UNH vs. CNC
UNH (UnitedHealth Group Incorporated) and CNC (Centene Corporation) are both stocks. Both operate in the Healthcare Plans industry within the Healthcare sector. Over the past 10 years, UNH returned 13.42%/yr vs 6.35%/yr for CNC. At a 0.48 correlation, their price movements are largely independent.
Performance
UNH vs. CNC - Performance Comparison
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Returns By Period
In the year-to-date period, UNH achieves a 30.82% return, which is significantly lower than CNC's 61.46% return. Over the past 10 years, UNH has outperformed CNC with an annualized return of 13.42%, while CNC has yielded a comparatively lower 6.35% annualized return.
UNH
- 1D
- 0.64%
- 1M
- 6.65%
- 6M
- 30.46%
- YTD
- 30.82%
- 1Y
- 51.87%
- 3Y*
- -3.26%
- 5Y*
- 2.08%
- 10Y*
- 13.42%
CNC
- 1D
- 3.99%
- 1M
- 9.56%
- 6M
- 45.22%
- YTD
- 61.46%
- 1Y
- 128.00%
- 3Y*
- 0.06%
- 5Y*
- -1.77%
- 10Y*
- 6.35%
UNH vs. CNC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UNH UnitedHealth Group Incorporated | 30.82% | -33.14% | -2.41% | 0.80% | 6.94% | 45.20% | 21.25% | 20.00% | 14.52% | 39.83% |
CNC Centene Corporation | 61.46% | -32.07% | -18.37% | -9.51% | -0.47% | 37.26% | -4.52% | 9.05% | 14.29% | 78.52% |
Correlation
The correlation between UNH and CNC is 0.52, 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 | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.48 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.56 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since Dec 13, 2001 | 0.48 |
The correlation between UNH and CNC shifts across timeframes, from 0.48 (3 years) to 0.59 (10 years), reflecting how their relationship changes across market environments.
Fundamentals
UNH:
$386.95B
CNC:
$32.81B
UNH:
$15.53
CNC:
-$13.08
UNH:
0.86
CNC:
0.17
UNH:
3.69
CNC:
1.54
UNH:
$450.13B
CNC:
$198.10B
UNH:
$101.21B
CNC:
$29.57B
UNH:
$25.76B
CNC:
-$5.11B
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Return for Risk
UNH vs. CNC — Risk / Return Rank
UNH
CNC
UNH vs. CNC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for UnitedHealth Group Incorporated (UNH) 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.
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.
| UNH | CNC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.22 | ||
| Sortino ratioReturn per unit of downside risk | -1.11 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.40 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 1.80 | 3.93 | -2.13 |
| Martin ratioReturn relative to average drawdown | 4.28 | 12.02 | -7.74 |
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Drawdowns
UNH vs. CNC - Drawdown Comparison
The maximum UNH drawdown since its inception was -74.37%, roughly equal to the maximum CNC drawdown of -74.07%. Use the drawdown chart below to compare losses from any high point for UNH and CNC.
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Drawdown Indicators
| UNH | CNC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.37% | -74.07% | -0.30% |
Max Drawdown (1Y)Largest decline over 1 year | -28.96% | -32.73% | +3.77% |
Max Drawdown (3Y)Largest decline over 3 years | -61.39% | -68.65% | +7.26% |
Max Drawdown (5Y)Largest decline over 5 years | -61.39% | -74.07% | +12.68% |
Max Drawdown (10Y)Largest decline over 10 years | -61.39% | -74.07% | +12.68% |
Current DrawdownCurrent decline from peak | -28.96% | -31.66% | +2.70% |
Average DrawdownAverage peak-to-trough decline | -14.81% | -22.19% | +7.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.16% | 10.70% | +1.46% |
Volatility
UNH vs. CNC - Volatility Comparison
The current volatility for UnitedHealth Group Incorporated (UNH) is 7.40%, while Centene Corporation (CNC) has a volatility of 11.53%. This indicates that UNH 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.
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Volatility by Period
| UNH | CNC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.40% | 11.53% | -4.13% |
Volatility (6M)Calculated over the trailing 6-month period | 31.05% | 37.36% | -6.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.53% | 50.94% | -11.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.99% | 39.79% | -7.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 30.26% | 38.66% | -8.40% |
Dividends
UNH vs. CNC - Dividend Comparison
UNH's dividend yield for the trailing twelve months is around 2.10%, 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% |
UNH UnitedHealth Group Incorporated | 2.10% | 2.64% | 1.62% | 1.38% | 1.21% | 1.12% | 1.38% | 1.41% | 1.38% | 1.30% | 1.48% | 1.59% |
Financials
UNH vs. CNC - Financials Comparison
This section allows you to compare key financial metrics between UnitedHealth Group Incorporated and Centene Corporation. 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
UNH vs. CNC - Profitability Comparison
UNH - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jul 2026, UnitedHealth Group Incorporated reported a gross profit of 36.67B and revenue of 112.03B. Therefore, the gross margin over that period was 32.7%.
CNC - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jul 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%.
UNH - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jul 2026, UnitedHealth Group Incorporated reported an operating income of 7.99B and revenue of 112.03B, resulting in an operating margin of 7.1%.
CNC - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jul 2026, Centene Corporation reported an operating income of 1.86B and revenue of 49.94B, resulting in an operating margin of 3.7%.
UNH - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jul 2026, UnitedHealth Group Incorporated reported a net income of 5.48B and revenue of 112.03B, resulting in a net margin of 4.9%.
CNC - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jul 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
UNH and CNC have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CNC has higher volatility (11.53%) compared to UNH (7.40%). In terms of maximum drawdown, UNH dropped -74.37% vs CNC's -74.07%.
CNC currently has the higher Sharpe Ratio (2.54 vs 1.32), 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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