CEG vs ETN: Correlation
Constellation Energy (CEG) and Eaton Corporation (ETN) show a moderate relationship: their 3-year correlation of weekly returns is 0.54.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CEG and ETN?
On 3 years of weekly data the CEG/ETN correlation comes out at 0.54, moderate. The link has loosened recently: the 1-year correlation (0.26) runs below the 3-year figure (0.54). The 5-year figure is 0.48, and annualized covariance runs at 845.6 %².
By 3-year correlation, ETN places #5 of the 32 assets tracked against CEG. Their recent paths diverged sharply: over the last 12 months ETN outperformed by 29.8 percentage points (-10.1% for CEG against +19.7% for ETN). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.21 to 0.74. Note the risk asymmetry: CEG runs 1.7 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.
CEG vs ETN: side by side
| CEG (Constellation Energy) | ETN (Eaton Corporation) | |
|---|---|---|
| 1-year return | -10.1% | +19.7% |
| 5-year return | +598.5% | +164.1% |
| Volatility (ann.) | 52.1% | 30.2% |
| Beta vs S&P 500 | 1.42 | 1.33 |
| Max drawdown (3Y) | -50.7% | -34.5% |
| Market cap | $100.1B | $161.6B |
| P/E (trailing) | 27.3 | 42.4 |
| Dividend yield | 0.58% | 1.02% |
| Sector / category | Utilities | Industrials |
Year-by-year returns
| Year | CEG | ETN |
|---|---|---|
| 2022 | – | -7.2% |
| 2023 | +37.2% | +56.2% |
| 2024 | +92.7% | +39.5% |
| 2025 | +58.8% | -2.8% |
| 2026 | -19.7% | +31.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CEG and ETN good diversifiers for each other?
Only partially. A correlation of 0.54 means CEG and ETN share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between CEG and ETN?
As of 2026-08-27, the correlation of weekly returns between CEG and ETN is 0.54 over 3 years, 0.26 over 1 year and 0.48 over 5 years.
Is ETN a good diversifier for CEG?
Only partially. A correlation of 0.54 means CEG and ETN share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.54 mean?
A reading of 0.54 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: CEG correlations · ETN correlations
