SHW vs. CNC

Last updated Jun 9, 2026

SHW (The Sherwin-Williams Company) and CNC (Centene Corporation) are both stocks. SHW operates in Specialty Chemicals (Basic Materials), while CNC operates in Healthcare Plans (Healthcare). Over the past 10 years, SHW returned 12.93%/yr vs 6.71%/yr for CNC. At a 0.28 correlation, their price movements are largely independent.

Performance

SHW vs. CNC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in The Sherwin-Williams Company (SHW) and Centene Corporation (CNC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SHW achieves a -7.11% return, which is significantly lower than CNC's 58.03% return. Over the past 10 years, SHW has outperformed CNC with an annualized return of 12.93%, while CNC has yielded a comparatively lower 6.71% annualized return.

SHW

• 1D: -1.88%
• 1M: -5.21%
• YTD: -7.11%
• 6M: -7.99%
• 1Y: -15.42%
• 3Y*: 8.51%
• 5Y*: 2.50%
• 10Y*: 12.93%

CNC

• 1D: 4.33%
• 1M: 16.21%
• YTD: 58.03%
• 6M: 71.67%
• 1Y: 17.89%
• 3Y*: -1.96%
• 5Y*: -1.92%
• 10Y*: 6.71%

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

SHW vs. CNC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SHW The Sherwin-Williams Company	-7.11%	-3.83%	9.90%	32.73%	-31.96%	44.90%	27.05%	49.70%	-3.23%	54.11%
CNC Centene Corporation	58.03%	-32.07%	-18.37%	-9.51%	-0.47%	37.26%	-4.52%	9.05%	14.29%	78.52%

Correlation

The correlation between SHW and CNC is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.22
Correlation (10Y) Calculated over the trailing 10-year period	0.27
Correlation (All Time) Calculated using the full available price history since Dec 14, 2001	0.28

The correlation between SHW and CNC shifts across timeframes, from 0.11 (1 year) to 0.28 (all time), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap SHW : $74.32B CNC : $32.23B
EPS SHW : $10.42 CNC : -$13.07
PS Ratio SHW : 3.12 CNC : 0.16
PB Ratio SHW : 16.77 CNC : 1.50
Total Revenue (TTM) SHW : $23.94B CNC : $198.10B
Gross Profit (TTM) SHW : $11.76B CNC : $29.57B
EBITDA (TTM) SHW : $4.29B CNC : -$5.11B

Return for Risk

SHW vs. CNC — Risk / Return Rank

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

SHW

SHW Risk / Return Rank: 13
SHW Sharpe Ratio Rank: 15
SHW Sortino Ratio Rank: 15
SHW Omega Ratio Rank: 16
SHW Calmar Ratio Rank: 15
SHW Martin Ratio Rank: 5

CNC

CNC Risk / Return Rank: 52
CNC Sharpe Ratio Rank: 52
CNC Sortino Ratio Rank: 50
CNC Omega Ratio Rank: 59
CNC Calmar Ratio Rank: 50
CNC 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.

SHW vs. CNC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for The Sherwin-Williams Company (SHW) and Centene Corporation (CNC). 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.

	SHW	CNC	Difference
Sharpe ratio: Return per unit of total volatility	-0.63	0.28	-0.90
Sortino ratio: Return per unit of downside risk	-0.81	0.78	-1.59
Omega ratio: Gain probability vs. loss probability	0.91	1.15	-0.24
Calmar ratio: Return relative to maximum drawdown	-0.72	0.32	-1.05
Martin ratio: Return relative to average drawdown	-1.52	0.53	-2.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SHW vs. CNC - Sharpe Ratio Comparison

The current SHW Sharpe Ratio is -0.63, which is lower than the CNC Sharpe Ratio of 0.28. The chart below compares the historical Sharpe Ratios of SHW and CNC, 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

	SHW	CNC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.63	0.28	-0.90
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.10	-0.05	+0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.17	+0.31
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.40	+0.14

Drawdowns

SHW vs. CNC - Drawdown Comparison

The maximum SHW drawdown since its inception was -52.02%, smaller than the maximum CNC drawdown of -74.07%. Use the drawdown chart below to compare losses from any high point for SHW and CNC.

Drawdown Indicators

	SHW	CNC	Difference
Max Drawdown Largest peak-to-trough decline	-52.02%	-74.07%	+22.05%
Max Drawdown (1Y) Largest decline over 1 year	-21.36%	-55.50%	+34.14%
Max Drawdown (3Y) Largest decline over 3 years	-25.69%	-68.65%	+42.96%
Max Drawdown (5Y) Largest decline over 5 years	-42.46%	-74.07%	+31.61%
Max Drawdown (10Y) Largest decline over 10 years	-42.46%	-74.07%	+31.61%
Current Drawdown Current decline from peak	-24.03%	-33.11%	+9.08%
Average Drawdown Average peak-to-trough decline	-11.63%	-22.15%	+10.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.16%	33.84%	-23.68%

Volatility

SHW vs. CNC - Volatility Comparison

The current volatility for The Sherwin-Williams Company (SHW) is 6.99%, while Centene Corporation (CNC) has a volatility of 11.25%. This indicates that SHW experiences smaller price fluctuations and is considered to be less risky than CNC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHW	CNC	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.99%	11.25%	-4.26%
Volatility (6M) Calculated over the trailing 6-month period	18.56%	36.53%	-17.97%
Volatility (1Y) Calculated over the trailing 1-year period	24.80%	64.57%	-39.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.15%	39.51%	-13.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.53%	38.53%	-12.00%

Dividends

SHW vs. CNC - Dividend Comparison

SHW's dividend yield for the trailing twelve months is around 1.06%, while CNC has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CNC Centene Corporation	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SHW The Sherwin-Williams Company	1.06%	0.98%	0.84%	0.78%	1.01%	0.62%	0.73%	0.77%	0.87%	0.83%	1.25%	1.03%

Financials

SHW vs. CNC - Profitability Comparison

The chart below illustrates the profitability comparison between The Sherwin-Williams Company and Centene Corporation over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

SHW - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, The Sherwin-Williams Company reported a gross profit of 2.78B and revenue of 5.67B. Therefore, the gross margin over that period was 49.1%.

CNC - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Centene Corporation reported a gross profit of 10.94B and revenue of 49.94B. Therefore, the gross margin over that period was 21.9%.

SHW - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, The Sherwin-Williams Company reported an operating income of 810.90M and revenue of 5.67B, resulting in an operating margin of 14.3%.

CNC - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Centene Corporation reported an operating income of 1.86B and revenue of 49.94B, resulting in an operating margin of 3.7%.

SHW - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, The Sherwin-Williams Company reported a net income of 534.70M and revenue of 5.67B, resulting in a net margin of 9.4%.

CNC - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Centene Corporation reported a net income of 1.54B and revenue of 49.94B, resulting in a net margin of 3.1%.

Frequently Asked Questions

Can I hold both SHW and CNC in my portfolio?

SHW and CNC have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SHW or CNC?

CNC has higher volatility (11.25%) compared to SHW (6.99%). In terms of maximum drawdown, SHW dropped -52.02% vs CNC's -74.07%.

Which has better risk-adjusted returns?

CNC currently has the higher Sharpe Ratio (0.28 vs -0.63), 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.