CNMD vs NEOG: Correlation
Measured on weekly returns over the past three years, CONMED Corporation (CNMD) and Neogen Corporation (NEOG) carry a correlation of 0.47, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNMD and NEOG?
On 3 years of weekly data the CNMD/NEOG correlation comes out at 0.47, moderate. The relationship has been stable: the 1-year correlation (0.42) sits close to the 3-year figure. The 5-year figure is 0.46, and annualized covariance runs at 1030.7 %².
By 3-year correlation, NEOG places #6 of the 11 assets tracked against CNMD. The last year tells two different stories: NEOG led by 111.7 percentage points, -7.2% for CNMD against +104.5% for NEOG. Note the risk asymmetry: NEOG runs 1.5 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.
CNMD vs NEOG: side by side
| CNMD (CONMED Corporation) | NEOG (Neogen Corporation) | |
|---|---|---|
| 1-year return | -7.2% | +104.5% |
| 5-year return | -60.5% | -73.2% |
| Volatility (ann.) | 38.2% | 57.8% |
| Beta vs S&P 500 | 0.60 | 1.11 |
| Max drawdown (3Y) | -71.4% | -81.2% |
| Market cap | $1.5B | $2.6B |
| P/E (trailing) | 27.2 | – |
| Dividend yield | 0.40% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CNMD | NEOG |
|---|---|---|
| 2022 | -37.0% | -66.5% |
| 2023 | +24.5% | +32.0% |
| 2024 | -36.8% | -39.6% |
| 2025 | -40.0% | -42.4% |
| 2026 | +23.9% | +68.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNMD and NEOG good diversifiers for each other?
Reasonably. At 0.47, CNMD and NEOG keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CNMD and NEOG?
Using weekly returns as of 2026-08-27: 0.47 over 3 years, with 0.42 over the last year and 0.46 over 5 years.
Is NEOG a good diversifier for CNMD?
Reasonably. At 0.47, CNMD and NEOG keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.47 mean?
A reading of 0.47 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-neog.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cnmd-vs-neog/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CNMD correlations · NEOG correlations
