CNA vs. PGR

Last updated Jun 4, 2026

CNA (CNA Financial Corporation) and PGR (The Progressive Corporation) are both stocks. Both operate in the Insurance - Property & Casualty industry within the Financial Services sector. Over the past 10 years, CNA returned 10.36%/yr vs 22.74%/yr for PGR. At a 0.41 correlation, their price movements are largely independent.

Performance

CNA vs. PGR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in CNA Financial Corporation (CNA) and The Progressive Corporation (PGR). 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 PGR's -9.60% return. Over the past 10 years, CNA has underperformed PGR with an annualized return of 10.36%, while PGR has yielded a comparatively higher 22.74% 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%

PGR

• 1D: -1.71%
• 1M: -2.90%
• YTD: -9.60%
• 6M: -9.39%
• 1Y: -28.28%
• 3Y*: 17.80%
• 5Y*: 16.61%
• 10Y*: 22.74%

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

CNA vs. PGR - 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%
PGR The Progressive Corporation	-9.60%	-3.02%	51.39%	23.16%	26.81%	10.84%	41.48%	25.14%	9.39%	61.59%

Correlation

The correlation between CNA and PGR is 0.51, 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (10Y) Calculated over the trailing 10-year period	0.48
Correlation (All Time) Calculated using the full available price history since Jul 10, 1986	0.41

The correlation between CNA and PGR shifts across timeframes, from 0.41 (all time) to 0.51 (1 year), reflecting how their relationship changes across market environments.

Fundamentals

EPS CNA : $4.88 PGR : $19.23
PE Ratio CNA : 8.59 PGR : 10.06
PEG Ratio CNA : 0.74 PGR : 0.08
PS Ratio CNA : 0.77 PGR : 1.30
Total Revenue (TTM) CNA : $14.82B PGR : $87.65B
Gross Profit (TTM) CNA : $4.95B PGR : $23.23B
EBITDA (TTM) CNA : $1.73B PGR : $14.81B

Return for Risk

CNA vs. PGR — 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

PGR

PGR Risk / Return Rank: 3
PGR Sharpe Ratio Rank: 1
PGR Sortino Ratio Rank: 3
PGR Omega Ratio Rank: 5
PGR Calmar Ratio Rank: 0
PGR Martin Ratio Rank: 6

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. PGR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CNA Financial Corporation (CNA) and The Progressive Corporation (PGR). 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	PGR	Difference
Sharpe ratio Return per unit of total volatility	-0.28	-1.28	+1.00
Sortino ratio Return per unit of downside risk	-0.25	-1.78	+1.53
Omega ratio Gain probability vs. loss probability	0.97	0.80	+0.17
Calmar ratio Return relative to maximum drawdown	-0.37	-1.01	+0.64
Martin ratio Return relative to average drawdown	-0.85	-1.46	+0.61
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. PGR - Sharpe Ratio Comparison

The current CNA Sharpe Ratio is -0.28, which is higher than the PGR Sharpe Ratio of -1.28. The chart below compares the historical Sharpe Ratios of CNA and PGR, 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	PGR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.28	-1.28	+1.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.24	0.68	-0.44
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	0.93	-0.52
Sharpe Ratio (All Time) Calculated using the full available price history	0.15	0.58	-0.43

Drawdowns

CNA vs. PGR - Drawdown Comparison

The maximum CNA drawdown since its inception was -87.48%, which is greater than PGR's maximum drawdown of -71.06%. Use the drawdown chart below to compare losses from any high point for CNA and PGR.

Drawdown Indicators

	CNA	PGR	Difference
Max Drawdown Largest peak-to-trough decline	-87.48%	-71.06%	-16.42%
Max Drawdown (1Y) Largest decline over 1 year	-14.55%	-28.14%	+13.59%
Max Drawdown (3Y) Largest decline over 3 years	-14.55%	-30.35%	+15.80%
Max Drawdown (5Y) Largest decline over 5 years	-25.67%	-30.35%	+4.68%
Max Drawdown (10Y) Largest decline over 10 years	-45.91%	-30.35%	-15.56%
Current Drawdown Current decline from peak	-14.53%	-29.23%	+14.70%
Average Drawdown Average peak-to-trough decline	-25.55%	-14.53%	-11.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.49%	20.72%	-14.23%

Volatility

CNA vs. PGR - Volatility Comparison

CNA Financial Corporation (CNA) and The Progressive Corporation (PGR) have volatilities of 5.56% and 5.82%, 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	PGR	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.56%	5.82%	-0.26%
Volatility (6M) Calculated over the trailing 6-month period	14.95%	16.25%	-1.30%
Volatility (1Y) Calculated over the trailing 1-year period	19.25%	22.23%	-2.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.44%	24.52%	-3.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.93%	24.43%	+0.50%

Dividends

CNA vs. PGR - Dividend Comparison

CNA's dividend yield for the trailing twelve months is around 9.26%, more than PGR's 7.18% 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%
PGR The Progressive Corporation	7.18%	2.15%	0.48%	0.25%	0.31%	6.23%	2.68%	3.89%	1.86%	1.21%	2.50%	2.16%

Financials

CNA vs. PGR - Profitability Comparison

The chart below illustrates the profitability comparison between CNA Financial Corporation and The Progressive 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%.

PGR - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, The Progressive Corporation reported a gross profit of 6.66B and revenue of 22.74B. Therefore, the gross margin over that period was 29.3%.

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%.

PGR - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, The Progressive Corporation reported an operating income of 3.68B and revenue of 22.74B, resulting in an operating margin of 16.2%.

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%.

PGR - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, The Progressive Corporation reported a net income of 2.95B and revenue of 22.74B, resulting in a net margin of 13.0%.

Frequently Asked Questions

Can I hold both CNA and PGR in my portfolio?

CNA and PGR have a correlation of 0.51, 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 PGR?

PGR has higher volatility (5.82%) compared to CNA (5.56%). In terms of maximum drawdown, CNA dropped -87.48% vs PGR's -71.06%.

Which has better risk-adjusted returns?

CNA currently has the higher Sharpe Ratio (-0.28 vs -1.28), 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.