above the 3-year figure (0.36). Stretching to 5 years gives 0.31, with an annualized covariance of 22002.0 %².
Among the 30 assets we track against CNC, QH ranks #6 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months CNC outperformed by 134.6 percentage points (+126.5% for CNC against -8.1% for QH). One caveat on sizing: QH is 30.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 QH: side by side
| CNC (Centene Corporation) | QH (Quhuo Limited - Class A) | |
|---|---|---|
| 1-year return | +126.5% | -8.1% |
| 5-year return | +3.3% | -100.0% |
| Volatility (ann.) | 45.4% | 1360.1% |
| Beta vs S&P 500 | 0.36 | 5.77 |
| Max drawdown (3Y) | -68.6% | -100.0% |
| 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 | QH |
|---|---|---|
| 2022 | -0.5% | -98.9% |
| 2023 | -9.5% | +22.5% |
| 2024 | -18.4% | -0.7% |
| 2025 | -32.1% | -99.2% |
| 2026 | +58.8% | +290.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNC and QH good diversifiers for each other?
Reasonably. At 0.36, CNC and QH keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CNC and QH?
The CNC/QH correlation stands at 0.36 on a 3-year window (1 year: 0.50, 5 years: 0.31), computed from weekly returns as of 2026-08-27.
Is QH a good diversifier for CNC?
Reasonably. At 0.36, CNC and QH keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.36 mean?
A reading of 0.36 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-qh.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cnc-vs-qh/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CNC correlations · QH correlations
