CNI vs PAPL: Correlation
Measured on weekly returns over the past three years, Canadian National Railway Company (CNI) and Pineapple Financial Inc. (PAPL) carry a correlation of -0.21, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNI and PAPL?
Over the past 3 years, CNI and PAPL moved with a correlation of -0.21, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.01 versus -0.21 over 3 years. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -659.8 %².
Out of 10 assets tracked against CNI, PAPL lands near the bottom at #8. Correlation aside, the last 12 months split them widely, with CNI ahead by 103.2 points (+32.5% versus -70.7%). Note the risk asymmetry: PAPL runs 9.7 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.
CNI vs PAPL: side by side
| CNI (Canadian National Railway Company) | PAPL (Pineapple Financial Inc.) | |
|---|---|---|
| 1-year return | +32.5% | -70.7% |
| 5-year return | +27.2% | n/a |
| Volatility (ann.) | 18.6% | 181.2% |
| Beta vs S&P 500 | 0.48 | -0.73 |
| Max drawdown (3Y) | -29.1% | -99.4% |
| Market cap | $76.5B | – |
| P/E (trailing) | 22.7 | – |
| Dividend yield | 2.83% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CNI | PAPL |
|---|---|---|
| 2022 | -1.4% | – |
| 2023 | +7.8% | – |
| 2024 | -17.5% | -74.7% |
| 2025 | -0.8% | -84.4% |
| 2026 | +29.5% | -25.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNI and PAPL good diversifiers for each other?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CNI and PAPL?
The CNI/PAPL correlation stands at -0.21 on a 3-year window (1 year: -0.01, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is PAPL a good diversifier for CNI?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.21 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-papl.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cni-vs-papl/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CNI correlations · PAPL correlations
