CMS vs DGX: Correlation
How closely do CMS Energy (CMS) and Quest Diagnostics (DGX) trade together? Their weekly returns over three years give a correlation of 0.39, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMS and DGX?
On 3 years of weekly data the CMS/DGX correlation comes out at 0.39, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.53 versus 0.39 over 3 years. The 5-year figure is 0.34, and annualized covariance runs at 120.7 %².
By 3-year correlation, DGX places #29 of the 42 assets tracked against CMS. Correlation aside, the last 12 months split them widely, with DGX ahead by 40.9 points (-2.4% versus +38.5%). On a rolling one-year basis the correlation drifted between 0.14 and 0.61, a moderate band.
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.
CMS vs DGX: side by side
| CMS (CMS Energy) | DGX (Quest Diagnostics) | |
|---|---|---|
| 1-year return | -2.4% | +38.5% |
| 5-year return | +23.8% | +78.8% |
| Volatility (ann.) | 16.2% | 19.1% |
| Beta vs S&P 500 | -0.01 | 0.09 |
| Max drawdown (3Y) | -13.2% | -12.4% |
| Market cap | $21.4B | $27.0B |
| P/E (trailing) | 20.8 | 26.0 |
| Dividend yield | 3.21% | 1.36% |
| Sector / category | Utilities | Health Care |
Year-by-year returns
| Year | CMS | DGX |
|---|---|---|
| 2022 | +0.2% | -7.8% |
| 2023 | -5.2% | -10.1% |
| 2024 | +18.6% | +11.8% |
| 2025 | +8.1% | +17.2% |
| 2026 | +0.0% | +42.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CMS and DGX good diversifiers for each other?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CMS and DGX?
The CMS/DGX correlation stands at 0.39 on a 3-year window (1 year: 0.53, 5 years: 0.34), computed from weekly returns as of 2026-08-27.
Is DGX a good diversifier for CMS?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.39 mean?
On the −1 to +1 scale, 0.39 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/cms-vs-dgx.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cms-vs-dgx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CMS correlations · DGX correlations
