CNI vs CP: Correlation
Canadian National Railway Company (CNI) and Canadian Pacific Kansas City Limited (CP) show a strong relationship: their 3-year correlation of weekly returns is 0.75.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNI and CP?
Across a 3-year window, the weekly returns of CNI and CP correlate at 0.75, strong. Recent behaviour matches the longer record: 0.75 over 1 year against 0.75 over 3. Stretching to 5 years gives 0.77, with an annualized covariance of 291.6 %².
Few assets follow CNI as closely as CP, which ranks #1 of 10 tracked partners. On 12-month performance CNI holds a 9.6-point edge, +32.5% against +22.9%.
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.
CNI vs CP: side by side
| CNI (Canadian National Railway Company) | CP (Canadian Pacific Kansas City Limited) | |
|---|---|---|
| 1-year return | +32.5% | +22.9% |
| 5-year return | +27.2% | +35.4% |
| Volatility (ann.) | 18.6% | 20.9% |
| Beta vs S&P 500 | 0.48 | 0.51 |
| Max drawdown (3Y) | -29.1% | -25.9% |
| Market cap | $76.5B | $82.5B |
| P/E (trailing) | 22.7 | 30.5 |
| Dividend yield | 2.83% | 1.01% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CNI | CP |
|---|---|---|
| 2022 | -1.4% | +4.7% |
| 2023 | +7.8% | +6.8% |
| 2024 | -17.5% | -7.8% |
| 2025 | -0.8% | +2.4% |
| 2026 | +29.5% | +28.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNI and CP good diversifiers for each other?
Somewhat, no more. With 0.75 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CNI and CP?
As of 2026-08-27, the correlation of weekly returns between CNI and CP is 0.75 over 3 years, 0.75 over 1 year and 0.77 over 5 years.
Is CP a good diversifier for CNI?
Somewhat, no more. With 0.75 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.75 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/cni-vs-cp.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cni-vs-cp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CNI correlations · CP correlations
