CNR vs. ARLP

Last updated Jun 3, 2026

CNR (Core Natural Resources, Inc) and ARLP (Alliance Resource Partners, L.P.) are both stocks. Both operate in the Thermal Coal industry within the Energy sector. Over the past 5 years, CNR returned 43.64%/yr vs 45.72%/yr for ARLP. At a 0.50 correlation, their price movements are largely independent.

Performance

CNR vs. ARLP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Core Natural Resources, Inc (CNR) and Alliance Resource Partners, L.P. (ARLP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CNR achieves a 7.09% return, which is significantly lower than ARLP's 14.82% return.

CNR

• 1D: 1.50%
• 1M: 8.79%
• YTD: 7.09%
• 6M: 21.82%
• 1Y: 41.66%
• 3Y*: 18.57%
• 5Y*: 43.64%
• 10Y*: —

ARLP

• 1D: -0.35%
• 1M: -1.06%
• YTD: 14.82%
• 6M: 12.17%
• 1Y: 7.68%
• 3Y*: 25.72%
• 5Y*: 45.72%
• 10Y*: 15.08%

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

CNR vs. ARLP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CNR Core Natural Resources, Inc	7.09%	-16.58%	6.59%	60.65%	195.52%	214.98%	-50.31%	-54.24%	-19.74%	77.57%
ARLP Alliance Resource Partners, L.P.	14.82%	-2.45%	39.91%	18.83%	73.34%	195.75%	-56.80%	-28.90%	-1.90%	6.49%

Correlation

The correlation between CNR and ARLP is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (All Time) Calculated using the full available price history since Nov 15, 2017	0.50

The correlation between CNR and ARLP shifts across timeframes, from 0.44 (3 years) to 0.55 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap CNR : $4.83B ARLP : $3.27B
EPS CNR : -$1.22 ARLP : $72.64
PS Ratio CNR : 1.15 ARLP : 0.01
PB Ratio CNR : 1.32 ARLP : 1.58
Total Revenue (TTM) CNR : $4.23B ARLP : $517.67B
Gross Profit (TTM) CNR : $133.44M ARLP : $353.56M
EBITDA (TTM) CNR : $540.42M ARLP : $82.91B

Return for Risk

CNR vs. ARLP — Risk / Return Rank

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

CNR

CNR Risk / Return Rank: 64
CNR Sharpe Ratio Rank: 67
CNR Sortino Ratio Rank: 64
CNR Omega Ratio Rank: 60
CNR Calmar Ratio Rank: 66
CNR Martin Ratio Rank: 64

ARLP

ARLP Risk / Return Rank: 48
ARLP Sharpe Ratio Rank: 53
ARLP Sortino Ratio Rank: 45
ARLP Omega Ratio Rank: 44
ARLP Calmar Ratio Rank: 50
ARLP Martin Ratio Rank: 49

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.

CNR vs. ARLP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Core Natural Resources, Inc (CNR) and Alliance Resource Partners, L.P. (ARLP). 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.

	CNR	ARLP	Difference
Sharpe ratio Return per unit of total volatility	0.85	0.34	+0.51
Sortino ratio Return per unit of downside risk	1.48	0.65	+0.84
Omega ratio Gain probability vs. loss probability	1.17	1.08	+0.09
Calmar ratio Return relative to maximum drawdown	1.36	0.44	+0.93
Martin ratio Return relative to average drawdown	2.71	0.83	+1.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CNR vs. ARLP - Sharpe Ratio Comparison

The current CNR Sharpe Ratio is 0.85, which is higher than the ARLP Sharpe Ratio of 0.34. The chart below compares the historical Sharpe Ratios of CNR and ARLP, 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

	CNR	ARLP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.85	0.34	+0.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.80	1.36	-0.56
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.30	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	0.37	-0.08

Drawdowns

CNR vs. ARLP - Drawdown Comparison

The maximum CNR drawdown since its inception was -92.21%, roughly equal to the maximum ARLP drawdown of -90.52%. Use the drawdown chart below to compare losses from any high point for CNR and ARLP.

Drawdown Indicators

	CNR	ARLP	Difference
Max Drawdown Largest peak-to-trough decline	-92.21%	-90.52%	-1.69%
Max Drawdown (1Y) Largest decline over 1 year	-27.22%	-17.62%	-9.60%
Max Drawdown (3Y) Largest decline over 3 years	-52.14%	-20.83%	-31.31%
Max Drawdown (5Y) Largest decline over 5 years	-52.14%	-29.13%	-23.01%
Max Drawdown (10Y) Largest decline over 10 years	—	-85.26%	—
Current Drawdown Current decline from peak	-28.52%	-10.24%	-18.28%
Average Drawdown Average peak-to-trough decline	-36.81%	-24.34%	-12.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.70%	9.28%	+4.42%

Volatility

CNR vs. ARLP - Volatility Comparison

Core Natural Resources, Inc (CNR) has a higher volatility of 12.78% compared to Alliance Resource Partners, L.P. (ARLP) at 5.78%. This indicates that CNR's price experiences larger fluctuations and is considered to be riskier than ARLP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CNR	ARLP	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.78%	5.78%	+7.00%
Volatility (6M) Calculated over the trailing 6-month period	33.09%	15.70%	+17.39%
Volatility (1Y) Calculated over the trailing 1-year period	49.56%	22.63%	+26.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.96%	33.82%	+21.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	67.04%	50.24%	+16.80%

Dividends

CNR vs. ARLP - Dividend Comparison

CNR's dividend yield for the trailing twelve months is around 0.42%, less than ARLP's 9.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARLP Alliance Resource Partners, L.P.	9.45%	11.19%	10.65%	13.22%	7.38%	3.16%	8.93%	19.82%	11.94%	9.54%	8.85%	19.74%
CNR Core Natural Resources, Inc	0.42%	0.45%	0.47%	2.19%	3.15%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials

CNR vs. ARLP - Profitability Comparison

The chart below illustrates the profitability comparison between Core Natural Resources, Inc and Alliance Resource Partners, L.P. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

CNR - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Core Natural Resources, Inc reported a gross profit of 160.10M and revenue of 1.08B. Therefore, the gross margin over that period was 14.8%.

ARLP - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Alliance Resource Partners, L.P. reported a gross profit of 0.00 and revenue of 516.02B. Therefore, the gross margin over that period was 0.0%.

CNR - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Core Natural Resources, Inc reported an operating income of 22.72M and revenue of 1.08B, resulting in an operating margin of 2.1%.

ARLP - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Alliance Resource Partners, L.P. reported an operating income of 21.86B and revenue of 516.02B, resulting in an operating margin of 4.2%.

CNR - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Core Natural Resources, Inc reported a net income of 21.04M and revenue of 1.08B, resulting in a net margin of 1.9%.

ARLP - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Alliance Resource Partners, L.P. reported a net income of 9.09B and revenue of 516.02B, resulting in a net margin of 1.8%.

Frequently Asked Questions

Can I hold both CNR and ARLP in my portfolio?

CNR and ARLP have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CNR or ARLP?

CNR has higher volatility (12.78%) compared to ARLP (5.78%). In terms of maximum drawdown, CNR dropped -92.21% vs ARLP's -90.52%.

Which has better risk-adjusted returns?

CNR currently has the higher Sharpe Ratio (0.85 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.