CNM vs. WSO

Last updated Jun 3, 2026

CNM (Core & Main, Inc.) and WSO (Watsco, Inc.) are both stocks. Both operate in the Industrial Distribution industry within the Industrials sector. Over the past 3 years, CNM returned 22.74%/yr vs 4.92%/yr for WSO. A 0.55 correlation means they provide meaningful diversification when combined.

Performance

CNM vs. WSO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Core & Main, Inc. (CNM) and Watsco, Inc. (WSO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CNM achieves a -2.87% return, which is significantly lower than WSO's 9.72% return.

CNM

• 1D: 2.85%
• 1M: 2.98%
• YTD: -2.87%
• 6M: 3.06%
• 1Y: -5.72%
• 3Y*: 22.74%
• 5Y*: —
• 10Y*: —

WSO

• 1D: 1.22%
• 1M: -15.10%
• YTD: 9.72%
• 6M: 8.34%
• 1Y: -13.50%
• 3Y*: 4.92%
• 5Y*: 7.82%
• 10Y*: 13.87%

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

CNM vs. WSO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
CNM Core & Main, Inc.	-2.87%	2.08%	25.98%	109.27%	-36.35%	51.70%
WSO Watsco, Inc.	9.72%	-27.02%	13.22%	77.00%	-17.74%	9.43%

Correlation

The correlation between CNM and WSO is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (All Time) Calculated using the full available price history since Jul 23, 2021	0.55

The correlation between CNM and WSO has been stable across timeframes, ranging from 0.55 to 0.57 - a consistent structural relationship.

Fundamentals

EPS CNM : $3.34 WSO : $13.08
PE Ratio CNM : 15.12 WSO : 27.82
PEG Ratio CNM : 0.25 WSO : 5.40
PS Ratio CNM : 0.87 WSO : 1.91
Total Revenue (TTM) CNM : $7.65B WSO : $7.24B
Gross Profit (TTM) CNM : $2.06B WSO : $2.05B
EBITDA (TTM) CNM : $856.00M WSO : $778.38M

Return for Risk

CNM vs. WSO — Risk / Return Rank

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

CNM

CNM Risk / Return Rank: 33
CNM Sharpe Ratio Rank: 34
CNM Sortino Ratio Rank: 32
CNM Omega Ratio Rank: 32
CNM Calmar Ratio Rank: 32
CNM Martin Ratio Rank: 33

WSO

WSO Risk / Return Rank: 23
WSO Sharpe Ratio Rank: 21
WSO Sortino Ratio Rank: 21
WSO Omega Ratio Rank: 21
WSO Calmar Ratio Rank: 24
WSO Martin Ratio Rank: 25

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.

CNM vs. WSO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Core & Main, Inc. (CNM) and Watsco, Inc. (WSO). 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.

	CNM	WSO	Difference
Sharpe ratio Return per unit of total volatility	-0.14	-0.43	+0.29
Sortino ratio Return per unit of downside risk	0.09	-0.42	+0.51
Omega ratio Gain probability vs. loss probability	1.01	0.95	+0.06
Calmar ratio Return relative to maximum drawdown	-0.23	-0.46	+0.23
Martin ratio Return relative to average drawdown	-0.39	-0.79	+0.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CNM vs. WSO - Sharpe Ratio Comparison

The current CNM Sharpe Ratio is -0.14, which is higher than the WSO Sharpe Ratio of -0.43. The chart below compares the historical Sharpe Ratios of CNM and WSO, 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

	CNM	WSO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.14	-0.43	+0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.26	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.50	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.47	+0.05

Drawdowns

CNM vs. WSO - Drawdown Comparison

The maximum CNM drawdown since its inception was -40.00%, smaller than the maximum WSO drawdown of -64.30%. Use the drawdown chart below to compare losses from any high point for CNM and WSO.

Drawdown Indicators

	CNM	WSO	Difference
Max Drawdown Largest peak-to-trough decline	-40.00%	-64.30%	+24.30%
Max Drawdown (1Y) Largest decline over 1 year	-33.88%	-33.42%	-0.46%
Max Drawdown (3Y) Largest decline over 3 years	-38.74%	-41.62%	+2.88%
Max Drawdown (5Y) Largest decline over 5 years	—	-41.62%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-41.62%	—
Current Drawdown Current decline from peak	-24.63%	-33.28%	+8.65%
Average Drawdown Average peak-to-trough decline	-17.14%	-18.05%	+0.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.03%	19.46%	+0.57%

Volatility

CNM vs. WSO - Volatility Comparison

Core & Main, Inc. (CNM) has a higher volatility of 9.45% compared to Watsco, Inc. (WSO) at 8.46%. This indicates that CNM's price experiences larger fluctuations and is considered to be riskier than WSO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CNM	WSO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.45%	8.46%	+0.99%
Volatility (6M) Calculated over the trailing 6-month period	23.32%	22.99%	+0.33%
Volatility (1Y) Calculated over the trailing 1-year period	40.50%	31.28%	+9.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.71%	30.12%	+10.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.71%	27.80%	+12.91%

Dividends

CNM vs. WSO - Dividend Comparison

CNM has not paid dividends to shareholders, while WSO's dividend yield for the trailing twelve months is around 3.38%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CNM Core & Main, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
WSO Watsco, Inc.	3.38%	3.47%	2.23%	2.29%	3.43%	2.44%	3.06%	3.55%	4.02%	2.71%	2.43%	2.39%

Financials

CNM vs. WSO - Profitability Comparison

The chart below illustrates the profitability comparison between Core & Main, Inc. and Watsco, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

CNM - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Core & Main, Inc. reported a gross profit of 428.00M and revenue of 1.58B. Therefore, the gross margin over that period was 27.1%.

WSO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Watsco, Inc. reported a gross profit of 427.56M and revenue of 1.53B. Therefore, the gross margin over that period was 27.9%.

CNM - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Core & Main, Inc. reported an operating income of 118.00M and revenue of 1.58B, resulting in an operating margin of 7.5%.

WSO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Watsco, Inc. reported an operating income of 110.18M and revenue of 1.53B, resulting in an operating margin of 7.2%.

CNM - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Core & Main, Inc. reported a net income of 70.00M and revenue of 1.58B, resulting in a net margin of 4.4%.

WSO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Watsco, Inc. reported a net income of 79.07M and revenue of 1.53B, resulting in a net margin of 5.2%.

Frequently Asked Questions

Can I hold both CNM and WSO in my portfolio?

CNM and WSO have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CNM or WSO?

CNM has higher volatility (9.45%) compared to WSO (8.46%). In terms of maximum drawdown, CNM dropped -40.00% vs WSO's -64.30%.

Which has better risk-adjusted returns?

CNM currently has the higher Sharpe Ratio (-0.14 vs -0.43), 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.