CMS vs FRNM: Correlation
How closely do CMS Energy (CMS) and Freenome, Inc. (FRNM) trade together? Their weekly returns over three years give a correlation of -0.28, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMS and FRNM?
Over the past 3 years, CMS and FRNM moved with a correlation of -0.28, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.37 lands near the 3-year figure. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -94.9 %².
Within CMS's tracked universe of 42 assets, FRNM comes in at #37 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months FRNM outperformed by 34.7 percentage points (-2.4% for CMS against +32.3% for FRNM).
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 FRNM: side by side
| CMS (CMS Energy) | FRNM (Freenome, Inc.) | |
|---|---|---|
| 1-year return | -2.4% | +32.3% |
| 5-year return | +23.8% | n/a |
| Volatility (ann.) | 16.2% | 21.1% |
| Beta vs S&P 500 | -0.01 | 0.03 |
| Max drawdown (3Y) | -13.2% | -29.6% |
| Market cap | $21.4B | $1.5B |
| P/E (trailing) | 20.8 | – |
| Dividend yield | 3.21% | 0.00% |
| Sector / category | Utilities | US Listed |
Year-by-year returns
| Year | CMS | FRNM |
|---|---|---|
| 2022 | +0.2% | – |
| 2023 | -5.2% | – |
| 2024 | +18.6% | – |
| 2025 | +8.1% | +28.0% |
| 2026 | +0.0% | +7.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CMS and FRNM good diversifiers for each other?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
FAQ
What is the correlation between CMS and FRNM?
As of 2026-08-27, the correlation of weekly returns between CMS and FRNM is -0.28 over 3 years, -0.37 over 1 year and n/a over 5 years.
Is FRNM a good diversifier for CMS?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
What does a correlation of -0.28 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-frnm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cms-vs-frnm/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CMS correlations · FRNM correlations
