ARES vs ED: Correlation
Ares Management (ARES) and Consolidated Edison (ED) show a negative relationship: their 3-year correlation of weekly returns is -0.20.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARES and ED?
Across a 3-year window, the weekly returns of ARES and ED correlate at -0.20, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.43) than the 3-year average (-0.20). Stretching to 5 years gives 0.03, with an annualized covariance of -116.3 %².
Out of 32 assets tracked against ARES, ED lands near the bottom at #28. The last year tells two different stories: ED led by 27.9 percentage points, -17.7% for ARES against +10.2% for ED. The relationship is regime-dependent: the rolling one-year correlation swung between -0.44 and 0.18 over the past three years, so this pair behaves very differently depending on the market environment. Risk is not evenly split, since ARES carries 2.2 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.
ARES vs ED: side by side
| ARES (Ares Management) | ED (Consolidated Edison) | |
|---|---|---|
| 1-year return | -17.7% | +10.2% |
| 5-year return | +118.7% | +67.5% |
| Volatility (ann.) | 35.5% | 16.5% |
| Beta vs S&P 500 | 1.55 | -0.21 |
| Max drawdown (3Y) | -50.0% | -17.4% |
| Market cap | $47.0B | $39.5B |
| P/E (trailing) | 65.0 | 17.5 |
| Dividend yield | 3.48% | 3.22% |
| Sector / category | Financials | Utilities |
Year-by-year returns
| Year | ARES | ED |
|---|---|---|
| 2022 | -12.8% | +15.7% |
| 2023 | +79.5% | -1.1% |
| 2024 | +52.7% | +1.5% |
| 2025 | -6.2% | +15.1% |
| 2026 | -9.8% | +10.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARES and ED good diversifiers for each other?
Yes. With a correlation of -0.20, ARES and ED have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ARES and ED?
The ARES/ED correlation stands at -0.20 on a 3-year window (1 year: -0.43, 5 years: 0.03), computed from weekly returns as of 2026-08-27.
Is ED a good diversifier for ARES?
Yes. With a correlation of -0.20, ARES and ED have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.20 mean?
A reading of -0.20 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/ares-vs-ed.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ares-vs-ed/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ARES correlations · ED correlations
