CNM vs ESAB: Correlation
How closely do Core & Main, Inc. (CNM) and ESAB Corporation (ESAB) trade together? Their weekly returns over three years give a correlation of 0.56, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNM and ESAB?
Across a 3-year window, the weekly returns of CNM and ESAB correlate at 0.56, moderate. Little has changed lately, as the 1-year reading of 0.50 lands near the 3-year figure. Stretching to 5 years gives 0.52, with an annualized covariance of 809.0 %².
Among the 17 assets we track against CNM, ESAB ranks #4 by 3-year correlation. Neither side won the trailing year by much: -33.5% against -32.5%.
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 ESAB: side by side
| CNM (Core & Main, Inc.) | ESAB (ESAB Corporation) | |
|---|---|---|
| 1-year return | -33.5% | -32.5% |
| 5-year return | +63.1% | +60.4% |
| Volatility (ann.) | 39.7% | 36.3% |
| Beta vs S&P 500 | 1.19 | 1.30 |
| Max drawdown (3Y) | -38.7% | -41.6% |
| Market cap | $8.5B | $4.9B |
| P/E (trailing) | 18.4 | 25.8 |
| Dividend yield | 0.00% | 0.51% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CNM | ESAB |
|---|---|---|
| 2022 | -36.4% | – |
| 2023 | +109.3% | +85.2% |
| 2024 | +26.0% | +38.9% |
| 2025 | +2.1% | -6.5% |
| 2026 | -15.8% | -29.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNM and ESAB good diversifiers for each other?
Only partially. A correlation of 0.56 means CNM and ESAB share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between CNM and ESAB?
The CNM/ESAB correlation stands at 0.56 on a 3-year window (1 year: 0.50, 5 years: 0.52), computed from weekly returns as of 2026-08-27.
Is ESAB a good diversifier for CNM?
Only partially. A correlation of 0.56 means CNM and ESAB share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.56 mean?
On the −1 to +1 scale, 0.56 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cnm-vs-esab.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cnm-vs-esab/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CNM correlations · ESAB correlations
