AQN vs MEGI: Correlation
Measured on weekly returns over the past three years, Algonquin Power & Utilities Corp. (AQN) and NYLI CBRE Global Infrastructure Megatrends Term Fund (MEGI) carry a correlation of 0.60, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AQN and MEGI?
Over the past 3 years, AQN and MEGI moved with a correlation of 0.60, which is strong. Little has changed lately, as the 1-year reading of 0.51 lands near the 3-year figure. Over 5 years the correlation is 0.49, and the annualized covariance of weekly returns is 359.8 %².
MEGI is one of the assets that tracks AQN most closely: it ranks #1 out of the 12 assets we track against AQN. On 12-month performance MEGI holds a 14.8-point edge, -0.1% against +14.7%. Note the risk asymmetry: AQN runs 1.6 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.
AQN vs MEGI: side by side
| AQN (Algonquin Power & Utilities Corp.) | MEGI (NYLI CBRE Global Infrastructure Megatrends Term Fund) | |
|---|---|---|
| 1-year return | -0.1% | +14.7% |
| 5-year return | -52.8% | +20.7% |
| Volatility (ann.) | 31.1% | 19.4% |
| Beta vs S&P 500 | 0.42 | 0.49 |
| Max drawdown (3Y) | -38.7% | -17.4% |
| Market cap | $4.4B | $0.8B |
| P/E (trailing) | 23.7 | 4.9 |
| Dividend yield | 4.55% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AQN | MEGI |
|---|---|---|
| 2022 | -51.7% | -23.3% |
| 2023 | +3.0% | +5.5% |
| 2024 | -25.0% | +5.2% |
| 2025 | +41.6% | +26.2% |
| 2026 | -5.6% | +16.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AQN and MEGI good diversifiers for each other?
To a limited degree. At 0.60 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 AQN and MEGI?
Using weekly returns as of 2026-08-27: 0.60 over 3 years, with 0.51 over the last year and 0.49 over 5 years.
Is MEGI a good diversifier for AQN?
To a limited degree. At 0.60 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 0.60 mean?
On the −1 to +1 scale, 0.60 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/aqn-vs-megi.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/aqn-vs-megi/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AQN correlations · MEGI correlations
