AES vs AQN: Correlation
AES Corporation (AES) and Algonquin Power & Utilities Corp. (AQN) show a moderate relationship: their 3-year correlation of weekly returns is 0.49.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AES and AQN?
Across a 3-year window, the weekly returns of AES and AQN correlate at 0.49, moderate. Recent behaviour matches the longer record: 0.52 over 1 year against 0.49 over 3. Stretching to 5 years gives 0.41, with an annualized covariance of 620.2 %².
Among the 31 assets we track against AES, AQN ranks #8 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months AES outperformed by 16.0 percentage points (+15.9% for AES against -0.1% for AQN).
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.
AES vs AQN: side by side
| AES (AES Corporation) | AQN (Algonquin Power & Utilities Corp.) | |
|---|---|---|
| 1-year return | +15.9% | -0.1% |
| 5-year return | -25.1% | -52.8% |
| Volatility (ann.) | 40.5% | 31.1% |
| Beta vs S&P 500 | 0.86 | 0.42 |
| Max drawdown (3Y) | -53.3% | -38.7% |
| Market cap | $10.5B | $4.4B |
| P/E (trailing) | 5.5 | 23.7 |
| Dividend yield | 4.78% | 4.55% |
| Sector / category | Utilities | US Listed |
Year-by-year returns
| Year | AES | AQN |
|---|---|---|
| 2022 | +21.7% | -51.7% |
| 2023 | -30.9% | +3.0% |
| 2024 | -30.4% | -25.0% |
| 2025 | +18.3% | +41.6% |
| 2026 | +6.6% | -5.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AES and AQN good diversifiers for each other?
A fair diversifier. At 0.49, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between AES and AQN?
As of 2026-08-27, the correlation of weekly returns between AES and AQN is 0.49 over 3 years, 0.52 over 1 year and 0.41 over 5 years.
Is AQN a good diversifier for AES?
A fair diversifier. At 0.49, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.49 mean?
A reading of 0.49 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/aes-vs-aqn.json
Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: AES correlations · AQN correlations
