UNP vs. CP

Last updated Aug 1, 2026

UNP (Union Pacific Corporation) and CP (Canadian Pacific Kansas City Limited) are both stocks. Both operate in the Railroads industry within the Industrials sector. Over the past 10 years, UNP returned 14.84%/yr vs 12.76%/yr for CP. Their 0.46 correlation means their historical movements had little consistent relationship.

Performance

UNP vs. CP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Union Pacific Corporation (UNP) and Canadian Pacific Kansas City Limited (CP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UNP achieves a 27.61% return, which is significantly higher than CP's 21.24% return. Over the past 10 years, UNP has outperformed CP with an annualized return of 14.84%, while CP has yielded a comparatively lower 12.76% annualized return.

UNP

• 1D: 0.92%
• 1M: 3.50%
• 6M: 25.56%
• YTD: 27.61%
• 1Y: 36.17%
• 3Y*: 10.51%
• 5Y*: 8.38%
• 10Y*: 14.84%
• ALL TIME*: 12.36%

CP

• 1D: 0.83%
• 1M: 1.25%
• 6M: 20.08%
• YTD: 21.24%
• 1Y: 23.04%
• 3Y*: 3.86%
• 5Y*: 4.52%
• 10Y*: 12.76%
• ALL TIME*: 10.35%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CP Canadian Pacific Kansas City Limited	$233.07M	$226.64M	$247.01M
UNP Union Pacific Corporation	$1.15B	$928.45M	$827.36M

UNP vs. CP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UNP Union Pacific Corporation	27.61%	3.86%	-5.10%	21.61%	-15.93%	23.31%	17.64%	33.70%	5.26%	32.30%
CP Canadian Pacific Kansas City Limited	21.24%	2.60%	-7.84%	6.85%	4.71%	4.64%	37.33%	45.04%	-1.81%	29.32%

Correlation

The correlation between UNP and CP is 0.54, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.54
Correlation (3Y) Balances recent behavior with more history.	0.56
Correlation (5Y) Shows whether the relationship held over a longer period.	0.62
Correlation (10Y) Provides a long-term view across more market conditions.	0.61
Correlation (All Time) Calculated using the full available price history since Dec 30, 1983	0.46

The correlation between UNP and CP shifts across timeframes, from 0.46 (all time) to 0.62 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap UNP : $173.55B CP : $78.14B
EPS UNP : $8.99 CP : $4.85
PE Ratio UNP : 32.48 CP : 18.31
PEG Ratio UNP : 6.50 CP : 7.69
PS Ratio UNP : 9.35 CP : 4.91
Total Revenue (TTM) UNP : $18.55B CP : $16.44B
Gross Profit (TTM) UNP : $8.44B CP : $7.68B
EBITDA (TTM) UNP : $9.81B CP : $9.05B

Return for Risk

UNP vs. CP — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

UNP

UNP Risk / Return Rank: 85
UNP Sharpe Ratio Rank: 86
UNP Sortino Ratio Rank: 85
UNP Omega Ratio Rank: 84
UNP Calmar Ratio Rank: 86
UNP Martin Ratio Rank: 86

CP

CP Risk / Return Rank: 73
CP Sharpe Ratio Rank: 75
CP Sortino Ratio Rank: 71
CP Omega Ratio Rank: 68
CP Calmar Ratio Rank: 76
CP Martin Ratio Rank: 76

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

UNP vs. CP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Union Pacific Corporation (UNP) and Canadian Pacific Kansas City Limited (CP). 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.

	UNP	CP	Difference
Sharpe ratio: Return per unit of total volatility	1.57	0.97	+0.59
Sortino ratio: Return per unit of downside risk	2.33	1.53	+0.79
Omega ratio: Gain probability vs. loss probability	1.29	1.18	+0.11
Calmar ratio: Return relative to maximum drawdown	2.83	1.68	+1.15
Martin ratio: Return relative to average drawdown	7.61	3.99	+3.63

UNP vs. CP - Sharpe Ratio Comparison

The current UNP Sharpe Ratio is 1.57, which is higher than the CP Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of UNP and CP, 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

UNP vs. CP - Drawdown Comparison

The maximum UNP drawdown since its inception was -67.49%, roughly equal to the maximum CP drawdown of -69.17%. Use the drawdown chart below to compare losses from any high point for UNP and CP.

Drawdown Indicators

	UNP	CP	Difference
Max Drawdown Largest peak-to-trough decline	-67.49%	-69.17%	+1.68%
Max Drawdown (1Y) Largest decline over 1 year	-12.28%	-13.10%	+0.82%
Max Drawdown (3Y) Largest decline over 3 years	-17.75%	-25.88%	+8.13%
Max Drawdown (5Y) Largest decline over 5 years	-31.83%	-25.88%	-5.95%
Max Drawdown (10Y) Largest decline over 10 years	-38.72%	-33.70%	-5.02%
Current Drawdown Current decline from peak	-4.94%	-5.14%	+0.20%
Average Drawdown Average peak-to-trough decline	-17.03%	-20.24%	+3.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.56%	5.51%	-0.95%

Volatility

UNP vs. CP - Volatility Comparison

Union Pacific Corporation (UNP) has a higher volatility of 7.46% compared to Canadian Pacific Kansas City Limited (CP) at 6.30%. This indicates that UNP's price experiences larger fluctuations and is considered to be riskier than CP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UNP	CP	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.46%	6.30%	+1.16%
Volatility (6M) Calculated over the trailing 6-month period	17.76%	16.47%	+1.29%
Volatility (1Y) Calculated over the trailing 1-year period	22.24%	22.84%	-0.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.99%	24.38%	-1.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.35%	25.49%	-0.14%

Dividends

UNP vs. CP - Dividend Comparison

UNP's dividend yield for the trailing twelve months is around 1.89%, more than CP's 0.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
UNP Union Pacific Corporation	1.89%	2.35%	2.32%	2.12%	2.45%	1.70%	1.86%	2.05%	2.21%	1.85%	2.17%	2.81%

Financials

Frequently Asked Questions

Can I hold both UNP and CP in my portfolio?

UNP and CP have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UNP or CP?

UNP has higher volatility (7.46%) compared to CP (6.30%). In terms of maximum drawdown, UNP dropped -67.49% vs CP's -69.17%.

Which has better risk-adjusted returns?

UNP currently has the higher Sharpe Ratio (1.57 vs 0.97), 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.