CEG vs UTG: Correlation
How closely do Constellation Energy (CEG) and Reaves Utility Income Fund (UTG) trade together? Their weekly returns over three years give a correlation of 0.47, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CEG and UTG?
Over the past 3 years, CEG and UTG moved with a correlation of 0.47, which is moderate. Lately the two have moved closer together, with the 1-year correlation at 0.58 versus 0.47 over 3 years. Over 5 years the correlation is 0.47, and the annualized covariance of weekly returns is 472.0 %².
Within CEG's tracked universe of 32 assets, UTG comes in at #13 by 3-year correlation. Correlation aside, the last 12 months split them widely, with UTG ahead by 16.9 points (-10.1% versus +6.8%). Risk is not evenly split, since CEG carries 2.7 times the volatility of the other side.
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 UTG: side by side
| CEG (Constellation Energy) | UTG (Reaves Utility Income Fund) | |
|---|---|---|
| 1-year return | -10.1% | +6.8% |
| 5-year return | +598.5% | +53.5% |
| Volatility (ann.) | 52.1% | 19.1% |
| Beta vs S&P 500 | 1.42 | 0.67 |
| Max drawdown (3Y) | -50.7% | -14.9% |
| Market cap | $100.1B | $3.5B |
| P/E (trailing) | 27.3 | 2.8 |
| Dividend yield | 0.58% | 6.17% |
| Sector / category | Utilities | US Listed |
Year-by-year returns
| Year | CEG | UTG |
|---|---|---|
| 2022 | – | -13.4% |
| 2023 | +37.2% | +2.8% |
| 2024 | +92.7% | +28.1% |
| 2025 | +58.8% | +23.2% |
| 2026 | -19.7% | +8.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CEG and UTG good diversifiers for each other?
Reasonably. At 0.47, CEG and UTG keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CEG and UTG?
As of 2026-08-27, the correlation of weekly returns between CEG and UTG is 0.47 over 3 years, 0.58 over 1 year and 0.47 over 5 years.
Is UTG a good diversifier for CEG?
Reasonably. At 0.47, CEG and UTG keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.47 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-utg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ceg-vs-utg/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CEG correlations · UTG correlations
