CP vs. CNI
CP (Canadian Pacific Kansas City Limited) and CNI (Canadian National Railway Company) are both stocks. Both operate in the Railroads industry within the Industrials sector. Over the past 10 years, CP returned 14.23%/yr vs 9.31%/yr for CNI. A 0.67 correlation means they provide meaningful diversification when combined.
Performance
CP vs. CNI - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with CP having a 16.60% return and CNI slightly higher at 16.82%. Over the past 10 years, CP has outperformed CNI with an annualized return of 14.23%, while CNI has yielded a comparatively lower 9.31% annualized return.
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
- 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 vs. CNI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
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% |
Correlation
The correlation between CP and CNI 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 CP and CNI shifts across timeframes, from 0.67 (all time) to 0.80 (1 year), reflecting how their relationship changes across market environments.
Fundamentals
CP:
$76.87B
CNI:
$69.84B
CP:
$4.47
CNI:
CA$7.60
CP:
19.18
CNI:
21.29
CP:
5.22
CNI:
5.79
CP:
1.62
CNI:
4.60
CP:
$14.98B
CNI:
CA$17.29B
CP:
$8.47B
CNI:
CA$7.64B
CP:
$8.30B
CNI:
CA$8.60B
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Return for Risk
CP vs. CNI — Risk / Return Rank
CP
CNI
CP vs. CNI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Canadian Pacific Kansas City Limited (CP) and Canadian National Railway Company (CNI). 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.
| CP | CNI | 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 | 1.08 | 1.14 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.48 | 1.06 | -0.58 |
| Martin ratioReturn relative to average drawdown | 0.92 | 1.94 | -1.02 |
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Drawdowns
CP vs. CNI - Drawdown Comparison
The maximum CP drawdown since its inception was -69.17%, which is greater than CNI's maximum drawdown of -46.66%. Use the drawdown chart below to compare losses from any high point for CP and CNI.
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Drawdown Indicators
| CP | CNI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -69.17% | -46.66% | -22.51% |
Max Drawdown (1Y)Largest decline over 1 year | -16.23% | -14.15% | -2.08% |
Max Drawdown (3Y)Largest decline over 3 years | -25.88% | -29.14% | +3.26% |
Max Drawdown (5Y)Largest decline over 5 years | -25.88% | -29.14% | +3.26% |
Max Drawdown (10Y)Largest decline over 10 years | -33.70% | -29.15% | -4.55% |
Current DrawdownCurrent decline from peak | -6.13% | -9.40% | +3.27% |
Average DrawdownAverage peak-to-trough decline | -20.28% | -9.49% | -10.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.51% | 7.69% | +0.82% |
Volatility
CP vs. CNI - Volatility Comparison
Canadian Pacific Kansas City Limited (CP) has a higher volatility of 6.73% compared to Canadian National Railway Company (CNI) at 5.35%. This indicates that CP's price experiences larger fluctuations and is considered to be riskier than CNI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CP | CNI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.73% | 5.35% | +1.38% |
Volatility (6M)Calculated over the trailing 6-month period | 17.69% | 17.60% | +0.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.75% | 21.99% | +0.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.49% | 22.41% | +2.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.60% | 22.70% | +2.90% |
Dividends
CP vs. CNI - Dividend Comparison
CP's dividend yield for the trailing twelve months is around 0.77%, less than CNI's 2.29% 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
CP vs. CNI - Financials Comparison
This section allows you to compare key financial metrics between Canadian Pacific Kansas City Limited and Canadian National Railway Company. 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
CP vs. CNI - Profitability Comparison
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 - 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 - 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 - 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 - 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%.
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%.
Frequently Asked Questions
CP and CNI 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, CP dropped -69.17% vs CNI's -46.66%.
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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