AES vs ES: Correlation
Measured on weekly returns over the past three years, AES Corporation (AES) and Eversource Energy (ES) carry a correlation of 0.37, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AES and ES?
Across a 3-year window, the weekly returns of AES and ES correlate at 0.37, moderate. The past 12 months show a weaker link (0.17) than the 3-year average (0.37). Stretching to 5 years gives 0.44, with an annualized covariance of 347.2 %².
By 3-year correlation, ES places #19 of the 31 assets tracked against AES. Neither side won the trailing year by much: +15.9% against +14.5%. On a rolling one-year basis the correlation drifted between 0.17 and 0.65, a moderate band. Note the risk asymmetry: AES runs 1.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 ES: side by side
| AES (AES Corporation) | ES (Eversource Energy) | |
|---|---|---|
| 1-year return | +15.9% | +14.5% |
| 5-year return | -25.1% | -5.0% |
| Volatility (ann.) | 40.5% | 22.9% |
| Beta vs S&P 500 | 0.86 | 0.20 |
| Max drawdown (3Y) | -53.3% | -18.8% |
| Market cap | $10.5B | $26.7B |
| P/E (trailing) | 5.5 | 18.6 |
| Dividend yield | 4.78% | 4.30% |
| Sector / category | Utilities | Utilities |
Year-by-year returns
| Year | AES | ES |
|---|---|---|
| 2022 | +21.7% | -5.1% |
| 2023 | -30.9% | -23.4% |
| 2024 | -30.4% | -2.5% |
| 2025 | +18.3% | +22.9% |
| 2026 | +6.6% | +7.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AES and ES good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between AES and ES?
As of 2026-08-27, the correlation of weekly returns between AES and ES is 0.37 over 3 years, 0.17 over 1 year and 0.44 over 5 years.
Is ES a good diversifier for AES?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.37 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-es.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aes-vs-es/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AES correlations · ES correlations
