CP vs. LIN

Last updated Jun 13, 2026

CP (Canadian Pacific Railway Limited) and LIN (Linde plc) are both stocks. CP operates in Railroads (Industrials), while LIN operates in Specialty Chemicals (Basic Materials). Over the past 5 years, CP returned 3.16%/yr vs 13.98%/yr for LIN. At a 0.46 correlation, their price movements are largely independent.

Performance

CP vs. LIN - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with CP having a 22.60% return and LIN slightly higher at 23.59%.

CP

• 1D: 0.86%
• 1M: 5.18%
• YTD: 22.60%
• 6M: 20.36%
• 1Y: 11.97%
• 3Y*: 6.19%
• 5Y*: 3.16%
• 10Y*: 14.53%

LIN

• 1D: 1.58%
• 1M: 2.33%
• YTD: 23.59%
• 6M: 26.61%
• 1Y: 12.77%
• 3Y*: 13.38%
• 5Y*: 13.98%
• 10Y*: —

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

CP vs. LIN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
CP Canadian Pacific Railway Limited	22.60%	2.60%	-7.84%	6.85%	4.71%	4.64%	37.33%	45.04%	-15.96%
LIN Linde plc	23.59%	3.22%	3.18%	27.66%	-4.39%	33.39%	25.88%	39.04%	-5.26%

Correlation

The correlation between CP and LIN is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (All Time) Calculated using the full available price history since Oct 1, 2018	0.46

The correlation between CP and LIN shifts across timeframes, from 0.30 (1 year) to 0.46 (all time), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap CP : $80.83B LIN : $244.15B
EPS CP : $4.47 LIN : $15.16
PE Ratio CP : 20.16 LIN : 34.54
PEG Ratio CP : 8.47 LIN : 1.72
PS Ratio CP : 5.49 LIN : 7.10
PB Ratio CP : 1.70 LIN : 6.33
Total Revenue (TTM) CP : $14.98B LIN : $34.66B
Gross Profit (TTM) CP : $8.47B LIN : $15.94B
EBITDA (TTM) CP : $8.30B LIN : $12.31B

Return for Risk

CP vs. LIN — Risk / Return Rank

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

CP

CP Risk / Return Rank: 57
CP Sharpe Ratio Rank: 61
CP Sortino Ratio Rank: 55
CP Omega Ratio Rank: 52
CP Calmar Ratio Rank: 59
CP Martin Ratio Rank: 58

LIN

LIN Risk / Return Rank: 61
LIN Sharpe Ratio Rank: 67
LIN Sortino Ratio Rank: 60
LIN Omega Ratio Rank: 57
LIN Calmar Ratio Rank: 58
LIN Martin Ratio Rank: 61

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.

CP vs. LIN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Canadian Pacific Railway Limited (CP) and Linde plc (LIN). 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	LIN	Difference
Sharpe ratio: Return per unit of total volatility	0.53	0.74	-0.21
Sortino ratio: Return per unit of downside risk	0.94	1.16	-0.21
Omega ratio: Gain probability vs. loss probability	1.11	1.13	-0.03
Calmar ratio: Return relative to maximum drawdown	0.74	0.67	+0.07
Martin ratio: Return relative to average drawdown	1.41	1.89	-0.48

CP vs. LIN - Sharpe Ratio Comparison

The current CP Sharpe Ratio is 0.53, which is comparable to the LIN Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of CP and LIN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CP vs. LIN - Drawdown Comparison

The maximum CP drawdown since its inception was -69.17%, which is greater than LIN's maximum drawdown of -32.59%. Use the drawdown chart below to compare losses from any high point for CP and LIN.

Drawdown Indicators

	CP	LIN	Difference
Max Drawdown Largest peak-to-trough decline	-69.17%	-32.59%	-36.58%
Max Drawdown (1Y) Largest decline over 1 year	-16.23%	-19.18%	+2.95%
Max Drawdown (3Y) Largest decline over 3 years	-25.88%	-19.18%	-6.70%
Max Drawdown (5Y) Largest decline over 5 years	-25.88%	-22.82%	-3.06%
Max Drawdown (10Y) Largest decline over 10 years	-33.70%	—	—
Current Drawdown Current decline from peak	-1.29%	0.00%	-1.29%
Average Drawdown Average peak-to-trough decline	-20.29%	-5.41%	-14.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.50%	6.79%	+1.71%

Volatility

CP vs. LIN - Volatility Comparison

Canadian Pacific Railway Limited (CP) has a higher volatility of 5.88% compared to Linde plc (LIN) at 5.57%. This indicates that CP's price experiences larger fluctuations and is considered to be riskier than LIN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CP	LIN	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.88%	5.57%	+0.31%
Volatility (6M) Calculated over the trailing 6-month period	17.25%	13.53%	+3.72%
Volatility (1Y) Calculated over the trailing 1-year period	22.48%	17.24%	+5.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.45%	20.79%	+3.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.60%	24.08%	+1.52%

Dividends

CP vs. LIN - Dividend Comparison

CP's dividend yield for the trailing twelve months is around 0.74%, less than LIN's 1.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CP Canadian Pacific Railway Limited	0.74%	0.86%	0.76%	0.78%	0.96%	0.84%	0.76%	0.93%	1.07%	0.92%	0.98%	0.98%
LIN Linde plc	1.18%	1.41%	1.33%	1.24%	1.43%	1.22%	1.46%	1.64%	0.53%	0.00%	0.00%	0.00%

Financials

CP vs. LIN - Profitability Comparison

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

CP - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Canadian Pacific Railway Limited reported a gross profit of 2.55B and revenue of 3.70B. Therefore, the gross margin over that period was 69.0%.

LIN - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Linde plc reported a gross profit of 4.26B and revenue of 8.78B. Therefore, the gross margin over that period was 48.5%.

CP - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Canadian Pacific Railway Limited reported an operating income of 1.26B and revenue of 3.70B, resulting in an operating margin of 34.0%.

LIN - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Linde plc reported an operating income of 3.26B and revenue of 8.78B, resulting in an operating margin of 37.2%.

CP - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Canadian Pacific Railway Limited reported a net income of 846.00M and revenue of 3.70B, resulting in a net margin of 22.9%.

LIN - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Linde plc reported a net income of 1.86B and revenue of 8.78B, resulting in a net margin of 21.2%.

Frequently Asked Questions

Can I hold both CP and LIN in my portfolio?

CP and LIN have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CP or LIN?

CP has higher volatility (5.88%) compared to LIN (5.57%). In terms of maximum drawdown, CP dropped -69.17% vs LIN's -32.59%.

Which has better risk-adjusted returns?

LIN currently has the higher Sharpe Ratio (0.74 vs 0.53), 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.