CLH vs IESC: Correlation
Measured on weekly returns over the past three years, Clean Harbors, Inc. (CLH) and IES Holdings, Inc. (IESC) carry a correlation of 0.49, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CLH and IESC?
Across a 3-year window, the weekly returns of CLH and IESC correlate at 0.49, moderate. The link has loosened recently: the 1-year correlation (0.35) runs below the 3-year figure (0.49). Stretching to 5 years gives 0.41, with an annualized covariance of 794.3 %².
IESC is one of the assets that tracks CLH most closely: it ranks #3 out of the 17 assets we track against CLH. The last year tells two different stories: CLH led by 33.2 percentage points, +27.0% for CLH against -6.2% for IESC. One caveat on sizing: IESC is 2.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
CLH vs IESC: side by side
| CLH (Clean Harbors, Inc.) | IESC (IES Holdings, Inc.) | |
|---|---|---|
| 1-year return | +27.0% | -6.2% |
| 5-year return | +204.2% | +580.8% |
| Volatility (ann.) | 23.8% | 68.3% |
| Beta vs S&P 500 | 0.66 | 1.67 |
| Max drawdown (3Y) | -30.9% | -60.5% |
| Market cap | $16.5B | $13.3B |
| P/E (trailing) | 37.8 | 29.5 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CLH | IESC |
|---|---|---|
| 2022 | +14.4% | -29.8% |
| 2023 | +52.9% | +122.7% |
| 2024 | +31.9% | +153.7% |
| 2025 | +1.9% | +93.6% |
| 2026 | +33.0% | -14.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CLH and IESC good diversifiers for each other?
Reasonably. At 0.49, CLH and IESC keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CLH and IESC?
The CLH/IESC correlation stands at 0.49 on a 3-year window (1 year: 0.35, 5 years: 0.41), computed from weekly returns as of 2026-08-27.
Is IESC a good diversifier for CLH?
Reasonably. At 0.49, CLH and IESC keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.49 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/clh-vs-iesc.json
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Related comparisons
Hubs: CLH correlations · IESC correlations
