CNI vs. CP

Last updated Apr 1, 2026

Compare and contrast key facts about Canadian National Railway Company (CNI) and Canadian Pacific Railway Limited (CP).

Performance

CNI vs. CP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Canadian National Railway Company (CNI) and Canadian Pacific Railway Limited (CP). The values are adjusted to include any dividend payments, if applicable.

CNI vs. CP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CNI Canadian National Railway Company	4.62%	-0.10%	-17.51%	7.84%	-1.86%	13.70%	23.66%	24.26%	-8.49%	25.03%
CP Canadian Pacific Railway Limited	7.05%	2.60%	-7.84%	6.85%	4.71%	4.64%	37.33%	45.04%	-1.81%	29.32%

Fundamentals

Market Cap CNI : $63.31B CP : $70.67B
EPS CNI : $7.59 CP : $4.54
PE Ratio CNI : 13.55 CP : 17.31
PS Ratio CNI : 3.69 CP : 4.76
PB Ratio CNI : 2.94 CP : 1.51
Total Revenue (TTM) CNI : $17.31B CP : $15.08B
Gross Profit (TTM) CNI : $7.54B CP : $9.38B
EBITDA (TTM) CNI : $8.82B CP : $8.38B

Returns By Period

In the year-to-date period, CNI achieves a 4.62% return, which is significantly lower than CP's 7.05% return. Over the past 10 years, CNI has underperformed CP with an annualized return of 7.22%, while CP has yielded a comparatively higher 12.58% annualized return.

CNI

• 1D: 1.42%
• 1M: -7.82%
• YTD: 4.62%
• 6M: 10.39%
• 1Y: 8.19%
• 3Y*: -2.31%
• 5Y*: -0.74%
• 10Y*: 7.22%

CP

• 1D: 1.47%
• 1M: -10.01%
• YTD: 7.05%
• 6M: 6.06%
• 1Y: 13.01%
• 3Y*: 1.53%
• 5Y*: 1.25%
• 10Y*: 12.58%

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

Return for Risk

CNI vs. CP — Risk / Return Rank

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

CNI

CNI Risk / Return Rank: 51
CNI Sharpe Ratio Rank: 55
CNI Sortino Ratio Rank: 48
CNI Omega Ratio Rank: 46
CNI Calmar Ratio Rank: 55
CNI Martin Ratio Rank: 53

CP

CP Risk / Return Rank: 59
CP Sharpe Ratio Rank: 62
CP Sortino Ratio Rank: 57
CP Omega Ratio Rank: 53
CP Calmar Ratio Rank: 62
CP Martin Ratio Rank: 59

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.

CNI vs. CP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Canadian National Railway Company (CNI) and Canadian Pacific Railway Limited (CP). 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.

	CNI	CP	Difference
Sharpe ratio Return per unit of total volatility	0.36	0.55	-0.19
Sortino ratio Return per unit of downside risk	0.68	1.04	-0.36
Omega ratio Gain probability vs. loss probability	1.08	1.12	-0.03
Calmar ratio Return relative to maximum drawdown	0.55	0.88	-0.33
Martin ratio Return relative to average drawdown	1.00	1.76	-0.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CNI vs. CP - Sharpe Ratio Comparison

The current CNI Sharpe Ratio is 0.36, which is lower than the CP Sharpe Ratio of 0.55. The chart below compares the historical Sharpe Ratios of CNI and CP, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CNI	CP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.36	0.55	-0.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.03	0.05	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.32	0.49	-0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.33	+0.24

Correlation

The correlation between CNI and CP is 0.67, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

CNI vs. CP - Dividend Comparison

CNI's dividend yield for the trailing twelve months is around 2.53%, more than CP's 0.84% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CNI Canadian National Railway Company	2.53%	2.58%	2.43%	1.85%	1.41%	1.61%	1.59%	1.79%	2.01%	2.00%	2.23%	2.24%
CP Canadian Pacific Railway Limited	0.84%	0.86%	0.76%	0.78%	0.96%	0.84%	0.76%	0.93%	1.07%	0.92%	0.98%	0.98%

Drawdowns

CNI vs. CP - Drawdown Comparison

The maximum CNI drawdown since its inception was -46.66%, smaller than the maximum CP drawdown of -69.17%. Use the drawdown chart below to compare losses from any high point for CNI and CP.

Drawdown Indicators

	CNI	CP	Difference
Max Drawdown Largest peak-to-trough decline	-46.66%	-69.17%	+22.51%
Max Drawdown (1Y) Largest decline over 1 year	-14.84%	-16.23%	+1.39%
Max Drawdown (5Y) Largest decline over 5 years	-29.14%	-25.88%	-3.26%
Max Drawdown (10Y) Largest decline over 10 years	-29.15%	-33.70%	+4.55%
Current Drawdown Current decline from peak	-18.86%	-12.42%	-6.44%
Average Drawdown Average peak-to-trough decline	-9.49%	-20.36%	+10.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.20%	8.15%	+0.05%

Volatility

CNI vs. CP - Volatility Comparison

Canadian National Railway Company (CNI) has a higher volatility of 6.96% compared to Canadian Pacific Railway Limited (CP) at 5.78%. This indicates that CNI's price experiences larger fluctuations and is considered to be riskier than CP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CNI	CP	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.96%	5.78%	+1.18%
Volatility (6M) Calculated over the trailing 6-month period	15.97%	16.21%	-0.24%
Volatility (1Y) Calculated over the trailing 1-year period	22.96%	23.97%	-1.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.39%	24.31%	-1.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.61%	25.63%	-3.02%

Financials

CNI vs. CP - Profitability Comparison

The chart below illustrates the profitability comparison between Canadian National Railway Company and Canadian Pacific Railway Limited over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

CNI - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Canadian National Railway Company reported a gross profit of 2.07B and revenue of 4.46B. Therefore, the gross margin over that period was 46.3%.

CP - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Canadian Pacific Railway Limited reported a gross profit of 2.96B and revenue of 3.92B. Therefore, the gross margin over that period was 75.5%.

CNI - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Canadian National Railway Company reported an operating income of 1.73B and revenue of 4.46B, resulting in an operating margin of 38.8%.

CP - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Canadian Pacific Railway Limited reported an operating income of 1.61B and revenue of 3.92B, resulting in an operating margin of 41.1%.

CNI - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Canadian National Railway Company reported a net income of 1.25B and revenue of 4.46B, resulting in a net margin of 28.0%.

CP - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Canadian Pacific Railway Limited reported a net income of 1.08B and revenue of 3.92B, resulting in a net margin of 27.5%.