CP vs UNP: Correlation
Measured on weekly returns over the past three years, Canadian Pacific Kansas City Limited (CP) and Union Pacific Corporation (UNP) carry a correlation of 0.62, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CP and UNP?
Over the past 3 years, CP and UNP moved with a correlation of 0.62, which is strong. Little has changed lately, as the 1-year reading of 0.63 lands near the 3-year figure. Over 5 years the correlation is 0.63, and the annualized covariance of weekly returns is 265.5 %².
Few assets follow CP as closely as UNP, which ranks #2 of 10 tracked partners. Correlation aside, the last 12 months split them widely, with UNP ahead by 19.5 points (+22.9% versus +42.4%).
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.
CP vs UNP: side by side
| CP (Canadian Pacific Kansas City Limited) | UNP (Union Pacific Corporation) | |
|---|---|---|
| 1-year return | +22.9% | +42.4% |
| 5-year return | +35.4% | +56.5% |
| Volatility (ann.) | 20.9% | 20.6% |
| Beta vs S&P 500 | 0.51 | 0.56 |
| Max drawdown (3Y) | -25.9% | -17.8% |
| Market cap | $82.5B | $182.8B |
| P/E (trailing) | 30.5 | 25.1 |
| Dividend yield | 1.01% | 1.78% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | CP | UNP |
|---|---|---|
| 2022 | +4.7% | -15.9% |
| 2023 | +6.8% | +21.6% |
| 2024 | -7.8% | -5.1% |
| 2025 | +2.4% | +3.9% |
| 2026 | +28.0% | +34.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CP and UNP good diversifiers for each other?
Somewhat, no more. With 0.62 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CP and UNP?
As of 2026-08-27, the correlation of weekly returns between CP and UNP is 0.62 over 3 years, 0.63 over 1 year and 0.63 over 5 years.
Is UNP a good diversifier for CP?
Somewhat, no more. With 0.62 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.62 mean?
On the −1 to +1 scale, 0.62 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/cp-vs-unp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cp-vs-unp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CP correlations · UNP correlations
