CEG vs EME: Correlation
How closely do Constellation Energy (CEG) and Emcor (EME) trade together? Their weekly returns over three years give a correlation of 0.48, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CEG and EME?
Across a 3-year window, the weekly returns of CEG and EME correlate at 0.48, moderate. The past 12 months show a weaker link (0.02) than the 3-year average (0.48). Stretching to 5 years gives 0.44, with an annualized covariance of 878.8 %².
Within CEG's tracked universe of 32 assets, EME comes in at #10 by 3-year correlation. Correlation aside, the last 12 months split them widely, with EME ahead by 34.6 points (-10.1% versus +24.5%). This link changes with the market regime, having swung between 0.00 and 0.76 on a rolling one-year basis.
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.
CEG vs EME: side by side
| CEG (Constellation Energy) | EME (Emcor) | |
|---|---|---|
| 1-year return | -10.1% | +24.5% |
| 5-year return | +598.5% | +540.3% |
| Volatility (ann.) | 52.1% | 34.9% |
| Beta vs S&P 500 | 1.42 | 1.31 |
| Max drawdown (3Y) | -50.7% | -36.2% |
| Market cap | $100.1B | $34.2B |
| P/E (trailing) | 27.3 | 23.8 |
| Dividend yield | 0.58% | 0.09% |
| Sector / category | Utilities | Industrials |
Year-by-year returns
| Year | CEG | EME |
|---|---|---|
| 2022 | – | +16.8% |
| 2023 | +37.2% | +46.0% |
| 2024 | +92.7% | +111.3% |
| 2025 | +58.8% | +35.1% |
| 2026 | -19.7% | +26.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CEG and EME good diversifiers for each other?
Reasonably. At 0.48, CEG and EME keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CEG and EME?
As of 2026-08-27, the correlation of weekly returns between CEG and EME is 0.48 over 3 years, 0.02 over 1 year and 0.44 over 5 years.
Is EME a good diversifier for CEG?
Reasonably. At 0.48, CEG and EME keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.48 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ceg-vs-eme.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ceg-vs-eme/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CEG correlations · EME correlations
