CNM vs CWD: Correlation
Core & Main, Inc. (CNM) and CaliberCos Inc. (CWD) show a negative relationship: their 3-year correlation of weekly returns is -0.35.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNM and CWD?
Across a 3-year window, the weekly returns of CNM and CWD correlate at -0.35, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.65) runs below the 3-year figure (-0.35). Stretching to 5 years gives n/a, with an annualized covariance of -2710.8 %².
CWD is close to the least connected end of CNM's tracked universe, ranking #13 of 17. Correlation aside, the last 12 months split them widely, with CNM ahead by 33.0 points (-33.5% versus -66.5%). One caveat on sizing: CWD is 4.9 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.
CNM vs CWD: side by side
| CNM (Core & Main, Inc.) | CWD (CaliberCos Inc.) | |
|---|---|---|
| 1-year return | -33.5% | -66.5% |
| 5-year return | +63.1% | n/a |
| Volatility (ann.) | 39.7% | 194.6% |
| Beta vs S&P 500 | 1.19 | 1.40 |
| Max drawdown (3Y) | -38.7% | -98.7% |
| Market cap | $8.5B | – |
| P/E (trailing) | 18.4 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CNM | CWD |
|---|---|---|
| 2022 | -36.4% | – |
| 2023 | +109.3% | – |
| 2024 | +26.0% | -45.8% |
| 2025 | +2.1% | -91.1% |
| 2026 | -15.8% | -54.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNM and CWD good diversifiers for each other?
By historical standards, yes. A correlation of -0.35 means the two rarely move for the same reasons.
FAQ
What is the correlation between CNM and CWD?
The CNM/CWD correlation stands at -0.35 on a 3-year window (1 year: -0.65, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is CWD a good diversifier for CNM?
By historical standards, yes. A correlation of -0.35 means the two rarely move for the same reasons.
What does a correlation of -0.35 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.
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Related comparisons
Hubs: CNM correlations · CWD correlations
