MORN vs NCNO: Correlation
How closely do Morningstar, Inc. (MORN) and nCino, Inc. (NCNO) trade together? Their weekly returns over three years give a correlation of 0.51, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MORN and NCNO?
Over the past 3 years, MORN and NCNO moved with a correlation of 0.51, which is moderate. The link has tightened recently: the 1-year correlation (0.63) runs above the 3-year figure (0.51). Over 5 years the correlation is 0.47, and the annualized covariance of weekly returns is 724.7 %².
By 3-year correlation, NCNO places #13 of the 21 assets tracked against MORN. The trailing year gives MORN the advantage: -16.6% versus -28.7%, a 12.1-point spread. One caveat on sizing: NCNO is 1.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
MORN vs NCNO: side by side
| MORN (Morningstar, Inc.) | NCNO (nCino, Inc.) | |
|---|---|---|
| 1-year return | -16.6% | -28.7% |
| 5-year return | -15.1% | -62.7% |
| Volatility (ann.) | 30.5% | 46.7% |
| Beta vs S&P 500 | 0.77 | 1.44 |
| Max drawdown (3Y) | -60.0% | -67.1% |
| Market cap | $8.2B | $2.5B |
| P/E (trailing) | 20.2 | 68.6 |
| Dividend yield | 0.92% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MORN | NCNO |
|---|---|---|
| 2022 | -36.3% | -51.8% |
| 2023 | +33.1% | +27.2% |
| 2024 | +18.3% | -0.1% |
| 2025 | -35.1% | -23.6% |
| 2026 | +1.5% | -9.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MORN and NCNO good diversifiers for each other?
To a limited degree. At 0.51 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between MORN and NCNO?
The MORN/NCNO correlation stands at 0.51 on a 3-year window (1 year: 0.63, 5 years: 0.47), computed from weekly returns as of 2026-08-27.
Is NCNO a good diversifier for MORN?
To a limited degree. At 0.51 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.51 mean?
On the −1 to +1 scale, 0.51 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/morn-vs-ncno.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/morn-vs-ncno/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MORN correlations · NCNO correlations
