CNI vs. CP
CNI (Canadian National Railway Company) and CP (Canadian Pacific Kansas City Limited) are both stocks. Both operate in the Railroads industry within the Industrials sector. Over the past 10 years, CNI returned 9.31%/yr vs 14.23%/yr for CP. A 0.67 correlation means they provide meaningful diversification when combined.
Performance
CNI vs. CP - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with CNI having a 16.82% return and CP slightly lower at 16.60%. Over the past 10 years, CNI has underperformed CP with an annualized return of 9.31%, while CP has yielded a comparatively higher 14.23% annualized return.
CNI
- 1D
- 0.62%
- 1M
- 0.45%
- YTD
- 16.82%
- 6M
- 17.59%
- 1Y
- 14.90%
- 3Y*
- 1.24%
- 5Y*
- 3.66%
- 10Y*
- 9.31%
CP
- 1D
- -0.42%
- 1M
- -0.68%
- YTD
- 16.60%
- 6M
- 15.52%
- 1Y
- 7.79%
- 3Y*
- 3.09%
- 5Y*
- 3.21%
- 10Y*
- 14.23%
CNI vs. CP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CNI Canadian National Railway Company | 16.82% | -0.10% | -17.51% | 7.84% | -1.86% | 13.70% | 23.66% | 24.26% | -8.49% | 25.03% |
CP Canadian Pacific Kansas City Limited | 16.60% | 2.60% | -7.84% | 6.85% | 4.71% | 4.64% | 37.33% | 45.04% | -1.81% | 29.32% |
Correlation
The correlation between CNI and CP is 0.80, 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 | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.77 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.79 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.74 |
Correlation (All Time) Calculated using the full available price history since Nov 26, 1996 | 0.67 |
The correlation between CNI and CP shifts across timeframes, from 0.67 (all time) to 0.80 (1 year), reflecting how their relationship changes across market environments.
Fundamentals
CNI:
$69.84B
CP:
$76.87B
CNI:
CA$7.60
CP:
$4.47
CNI:
21.29
CP:
19.18
CNI:
5.79
CP:
5.22
CNI:
4.60
CP:
1.62
CNI:
CA$17.29B
CP:
$14.98B
CNI:
CA$7.64B
CP:
$8.47B
CNI:
CA$8.60B
CP:
$8.30B
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Return for Risk
CNI vs. CP — Risk / Return Rank
CNI
CP
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 Kansas City 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| CNI | CP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.34 | ||
| Sortino ratioReturn per unit of downside risk | +0.36 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.08 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.06 | 0.48 | +0.58 |
| Martin ratioReturn relative to average drawdown | 1.94 | 0.92 | +1.02 |
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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.
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Drawdown Indicators
| CNI | CP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.66% | -69.17% | +22.51% |
Max Drawdown (1Y)Largest decline over 1 year | -14.15% | -16.23% | +2.08% |
Max Drawdown (3Y)Largest decline over 3 years | -29.14% | -25.88% | -3.26% |
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 DrawdownCurrent decline from peak | -9.40% | -6.13% | -3.27% |
Average DrawdownAverage peak-to-trough decline | -9.49% | -20.28% | +10.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.69% | 8.51% | -0.82% |
Volatility
CNI vs. CP - Volatility Comparison
The current volatility for Canadian National Railway Company (CNI) is 5.35%, while Canadian Pacific Kansas City Limited (CP) has a volatility of 6.73%. This indicates that CNI experiences smaller price fluctuations and is considered to be less risky than CP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CNI | CP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.35% | 6.73% | -1.38% |
Volatility (6M)Calculated over the trailing 6-month period | 17.60% | 17.69% | -0.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.99% | 22.75% | -0.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.41% | 24.49% | -2.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.70% | 25.60% | -2.90% |
Dividends
CNI vs. CP - Dividend Comparison
CNI's dividend yield for the trailing twelve months is around 2.29%, more than CP's 0.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CNI Canadian National Railway Company | 2.29% | 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 Kansas City Limited | 0.77% | 0.86% | 0.76% | 0.78% | 0.96% | 0.84% | 0.76% | 0.93% | 1.07% | 0.92% | 0.98% | 0.98% |
Financials
CNI vs. CP - Financials Comparison
This section allows you to compare key financial metrics between Canadian National Railway Company and Canadian Pacific Kansas City Limited. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
CNI vs. CP - Profitability Comparison
CNI - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Canadian National Railway Company reported a gross profit of 1.88B and revenue of 4.39B. Therefore, the gross margin over that period was 42.8%.
CP - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Canadian Pacific Kansas City Limited reported a gross profit of 2.55B and revenue of 3.70B. Therefore, the gross margin over that period was 69.0%.
CNI - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Canadian National Railway Company reported an operating income of 1.55B and revenue of 4.39B, resulting in an operating margin of 35.4%.
CP - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Canadian Pacific Kansas City Limited reported an operating income of 1.26B and revenue of 3.70B, resulting in an operating margin of 34.0%.
CNI - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Canadian National Railway Company reported a net income of 1.15B and revenue of 4.39B, resulting in a net margin of 26.2%.
CP - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Canadian Pacific Kansas City Limited reported a net income of 846.00M and revenue of 3.70B, resulting in a net margin of 22.9%.
Frequently Asked Questions
CNI and CP have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CP has higher volatility (6.73%) compared to CNI (5.35%). In terms of maximum drawdown, CNI dropped -46.66% vs CP's -69.17%.
CNI currently has the higher Sharpe Ratio (0.68 vs 0.34), 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.
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