CNC vs. HDEF

Last updated Jun 9, 2026

CNC (Centene Corporation) is a stock, while HDEF (Xtrackers MSCI EAFE High Dividend Yield Equity ETF) is Foreign Large Cap Equities fund tracking the MSCI EAFE High Dividend Yield US Dollar Hedged Index. Over the past 10 years, CNC returned 6.71%/yr vs 8.53%/yr for HDEF. At a 0.26 correlation, their price movements are largely independent.

Performance

CNC vs. HDEF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Centene Corporation (CNC) and Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CNC achieves a 58.03% return, which is significantly higher than HDEF's 4.25% return. Over the past 10 years, CNC has underperformed HDEF with an annualized return of 6.71%, while HDEF has yielded a comparatively higher 8.53% annualized return.

CNC

• 1D: 4.33%
• 1M: 16.21%
• YTD: 58.03%
• 6M: 71.67%
• 1Y: 17.89%
• 3Y*: -1.96%
• 5Y*: -1.92%
• 10Y*: 6.71%

HDEF

• 1D: -0.03%
• 1M: -1.77%
• YTD: 4.25%
• 6M: 7.32%
• 1Y: 15.39%
• 3Y*: 16.24%
• 5Y*: 9.80%
• 10Y*: 8.53%

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

CNC vs. HDEF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CNC Centene Corporation	58.03%	-32.07%	-18.37%	-9.51%	-0.47%	37.26%	-4.52%	9.05%	14.29%	78.52%
HDEF Xtrackers MSCI EAFE High Dividend Yield Equity ETF	4.25%	33.01%	2.85%	18.53%	-2.51%	6.95%	-1.90%	25.02%	-13.74%	9.89%

Correlation

The correlation between CNC and HDEF is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.26
Correlation (10Y) Calculated over the trailing 10-year period	0.27
Correlation (All Time) Calculated using the full available price history since Aug 19, 2015	0.26

The correlation between CNC and HDEF shifts across timeframes, from 0.12 (1 year) to 0.27 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

CNC vs. HDEF — Risk / Return Rank

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

CNC

CNC Risk / Return Rank: 52
CNC Sharpe Ratio Rank: 52
CNC Sortino Ratio Rank: 50
CNC Omega Ratio Rank: 59
CNC Calmar Ratio Rank: 50
CNC Martin Ratio Rank: 49

HDEF

HDEF Risk / Return Rank: 41
HDEF Sharpe Ratio Rank: 41
HDEF Sortino Ratio Rank: 41
HDEF Omega Ratio Rank: 42
HDEF Calmar Ratio Rank: 43
HDEF Martin Ratio Rank: 40

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.

CNC vs. HDEF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Centene Corporation (CNC) and Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF). 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.

	CNC	HDEF	Difference
Sharpe ratio: Return per unit of total volatility	0.28	1.32	-1.04
Sortino ratio: Return per unit of downside risk	0.78	1.88	-1.10
Omega ratio: Gain probability vs. loss probability	1.15	1.24	-0.09
Calmar ratio: Return relative to maximum drawdown	0.32	1.93	-1.60
Martin ratio: Return relative to average drawdown	0.53	5.82	-5.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CNC vs. HDEF - Sharpe Ratio Comparison

The current CNC Sharpe Ratio is 0.28, which is lower than the HDEF Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of CNC and HDEF, 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

	CNC	HDEF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.28	1.32	-1.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.05	0.70	-0.75
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.17	0.53	-0.35
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.45	-0.05

Drawdowns

CNC vs. HDEF - Drawdown Comparison

The maximum CNC drawdown since its inception was -74.07%, which is greater than HDEF's maximum drawdown of -36.43%. Use the drawdown chart below to compare losses from any high point for CNC and HDEF.

Drawdown Indicators

	CNC	HDEF	Difference
Max Drawdown Largest peak-to-trough decline	-74.07%	-36.43%	-37.64%
Max Drawdown (1Y) Largest decline over 1 year	-55.50%	-8.03%	-47.47%
Max Drawdown (3Y) Largest decline over 3 years	-68.65%	-11.15%	-57.50%
Max Drawdown (5Y) Largest decline over 5 years	-74.07%	-23.63%	-50.44%
Max Drawdown (10Y) Largest decline over 10 years	-74.07%	-36.43%	-37.64%
Current Drawdown Current decline from peak	-33.11%	-5.45%	-27.66%
Average Drawdown Average peak-to-trough decline	-22.15%	-5.04%	-17.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.84%	2.65%	+31.19%

Volatility

CNC vs. HDEF - Volatility Comparison

Centene Corporation (CNC) has a higher volatility of 11.25% compared to Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF) at 3.05%. This indicates that CNC's price experiences larger fluctuations and is considered to be riskier than HDEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CNC	HDEF	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.25%	3.05%	+8.20%
Volatility (6M) Calculated over the trailing 6-month period	36.53%	9.24%	+27.29%
Volatility (1Y) Calculated over the trailing 1-year period	64.57%	11.71%	+52.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.51%	14.14%	+25.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.53%	16.24%	+22.29%

Dividends

CNC vs. HDEF - Dividend Comparison

CNC has not paid dividends to shareholders, while HDEF's dividend yield for the trailing twelve months is around 3.64%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CNC Centene Corporation	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HDEF Xtrackers MSCI EAFE High Dividend Yield Equity ETF	3.64%	3.88%	4.53%	4.38%	5.41%	4.76%	3.93%	4.20%	3.55%	3.38%	9.53%	1.87%

Frequently Asked Questions

Can I hold both CNC and HDEF in my portfolio?

CNC and HDEF have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CNC or HDEF?

CNC has higher volatility (11.25%) compared to HDEF (3.05%). In terms of maximum drawdown, CNC dropped -74.07% vs HDEF's -36.43%.

Which has better risk-adjusted returns?

HDEF currently has the higher Sharpe Ratio (1.32 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.