AMSF vs CEG: Correlation
How closely do AMERISAFE, Inc. (AMSF) and Constellation Energy (CEG) trade together? Their weekly returns over three years give a correlation of -0.21, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AMSF and CEG?
Across a 3-year window, the weekly returns of AMSF and CEG correlate at -0.21, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.43 versus -0.21 over 3 years. Stretching to 5 years gives -0.09, with an annualized covariance of -273.2 %².
CEG is close to the least connected end of AMSF's tracked universe, ranking #8 of 12. The last year tells two different stories: CEG led by 29.4 percentage points, -39.5% for AMSF against -10.1% for CEG. One caveat on sizing: CEG is 2.1 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
AMSF vs CEG: side by side
| AMSF (AMERISAFE, Inc.) | CEG (Constellation Energy) | |
|---|---|---|
| 1-year return | -39.5% | -10.1% |
| 5-year return | -29.7% | +598.5% |
| Volatility (ann.) | 24.6% | 52.1% |
| Beta vs S&P 500 | 0.22 | 1.42 |
| Max drawdown (3Y) | -50.2% | -50.7% |
| Market cap | $0.5B | $100.1B |
| P/E (trailing) | 10.5 | 27.3 |
| Dividend yield | 6.09% | 0.58% |
| Sector / category | US Listed | Utilities |
Year-by-year returns
| Year | AMSF | CEG |
|---|---|---|
| 2022 | +6.1% | – |
| 2023 | -0.9% | +37.2% |
| 2024 | +19.6% | +92.7% |
| 2025 | -20.8% | +58.8% |
| 2026 | -30.2% | -19.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AMSF and CEG good diversifiers for each other?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between AMSF and CEG?
Using weekly returns as of 2026-08-27: -0.21 over 3 years, with -0.43 over the last year and -0.09 over 5 years.
Is CEG a good diversifier for AMSF?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.21 mean?
On the −1 to +1 scale, -0.21 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/amsf-vs-ceg.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/amsf-vs-ceg/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AMSF correlations · CEG correlations
