SNOW vs STZ: Correlation
Measured on weekly returns over the past three years, Snowflake Inc. (SNOW) and Constellation Brands (STZ) carry a correlation of -0.21, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SNOW and STZ?
Over the past 3 years, SNOW and STZ moved with a correlation of -0.21, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.38 versus -0.21 over 3 years. Over 5 years the correlation is 0.02, and the annualized covariance of weekly returns is -305.3 %².
Out of 17 assets tracked against SNOW, STZ lands near the bottom at #14. Correlation aside, the last 12 months split them widely, with SNOW ahead by 79.9 points (+64.2% versus -15.7%). Note the risk asymmetry: SNOW 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.
SNOW vs STZ: side by side
| SNOW (Snowflake Inc.) | STZ (Constellation Brands) | |
|---|---|---|
| 1-year return | +64.2% | -15.7% |
| 5-year return | +10.5% | -31.9% |
| Volatility (ann.) | 55.4% | 26.6% |
| Beta vs S&P 500 | 1.41 | 0.41 |
| Max drawdown (3Y) | -56.3% | -51.3% |
| Market cap | $114.1B | $22.4B |
| P/E (trailing) | – | 12.8 |
| Dividend yield | 0.00% | 3.04% |
| Sector / category | US Listed | Consumer Staples |
Year-by-year returns
| Year | SNOW | STZ |
|---|---|---|
| 2022 | -57.6% | -6.4% |
| 2023 | +38.6% | +5.8% |
| 2024 | -22.4% | -7.1% |
| 2025 | +42.1% | -36.0% |
| 2026 | +50.0% | -2.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SNOW and STZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
FAQ
What is the correlation between SNOW and STZ?
Using weekly returns as of 2026-08-27: -0.21 over 3 years, with -0.38 over the last year and 0.02 over 5 years.
Is STZ a good diversifier for SNOW?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
What does a correlation of -0.21 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/snow-vs-stz.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/snow-vs-stz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SNOW correlations · STZ correlations
