CSAN vs XP: Correlation
Measured on weekly returns over the past three years, Cosan S.A. (CSAN) and XP Inc. (XP) 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 CSAN and XP?
On 3 years of weekly data the CSAN/XP correlation comes out at 0.59, moderate. Recent behaviour matches the longer record: 0.66 over 1 year against 0.59 over 3. The 5-year figure is 0.55, and annualized covariance runs at 1085.7 %².
XP is one of the assets that tracks CSAN most closely: it ranks #1 out of the 11 assets we track against CSAN. Correlation aside, the last 12 months split them widely, with XP ahead by 37.8 points (-32.0% versus +5.8%).
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.
CSAN vs XP: side by side
| CSAN (Cosan S.A.) | XP (XP Inc.) | |
|---|---|---|
| 1-year return | -32.0% | +5.8% |
| 5-year return | -81.8% | -58.9% |
| Volatility (ann.) | 44.6% | 41.0% |
| Beta vs S&P 500 | 0.59 | 1.18 |
| Max drawdown (3Y) | -84.7% | -56.6% |
| Market cap | $2.8B | $9.0B |
| P/E (trailing) | – | 9.0 |
| Dividend yield | 0.00% | 11.39% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CSAN | XP |
|---|---|---|
| 2022 | -14.6% | -46.6% |
| 2023 | +23.2% | +79.6% |
| 2024 | -64.0% | -52.2% |
| 2025 | -27.4% | +39.5% |
| 2026 | -29.4% | +9.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CSAN and XP 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 CSAN and XP?
The CSAN/XP correlation stands at 0.59 on a 3-year window (1 year: 0.66, 5 years: 0.55), computed from weekly returns as of 2026-08-27.
Is XP a good diversifier for CSAN?
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?
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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/csan-vs-xp.json
Drop this badge in a README or notebook; it updates with the data:
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Related comparisons
Hubs: CSAN correlations · XP correlations
