CNI drawdown: 6.5% below the all-time high
Canadian National Railway Company (CNI) is 6.5% below its all-time high, set Mar 30, 2022 (as of market close, Aug 13, 2026). The chart shows every day as a percentage of the highest level reached up to that point: 100% means a fresh record, everything below is a drawdown. "All-time" means since our price data begins (1996).
- Below all-time high
- −6.5%
- 93.5% of ATH
- All-time high
- $136.6
- Mar 30, 2022
- Time below the high
- 4.4 yrs
- since Mar 30, 2022
- Worst-ever drawdown
- −48.6%
- Mar 9, 2009
- Longest underwater
- 4.4 yrs
- between all-time highs
- Today's level first reached
- Oct 20, 2021
- 4.8 yrs ago
- Last time this deep
- Mar 15, 2022
- in a previous episode
% of all-time high since 1996#
The classic underwater chart (drawdown curve), drawn as % of the all-time high — 100% is a fresh record, everything below it is time spent underwater.
% of all-time high on the price basis — the all-time high considers the full history of CNI, including years before the visible window. Dividends are excluded on this basis (the convention headlines use).
The deepest drawdowns on record#
Every decline of 15% or more from an all-time high (price basis), deepest first.
| Peak | Trough | Depth | Peak → trough | Recovered by | Underwater |
|---|---|---|---|---|---|
| Jul 18, 2007 | Mar 9, 2009 | −48.6% | 1.6 yrs | Mar 16, 2010 | 2.7 yrs |
| Apr 22, 1998 | Oct 8, 1998 | −37.7% | 6 mo | May 7, 1999 | 12 mo |
| Sep 18, 2014 | Jan 20, 2016 | −36.4% | 16 mo | Apr 24, 2017 | 2.6 yrs |
| Jul 19, 1999 | Feb 24, 2000 | −36.0% | 7 mo | Jan 31, 2001 | 1.5 yrs |
| Mar 30, 2022 | Nov 24, 2025 | −33.5% | 3.7 yrs | not yet | 4.4 yrs+ |
| Mar 7, 2002 | Oct 7, 2002 | −31.2% | 7 mo | Aug 12, 2003 | 17 mo |
| Jan 17, 2020 | Mar 23, 2020 | −29.5% | 2 mo | Jul 22, 2020 | 6 mo |
| Aug 1, 2001 | Sep 26, 2001 | −24.6% | 56 days | Dec 18, 2001 | 5 mo |
Price basis (no dividends) — the convention crash histories use. With dividends reinvested, recoveries arrive years earlier; switch the basis on the chart above to see it.
Drawdown vs what came next#
One dot per month since 1996: how far CNI stood below its all-time high, and the total return over the following 1, 5 and 10 years.
Read this with survivorship bias in mind: CNI is on this chart precisely because it survived — the many stocks that fell this far and never recovered (or were delisted) aren't on anyone's chart, so past recoveries here say little about the odds ahead. Monthly windows also overlap heavily (they are not independent samples). Not investment advice.
FAQ#
- How far is CNI from its all-time high?
- CNI is currently 6.5% below its all-time high, set Mar 30, 2022 (as of market close, Aug 13, 2026). Prices only, the convention headlines use; with dividends reinvested the gap is usually smaller.
- What was the biggest CNI drawdown ever?
- The deepest decline on record in our data (since 1996) took the stock 48.6% below its prior high, bottoming Mar 9, 2009. The table on this page lists every major episode with its peak, trough and recovery date.
Methodology & related#
Daily closing prices since 1996 (split-adjusted). "All-time" means since our price data begins — CNI may have traded earlier. For a 150-year index drawdown record see the S&P 500 drawdown page. The price basis excludes dividends; the total-return basis reinvests them; the real basis additionally deflates by CPI. See also returns by year, 150 years of returns and the rolling-returns explorer. Past performance does not predict future returns; not investment advice.