ARES vs MO: Correlation
Ares Management (ARES) and Altria (MO) show a negative relationship: their 3-year correlation of weekly returns is -0.19.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARES and MO?
On 3 years of weekly data the ARES/MO correlation comes out at -0.19, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.35) runs below the 3-year figure (-0.19). The 5-year figure is -0.04, and annualized covariance runs at -149.5 %².
Within ARES's tracked universe of 32 assets, MO comes in at #27 by 3-year correlation. The last year tells two different stories: MO led by 26.5 percentage points, -17.7% for ARES against +8.8% for MO. This link changes with the market regime, having swung between -0.34 and 0.28 on a rolling one-year basis. Note the risk asymmetry: ARES 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.
ARES vs MO: side by side
| ARES (Ares Management) | MO (Altria) | |
|---|---|---|
| 1-year return | -17.7% | +8.8% |
| 5-year return | +118.7% | +100.4% |
| Volatility (ann.) | 35.5% | 21.8% |
| Beta vs S&P 500 | 1.55 | -0.07 |
| Max drawdown (3Y) | -50.0% | -16.4% |
| Market cap | $47.0B | $113.0B |
| P/E (trailing) | 65.0 | 14.6 |
| Dividend yield | 3.48% | 6.13% |
| Sector / category | Financials | Consumer Staples |
Year-by-year returns
| Year | ARES | MO |
|---|---|---|
| 2022 | -12.8% | +4.4% |
| 2023 | +79.5% | -3.7% |
| 2024 | +52.7% | +40.8% |
| 2025 | -6.2% | +18.2% |
| 2026 | -9.8% | +21.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARES and MO good diversifiers for each other?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ARES and MO?
The ARES/MO correlation stands at -0.19 on a 3-year window (1 year: -0.35, 5 years: -0.04), computed from weekly returns as of 2026-08-27.
Is MO a good diversifier for ARES?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.19 mean?
On the −1 to +1 scale, -0.19 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/ares-vs-mo.json
Embed this badge (it refreshes with the data), with attribution:
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The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ARES correlations · MO correlations
