AEE vs XEL: Correlation
How closely do Ameren (AEE) and Xcel Energy (XEL) trade together? Their weekly returns over three years give a correlation of 0.68, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AEE and XEL?
Over the past 3 years, AEE and XEL moved with a correlation of 0.68, which is strong. The link has tightened recently: the 1-year correlation (0.83) runs above the 3-year figure (0.68). Over 5 years the correlation is 0.78, and the annualized covariance of weekly returns is 253.0 %².
Within AEE's tracked universe of 35 assets, XEL comes in at #18 by 3-year correlation. Twelve-month performance is nearly a tie, at +8.8% for AEE and +9.2% for XEL. The rolling one-year correlation moved between 0.45 and 0.91 over the past three years, a moderate range.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
AEE vs XEL: side by side
| AEE (Ameren) | XEL (Xcel Energy) | |
|---|---|---|
| 1-year return | +8.8% | +9.2% |
| 5-year return | +39.7% | +31.1% |
| Volatility (ann.) | 17.8% | 20.7% |
| Beta vs S&P 500 | 0.10 | 0.09 |
| Max drawdown (3Y) | -16.5% | -24.0% |
| Market cap | $29.6B | $48.2B |
| P/E (trailing) | 19.0 | 21.3 |
| Dividend yield | 2.71% | 2.99% |
| Sector / category | Utilities | Utilities |
Year-by-year returns
| Year | AEE | XEL |
|---|---|---|
| 2022 | +2.5% | +6.4% |
| 2023 | -16.1% | -8.7% |
| 2024 | +27.5% | +12.3% |
| 2025 | +15.3% | +13.9% |
| 2026 | +8.4% | +6.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AEE and XEL good diversifiers for each other?
To a limited degree. At 0.68 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between AEE and XEL?
The AEE/XEL correlation stands at 0.68 on a 3-year window (1 year: 0.83, 5 years: 0.78), computed from weekly returns as of 2026-08-27.
Is XEL a good diversifier for AEE?
To a limited degree. At 0.68 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.68 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/aee-vs-xel.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/aee-vs-xel/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AEE correlations · XEL correlations
