CNC vs UNH: Correlation
Measured on weekly returns over the past three years, Centene Corporation (CNC) and UnitedHealth Group (UNH) carry a correlation of 0.39, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNC and UNH?
Across a 3-year window, the weekly returns of CNC and UNH correlate at 0.39, moderate. The past 12 months show a tighter link (0.54) than the 3-year average (0.39). Stretching to 5 years gives 0.45, with an annualized covariance of 711.8 %².
Among the 30 assets we track against CNC, UNH ranks #4 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months CNC outperformed by 93.0 percentage points (+126.5% for CNC against +33.5% for UNH). The relationship is regime-dependent: the rolling one-year correlation swung between 0.13 and 0.65 over the past three years, so this pair behaves very differently depending on the market environment.
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 UNH: side by side
| CNC (Centene Corporation) | UNH (UnitedHealth Group) | |
|---|---|---|
| 1-year return | +126.5% | +33.5% |
| 5-year return | +3.3% | +3.1% |
| Volatility (ann.) | 45.4% | 39.8% |
| Beta vs S&P 500 | 0.36 | 0.17 |
| Max drawdown (3Y) | -68.6% | -61.4% |
| Market cap | $32.3B | $354.6B |
| P/E (trailing) | – | 25.8 |
| Dividend yield | 0.00% | 2.23% |
| Sector / category | Health Care | Health Care |
Year-by-year returns
| Year | CNC | UNH |
|---|---|---|
| 2022 | -0.5% | +6.9% |
| 2023 | -9.5% | +0.8% |
| 2024 | -18.4% | -2.4% |
| 2025 | -32.1% | -33.1% |
| 2026 | +58.8% | +21.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNC and UNH good diversifiers for each other?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CNC and UNH?
As of 2026-08-27, the correlation of weekly returns between CNC and UNH is 0.39 over 3 years, 0.54 over 1 year and 0.45 over 5 years.
Is UNH a good diversifier for CNC?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.39 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cnc-vs-unh.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cnc-vs-unh/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CNC correlations · UNH correlations
