CNMD vs ENOV: Correlation
CONMED Corporation (CNMD) and Enovis Corporation (ENOV) show a moderate relationship: their 3-year correlation of weekly returns is 0.52.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNMD and ENOV?
Over the past 3 years, CNMD and ENOV moved with a correlation of 0.52, which is moderate. Little has changed lately, as the 1-year reading of 0.57 lands near the 3-year figure. Over 5 years the correlation is 0.55, and the annualized covariance of weekly returns is 814.5 %².
ENOV is one of the assets that tracks CNMD most closely: it ranks #1 out of the 11 assets we track against CNMD. Over the last 12 months CNMD came out ahead by 12.8 percentage points (-7.2% against -20.0%).
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.
CNMD vs ENOV: side by side
| CNMD (CONMED Corporation) | ENOV (Enovis Corporation) | |
|---|---|---|
| 1-year return | -7.2% | -20.0% |
| 5-year return | -60.5% | -70.1% |
| Volatility (ann.) | 38.2% | 41.2% |
| Beta vs S&P 500 | 0.60 | 1.30 |
| Max drawdown (3Y) | -71.4% | -68.6% |
| Market cap | $1.5B | $1.4B |
| P/E (trailing) | 27.2 | – |
| Dividend yield | 0.40% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CNMD | ENOV |
|---|---|---|
| 2022 | -37.0% | -32.4% |
| 2023 | +24.5% | +4.7% |
| 2024 | -36.8% | -21.7% |
| 2025 | -40.0% | -39.3% |
| 2026 | +23.9% | -6.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNMD and ENOV good diversifiers for each other?
Only partially. A correlation of 0.52 means CNMD and ENOV 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 CNMD and ENOV?
The CNMD/ENOV correlation stands at 0.52 on a 3-year window (1 year: 0.57, 5 years: 0.55), computed from weekly returns as of 2026-08-27.
Is ENOV a good diversifier for CNMD?
Only partially. A correlation of 0.52 means CNMD and ENOV share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.52 mean?
A reading of 0.52 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/cnmd-vs-enov.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cnmd-vs-enov/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CNMD correlations · ENOV correlations
