BILL vs FE: Correlation
Measured on weekly returns over the past three years, BILL Holdings, Inc. (BILL) and FirstEnergy (FE) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BILL and FE?
On 3 years of weekly data the BILL/FE correlation comes out at -0.22, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.38) runs below the 3-year figure (-0.22). The 5-year figure is -0.02, and annualized covariance runs at -217.7 %².
FE is close to the least connected end of BILL's tracked universe, ranking #10 of 13. On 12-month performance BILL holds a 7.5-point edge, +17.4% against +9.9%. Note the risk asymmetry: BILL runs 3.2 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.
BILL vs FE: side by side
| BILL (BILL Holdings, Inc.) | FE (FirstEnergy) | |
|---|---|---|
| 1-year return | +17.4% | +9.9% |
| 5-year return | -82.7% | +46.7% |
| Volatility (ann.) | 57.0% | 17.6% |
| Beta vs S&P 500 | 1.26 | 0.04 |
| Max drawdown (3Y) | -73.0% | -14.7% |
| Market cap | $4.9B | $26.8B |
| P/E (trailing) | – | 25.0 |
| Dividend yield | 0.00% | 3.85% |
| Sector / category | US Listed | Utilities |
Year-by-year returns
| Year | BILL | FE |
|---|---|---|
| 2022 | -56.3% | +4.8% |
| 2023 | -25.1% | -8.9% |
| 2024 | +3.8% | +13.2% |
| 2025 | -35.6% | +17.3% |
| 2026 | -10.4% | +6.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BILL and FE good diversifiers for each other?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BILL and FE?
As of 2026-08-27, the correlation of weekly returns between BILL and FE is -0.22 over 3 years, -0.38 over 1 year and -0.02 over 5 years.
Is FE a good diversifier for BILL?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.22 mean?
On the −1 to +1 scale, -0.22 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.
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Related comparisons
Hubs: BILL correlations · FE correlations
