CNA vs. ORI

Last updated Jun 4, 2026

CNA (CNA Financial Corporation) and ORI (Old Republic International Corporation) are both stocks. Both are in the Financial Services sector — CNA in Insurance - Property & Casualty, ORI in Insurance - Diversified. Over the past 10 years, CNA returned 10.36%/yr vs 14.96%/yr for ORI. At a 0.50 correlation, their price movements are largely independent.

Performance

CNA vs. ORI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in CNA Financial Corporation (CNA) and Old Republic International Corporation (ORI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CNA achieves a -6.60% return, which is significantly higher than ORI's -13.49% return. Over the past 10 years, CNA has underperformed ORI with an annualized return of 10.36%, while ORI has yielded a comparatively higher 14.96% annualized return.

CNA

• 1D: -0.78%
• 1M: -4.17%
• YTD: -6.60%
• 6M: -3.09%
• 1Y: -5.30%
• 3Y*: 11.87%
• 5Y*: 5.19%
• 10Y*: 10.36%

ORI

• 1D: -0.24%
• 1M: -3.77%
• YTD: -13.49%
• 6M: -9.97%
• 1Y: 5.72%
• 3Y*: 22.36%
• 5Y*: 15.59%
• 10Y*: 14.96%

*Multi-year figures are annualized to reflect compound growth (CAGR)

CNA vs. ORI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CNA CNA Financial Corporation	-6.60%	6.96%	23.96%	7.14%	3.82%	19.07%	-5.42%	9.47%	-11.12%	36.94%
ORI Old Republic International Corporation	-13.49%	37.50%	27.10%	26.32%	6.68%	44.92%	-7.64%	17.75%	4.85%	16.87%

Correlation

The correlation between CNA and ORI is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Mar 27, 1990	0.50

Over the past year, CNA and ORI have become more correlated (0.71) than their long-term average of 0.50, meaning their price movements have been converging.

Fundamentals

EPS CNA : $4.88 ORI : $5.45
PE Ratio CNA : 8.59 ORI : 6.79
PEG Ratio CNA : 0.74 ORI : 2.75
PS Ratio CNA : 0.77 ORI : 0.74
Total Revenue (TTM) CNA : $14.82B ORI : $9.37B
Gross Profit (TTM) CNA : $4.95B ORI : $3.23B
EBITDA (TTM) CNA : $1.73B ORI : $911.00M

Return for Risk

CNA vs. ORI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CNA

CNA Risk / Return Rank: 26
CNA Sharpe Ratio Rank: 29
CNA Sortino Ratio Rank: 24
CNA Omega Ratio Rank: 24
CNA Calmar Ratio Rank: 28
CNA Martin Ratio Rank: 24

ORI

ORI Risk / Return Rank: 46
ORI Sharpe Ratio Rank: 50
ORI Sortino Ratio Rank: 41
ORI Omega Ratio Rank: 42
ORI Calmar Ratio Rank: 49
ORI Martin Ratio Rank: 51

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CNA vs. ORI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CNA Financial Corporation (CNA) and Old Republic International Corporation (ORI). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	CNA	ORI	Difference
Sharpe ratio Return per unit of total volatility	-0.28	0.25	-0.53
Sortino ratio Return per unit of downside risk	-0.25	0.46	-0.71
Omega ratio Gain probability vs. loss probability	0.97	1.06	-0.10
Calmar ratio Return relative to maximum drawdown	-0.37	0.36	-0.72
Martin ratio Return relative to average drawdown	-0.85	0.95	-1.80
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CNA vs. ORI - Sharpe Ratio Comparison

The current CNA Sharpe Ratio is -0.28, which is lower than the ORI Sharpe Ratio of 0.25. The chart below compares the historical Sharpe Ratios of CNA and ORI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CNA	ORI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.28	0.25	-0.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.24	0.71	-0.46
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	0.57	-0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.15	0.41	-0.26

Drawdowns

CNA vs. ORI - Drawdown Comparison

The maximum CNA drawdown since its inception was -87.48%, which is greater than ORI's maximum drawdown of -66.19%. Use the drawdown chart below to compare losses from any high point for CNA and ORI.

Drawdown Indicators

	CNA	ORI	Difference
Max Drawdown Largest peak-to-trough decline	-87.48%	-66.19%	-21.29%
Max Drawdown (1Y) Largest decline over 1 year	-14.55%	-16.18%	+1.63%
Max Drawdown (3Y) Largest decline over 3 years	-14.55%	-16.18%	+1.63%
Max Drawdown (5Y) Largest decline over 5 years	-25.67%	-20.36%	-5.31%
Max Drawdown (10Y) Largest decline over 10 years	-45.91%	-47.78%	+1.87%
Current Drawdown Current decline from peak	-14.53%	-15.31%	+0.78%
Average Drawdown Average peak-to-trough decline	-25.55%	-14.54%	-11.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.49%	6.06%	+0.43%

Volatility

CNA vs. ORI - Volatility Comparison

CNA Financial Corporation (CNA) and Old Republic International Corporation (ORI) have volatilities of 5.56% and 5.41%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CNA	ORI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.56%	5.41%	+0.15%
Volatility (6M) Calculated over the trailing 6-month period	14.95%	17.96%	-3.01%
Volatility (1Y) Calculated over the trailing 1-year period	19.25%	22.82%	-3.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.44%	22.22%	-0.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.93%	26.12%	-1.19%

Dividends

CNA vs. ORI - Dividend Comparison

CNA's dividend yield for the trailing twelve months is around 9.26%, less than ORI's 9.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CNA CNA Financial Corporation	9.26%	8.04%	7.77%	6.81%	8.51%	5.15%	8.93%	7.59%	7.47%	5.84%	7.23%	8.53%
ORI Old Republic International Corporation	9.95%	6.92%	2.93%	3.33%	7.95%	13.75%	4.26%	8.05%	8.65%	3.55%	3.95%	3.97%

Financials

CNA vs. ORI - Profitability Comparison

The chart below illustrates the profitability comparison between CNA Financial Corporation and Old Republic International Corporation over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

CNA - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, CNA Financial Corporation reported a gross profit of 1.50B and revenue of 3.68B. Therefore, the gross margin over that period was 40.9%.

ORI - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Old Republic International Corporation reported a gross profit of 0.00 and revenue of 2.40B. Therefore, the gross margin over that period was 0.0%.

CNA - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, CNA Financial Corporation reported an operating income of 300.00M and revenue of 3.68B, resulting in an operating margin of 8.2%.

ORI - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Old Republic International Corporation reported an operating income of 0.00 and revenue of 2.40B, resulting in an operating margin of 0.0%.

CNA - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, CNA Financial Corporation reported a net income of 323.00M and revenue of 3.68B, resulting in a net margin of 8.8%.

ORI - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Old Republic International Corporation reported a net income of 330.00M and revenue of 2.40B, resulting in a net margin of 13.8%.

Frequently Asked Questions

Can I hold both CNA and ORI in my portfolio?

CNA and ORI have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CNA or ORI?

CNA has higher volatility (5.56%) compared to ORI (5.41%). In terms of maximum drawdown, CNA dropped -87.48% vs ORI's -66.19%.

Which has better risk-adjusted returns?

ORI currently has the higher Sharpe Ratio (0.25 vs -0.28), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.