CNX vs EXE: Correlation
Measured on weekly returns over the past three years, CNX Resources Corporation (CNX) and Expand Energy (EXE) carry a correlation of 0.59, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNX and EXE?
On 3 years of weekly data the CNX/EXE correlation comes out at 0.59, moderate. The relationship has been stable: the 1-year correlation (0.64) sits close to the 3-year figure. The 5-year figure is 0.66, and annualized covariance runs at 490.8 %².
In CNX's tracked universe of 12 assets, EXE sits right near the top at #1. The last year tells two different stories: CNX led by 19.0 percentage points, +24.2% for CNX against +5.2% for EXE.
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.
CNX vs EXE: side by side
| CNX (CNX Resources Corporation) | EXE (Expand Energy) | |
|---|---|---|
| 1-year return | +24.2% | +5.2% |
| 5-year return | +229.8% | +125.8% |
| Volatility (ann.) | 29.6% | 28.2% |
| Beta vs S&P 500 | 0.41 | 0.31 |
| Max drawdown (3Y) | -33.4% | -28.4% |
| Market cap | $5.3B | $22.7B |
| P/E (trailing) | 5.8 | 8.3 |
| Dividend yield | 0.00% | 3.30% |
| Sector / category | US Listed | Energy |
Year-by-year returns
| Year | CNX | EXE |
|---|---|---|
| 2022 | +22.5% | +62.3% |
| 2023 | +18.8% | -14.8% |
| 2024 | +83.3% | +33.2% |
| 2025 | +0.3% | +14.4% |
| 2026 | -1.8% | -9.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNX and EXE good diversifiers for each other?
Somewhat, no more. With 0.59 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CNX and EXE?
Using weekly returns as of 2026-08-27: 0.59 over 3 years, with 0.64 over the last year and 0.66 over 5 years.
Is EXE a good diversifier for CNX?
Somewhat, no more. With 0.59 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.59 mean?
On the −1 to +1 scale, 0.59 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/cnx-vs-exe.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cnx-vs-exe/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CNX correlations · EXE correlations
