CION vs OESX: Correlation
CION Investment Corporation (CION) and Orion Energy Systems, Inc. (OESX) show a moderate relationship: their 3-year correlation of weekly returns is 0.48.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CION and OESX?
Over the past 3 years, CION and OESX moved with a correlation of 0.48, which is moderate. The past 12 months show a tighter link (0.62) than the 3-year average (0.48). Over 5 years the correlation is 0.35, and the annualized covariance of weekly returns is 1170.2 %².
Within CION's tracked universe of 22 assets, OESX comes in at #10 by 3-year correlation. The last year tells two different stories: OESX led by 302.0 percentage points, -17.7% for CION against +284.3% for OESX. Note the risk asymmetry: OESX runs 2.7 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.
CION vs OESX: side by side
| CION (CION Investment Corporation) | OESX (Orion Energy Systems, Inc.) | |
|---|---|---|
| 1-year return | -17.7% | +284.3% |
| 5-year return | +26.2% | -39.9% |
| Volatility (ann.) | 30.2% | 81.4% |
| Beta vs S&P 500 | 0.86 | 1.22 |
| Max drawdown (3Y) | -40.3% | -63.4% |
| Market cap | $0.4B | $0.1B |
| P/E (trailing) | 123.5 | – |
| Dividend yield | 17.98% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CION | OESX |
|---|---|---|
| 2022 | -14.8% | -49.7% |
| 2023 | +35.4% | -52.2% |
| 2024 | +14.8% | -8.0% |
| 2025 | -2.3% | +92.3% |
| 2026 | -14.6% | +73.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CION and OESX good diversifiers for each other?
Reasonably. At 0.48, CION and OESX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CION and OESX?
Using weekly returns as of 2026-08-27: 0.48 over 3 years, with 0.62 over the last year and 0.35 over 5 years.
Is OESX a good diversifier for CION?
Reasonably. At 0.48, CION and OESX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.48 mean?
On the −1 to +1 scale, 0.48 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cion-vs-oesx.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cion-vs-oesx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CION correlations · OESX correlations
