COR vs MCHP: Correlation
How closely do Cencora (COR) and Microchip Technology (MCHP) trade together? Their weekly returns over three years give a correlation of -0.20, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COR and MCHP?
Over the past 3 years, COR and MCHP moved with a correlation of -0.20, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.33 versus -0.20 over 3 years. Over 5 years the correlation is -0.07, and the annualized covariance of weekly returns is -202.9 %².
Within COR's tracked universe of 43 assets, MCHP comes in at #25 by 3-year correlation. Neither side won the trailing year by much: +11.4% against +16.2%. The rolling one-year correlation moved between -0.41 and 0.01 over the past three years, a moderate range. Note the risk asymmetry: MCHP runs 2.1 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.
COR vs MCHP: side by side
| COR (Cencora) | MCHP (Microchip Technology) | |
|---|---|---|
| 1-year return | +11.4% | +16.2% |
| 5-year return | +188.6% | +5.9% |
| Volatility (ann.) | 21.9% | 46.7% |
| Beta vs S&P 500 | 0.08 | 1.97 |
| Max drawdown (3Y) | -32.4% | -63.8% |
| Market cap | $61.3B | $41.0B |
| P/E (trailing) | 24.3 | 109.4 |
| Dividend yield | 0.72% | 2.46% |
| Sector / category | Health Care | Information Technology |
Year-by-year returns
| Year | COR | MCHP |
|---|---|---|
| 2022 | +26.3% | -18.0% |
| 2023 | +25.3% | +30.9% |
| 2024 | +10.4% | -35.0% |
| 2025 | +51.5% | +14.6% |
| 2026 | -4.3% | +20.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are COR and MCHP good diversifiers for each other?
By historical standards, yes. A correlation of -0.20 means the two rarely move for the same reasons.
FAQ
What is the correlation between COR and MCHP?
As of 2026-08-27, the correlation of weekly returns between COR and MCHP is -0.20 over 3 years, -0.33 over 1 year and -0.07 over 5 years.
Is MCHP a good diversifier for COR?
By historical standards, yes. A correlation of -0.20 means the two rarely move for the same reasons.
What does a correlation of -0.20 mean?
A reading of -0.20 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: COR correlations · MCHP correlations
