CE vs EMN: Correlation
Celanese Corporation (CE) and Eastman Chemical Company (EMN) show a moderate relationship: their 3-year correlation of weekly returns is 0.58.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CE and EMN?
On 3 years of weekly data the CE/EMN correlation comes out at 0.58, moderate. The link has tightened recently: the 1-year correlation (0.69) runs above the 3-year figure (0.58). The 5-year figure is 0.65, and annualized covariance runs at 876.1 %².
In CE's tracked universe of 14 assets, EMN sits right near the top at #3. The last year tells two different stories: EMN led by 15.4 percentage points, -4.6% for CE against +10.8% for EMN. One caveat on sizing: CE is 1.6 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.
CE vs EMN: side by side
| CE (Celanese Corporation) | EMN (Eastman Chemical Company) | |
|---|---|---|
| 1-year return | -4.6% | +10.8% |
| 5-year return | -69.7% | -22.9% |
| Volatility (ann.) | 49.7% | 30.5% |
| Beta vs S&P 500 | 0.79 | 0.95 |
| Max drawdown (3Y) | -79.0% | -48.4% |
| Market cap | $4.9B | $8.3B |
| P/E (trailing) | – | 18.9 |
| Dividend yield | 0.27% | 4.59% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CE | EMN |
|---|---|---|
| 2022 | -37.8% | -30.4% |
| 2023 | +55.7% | +14.7% |
| 2024 | -54.6% | +5.1% |
| 2025 | -38.8% | -26.9% |
| 2026 | +6.3% | +16.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CE and EMN good diversifiers for each other?
To a limited degree. At 0.58 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 CE and EMN?
The CE/EMN correlation stands at 0.58 on a 3-year window (1 year: 0.69, 5 years: 0.65), computed from weekly returns as of 2026-08-27.
Is EMN a good diversifier for CE?
To a limited degree. At 0.58 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 0.58 mean?
A reading of 0.58 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/ce-vs-emn.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ce-vs-emn/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CE correlations · EMN correlations
