CEG vs NRG: Correlation
How closely do Constellation Energy (CEG) and NRG Energy (NRG) trade together? Their weekly returns over three years give a correlation of 0.59, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CEG and NRG?
Over the past 3 years, CEG and NRG moved with a correlation of 0.59, which is moderate. Little has changed lately, as the 1-year reading of 0.50 lands near the 3-year figure. Over 5 years the correlation is 0.52, and the annualized covariance of weekly returns is 1372.4 %².
NRG is one of the assets that tracks CEG most closely: it ranks #2 out of the 32 assets we track against CEG. Over the last 12 months CEG came out ahead by 11.7 percentage points (-10.1% against -21.8%). This link changes with the market regime, having swung between 0.21 and 0.74 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 NRG: side by side
| CEG (Constellation Energy) | NRG (NRG Energy) | |
|---|---|---|
| 1-year return | -10.1% | -21.8% |
| 5-year return | +598.5% | +191.5% |
| Volatility (ann.) | 52.1% | 44.4% |
| Beta vs S&P 500 | 1.42 | 1.30 |
| Max drawdown (3Y) | -50.7% | -38.9% |
| Market cap | $100.1B | $24.1B |
| P/E (trailing) | 27.3 | 30.2 |
| Dividend yield | 0.58% | 1.61% |
| Sector / category | Utilities | Utilities |
Year-by-year returns
| Year | CEG | NRG |
|---|---|---|
| 2022 | – | -23.5% |
| 2023 | +37.2% | +69.4% |
| 2024 | +92.7% | +78.6% |
| 2025 | +58.8% | +78.9% |
| 2026 | -19.7% | -27.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CEG and NRG good diversifiers for each other?
Somewhat, no more. With 0.59 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CEG and NRG?
Using weekly returns as of 2026-08-27: 0.59 over 3 years, with 0.50 over the last year and 0.52 over 5 years.
Is NRG a good diversifier for CEG?
Somewhat, no more. With 0.59 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.59 mean?
A reading of 0.59 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
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Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ceg-vs-nrg/)
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Related comparisons
Hubs: CEG correlations · NRG correlations
