CNXC vs SPSC: Correlation
Measured on weekly returns over the past three years, Concentrix Corporation (CNXC) and SPS Commerce, Inc. (SPSC) carry a correlation of 0.49, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNXC and SPSC?
Over the past 3 years, CNXC and SPSC moved with a correlation of 0.49, which is moderate. The link has tightened recently: the 1-year correlation (0.60) runs above the 3-year figure (0.49). Over 5 years the correlation is 0.46, and the annualized covariance of weekly returns is 1141.5 %².
Few assets follow CNXC as closely as SPSC, which ranks #3 of 11 tracked partners. The last year tells two different stories: SPSC led by 16.5 percentage points, -41.9% for CNXC against -25.4% for SPSC.
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.
CNXC vs SPSC: side by side
| CNXC (Concentrix Corporation) | SPSC (SPS Commerce, Inc.) | |
|---|---|---|
| 1-year return | -41.9% | -25.4% |
| 5-year return | -81.9% | -38.6% |
| Volatility (ann.) | 52.6% | 44.2% |
| Beta vs S&P 500 | 1.27 | 1.10 |
| Max drawdown (3Y) | -78.5% | -76.8% |
| Market cap | $1.7B | $3.0B |
| P/E (trailing) | – | 40.5 |
| Dividend yield | 5.07% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CNXC | SPSC |
|---|---|---|
| 2022 | -24.9% | -9.8% |
| 2023 | -25.4% | +50.9% |
| 2024 | -55.0% | -5.1% |
| 2025 | -1.4% | -51.6% |
| 2026 | -29.6% | -5.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNXC and SPSC good diversifiers for each other?
Reasonably. At 0.49, CNXC and SPSC keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CNXC and SPSC?
The CNXC/SPSC correlation stands at 0.49 on a 3-year window (1 year: 0.60, 5 years: 0.46), computed from weekly returns as of 2026-08-27.
Is SPSC a good diversifier for CNXC?
Reasonably. At 0.49, CNXC and SPSC keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.49 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: CNXC correlations · SPSC correlations
