CNMD vs UPBD: Correlation
CONMED Corporation (CNMD) and Upbound Group, Inc. (UPBD) show a moderate relationship: their 3-year correlation of weekly returns is 0.50.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNMD and UPBD?
Across a 3-year window, the weekly returns of CNMD and UPBD correlate at 0.50, moderate. The relationship has been stable: the 1-year correlation (0.58) sits close to the 3-year figure. Stretching to 5 years gives 0.41, with an annualized covariance of 786.9 %².
Within CNMD's tracked universe of 11 assets, UPBD comes in at #4 by 3-year correlation. Over the last 12 months CNMD came out ahead by 12.6 percentage points (-7.2% against -19.8%).
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 UPBD: side by side
| CNMD (CONMED Corporation) | UPBD (Upbound Group, Inc.) | |
|---|---|---|
| 1-year return | -7.2% | -19.8% |
| 5-year return | -60.5% | -60.7% |
| Volatility (ann.) | 38.2% | 41.4% |
| Beta vs S&P 500 | 0.60 | 1.23 |
| Max drawdown (3Y) | -71.4% | -54.2% |
| Market cap | $1.5B | $1.1B |
| P/E (trailing) | 27.2 | 12.6 |
| Dividend yield | 0.40% | 8.02% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CNMD | UPBD |
|---|---|---|
| 2022 | -37.0% | -49.9% |
| 2023 | +24.5% | +57.9% |
| 2024 | -36.8% | -10.1% |
| 2025 | -40.0% | -35.4% |
| 2026 | +23.9% | +14.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNMD and UPBD good diversifiers for each other?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CNMD and UPBD?
Using weekly returns as of 2026-08-27: 0.50 over 3 years, with 0.58 over the last year and 0.41 over 5 years.
Is UPBD a good diversifier for CNMD?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.50 mean?
On the −1 to +1 scale, 0.50 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/cnmd-vs-upbd.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cnmd-vs-upbd/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CNMD correlations · UPBD correlations
