CNEY vs KWEB: Correlation
CN Energy Group Inc. - Class A (CNEY) and KraneShares CSI China Internet ETF (KWEB) show a moderate relationship: their 3-year correlation of weekly returns is 0.39.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNEY and KWEB?
On 3 years of weekly data the CNEY/KWEB correlation comes out at 0.39, moderate. The link has loosened recently: the 1-year correlation (0.08) runs below the 3-year figure (0.39). The 5-year figure is 0.18, and annualized covariance runs at 2209.3 %².
By 3-year correlation, KWEB places #5 of the 10 assets tracked against CNEY. Correlation aside, the last 12 months split them widely, with KWEB ahead by 47.3 points (-73.4% versus -26.1%). Note the risk asymmetry: CNEY runs 5.0 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.
CNEY vs KWEB: side by side
| CNEY (CN Energy Group Inc. - Class A) | KWEB (KraneShares CSI China Internet ETF) | |
|---|---|---|
| 1-year return | -73.4% | -26.1% |
| 5-year return | -100.0% | -36.2% |
| Volatility (ann.) | 169.1% | 33.9% |
| Beta vs S&P 500 | 1.83 | 0.90 |
| Max drawdown (3Y) | -99.7% | -41.6% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | CNEY | KWEB |
|---|---|---|
| 2022 | -73.2% | -17.2% |
| 2023 | -91.3% | -9.1% |
| 2024 | -84.3% | +12.0% |
| 2025 | -92.2% | +23.5% |
| 2026 | -0.1% | -23.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNEY and KWEB good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CNEY and KWEB?
As of 2026-08-27, the correlation of weekly returns between CNEY and KWEB is 0.39 over 3 years, 0.08 over 1 year and 0.18 over 5 years.
Is KWEB a good diversifier for CNEY?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.39 mean?
A reading of 0.39 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/cney-vs-kweb.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cney-vs-kweb/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CNEY correlations · KWEB correlations
