AES vs CMS: Correlation
How closely do AES Corporation (AES) and CMS Energy (CMS) trade together? Their weekly returns over three years give a correlation of 0.39, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AES and CMS?
Over the past 3 years, AES and CMS moved with a correlation of 0.39, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.22 versus 0.39 over 3 years. Over 5 years the correlation is 0.43, and the annualized covariance of weekly returns is 257.6 %².
Among the 31 assets we track against AES, CMS ranks #17 by 3-year correlation. Correlation aside, the last 12 months split them widely, with AES ahead by 18.3 points (+15.9% versus -2.4%). On a rolling one-year basis the correlation drifted between 0.22 and 0.63, a moderate band. Risk is not evenly split, since AES carries 2.5 times the volatility of the other side.
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 CMS: side by side
| AES (AES Corporation) | CMS (CMS Energy) | |
|---|---|---|
| 1-year return | +15.9% | -2.4% |
| 5-year return | -25.1% | +23.8% |
| Volatility (ann.) | 40.5% | 16.2% |
| Beta vs S&P 500 | 0.86 | -0.01 |
| Max drawdown (3Y) | -53.3% | -13.2% |
| Market cap | $10.5B | $21.4B |
| P/E (trailing) | 5.5 | 20.8 |
| Dividend yield | 4.78% | 3.21% |
| Sector / category | Utilities | Utilities |
Year-by-year returns
| Year | AES | CMS |
|---|---|---|
| 2022 | +21.7% | +0.2% |
| 2023 | -30.9% | -5.2% |
| 2024 | -30.4% | +18.6% |
| 2025 | +18.3% | +8.1% |
| 2026 | +6.6% | +0.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AES and CMS good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between AES and CMS?
Using weekly returns as of 2026-08-27: 0.39 over 3 years, with 0.22 over the last year and 0.43 over 5 years.
Is CMS a good diversifier for AES?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.39 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/aes-vs-cms.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/aes-vs-cms/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AES correlations · CMS correlations
