CMS vs ES: Correlation
CMS Energy (CMS) and Eversource Energy (ES) show a strong relationship: their 3-year correlation of weekly returns is 0.63.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMS and ES?
Over the past 3 years, CMS and ES moved with a correlation of 0.63, which is strong. Little has changed lately, as the 1-year reading of 0.57 lands near the 3-year figure. Over 5 years the correlation is 0.74, and the annualized covariance of weekly returns is 234.2 %².
Among the 42 assets we track against CMS, ES ranks #22 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months ES outperformed by 16.9 percentage points (-2.4% for CMS against +14.5% for ES). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.33 to 0.89.
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 ES: side by side
| CMS (CMS Energy) | ES (Eversource Energy) | |
|---|---|---|
| 1-year return | -2.4% | +14.5% |
| 5-year return | +23.8% | -5.0% |
| Volatility (ann.) | 16.2% | 22.9% |
| Beta vs S&P 500 | -0.01 | 0.20 |
| Max drawdown (3Y) | -13.2% | -18.8% |
| Market cap | $21.4B | $26.7B |
| P/E (trailing) | 20.8 | 18.6 |
| Dividend yield | 3.21% | 4.30% |
| Sector / category | Utilities | Utilities |
Year-by-year returns
| Year | CMS | ES |
|---|---|---|
| 2022 | +0.2% | -5.1% |
| 2023 | -5.2% | -23.4% |
| 2024 | +18.6% | -2.5% |
| 2025 | +8.1% | +22.9% |
| 2026 | +0.0% | +7.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CMS and ES good diversifiers for each other?
Somewhat, no more. With 0.63 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CMS and ES?
The CMS/ES correlation stands at 0.63 on a 3-year window (1 year: 0.57, 5 years: 0.74), computed from weekly returns as of 2026-08-27.
Is ES a good diversifier for CMS?
Somewhat, no more. With 0.63 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.63 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/cms-vs-es.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cms-vs-es/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CMS correlations · ES correlations
