CMS vs MRNA: Correlation
CMS Energy (CMS) and Moderna (MRNA) show a negative relationship: their 3-year correlation of weekly returns is -0.20.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMS and MRNA?
Over the past 3 years, CMS and MRNA moved with a correlation of -0.20, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.24 over 1 year against -0.20 over 3. Over 5 years the correlation is -0.07, and the annualized covariance of weekly returns is -329.8 %².
Within CMS's tracked universe of 42 assets, MRNA comes in at #32 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MRNA ahead by 471.2 points (-2.4% versus +468.8%). The relationship is regime-dependent: the rolling one-year correlation swung between -0.47 and 0.37 over the past three years, so this pair behaves very differently depending on the market environment. Risk is not evenly split, since MRNA carries 6.2 times the volatility of the other side.
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 MRNA: side by side
| CMS (CMS Energy) | MRNA (Moderna) | |
|---|---|---|
| 1-year return | -2.4% | +468.8% |
| 5-year return | +23.8% | -61.5% |
| Volatility (ann.) | 16.2% | 100.7% |
| Beta vs S&P 500 | -0.01 | 0.98 |
| Max drawdown (3Y) | -13.2% | -86.6% |
| Market cap | $21.4B | $57.0B |
| P/E (trailing) | 20.8 | – |
| Dividend yield | 3.21% | 0.00% |
| Sector / category | Utilities | Health Care |
Year-by-year returns
| Year | CMS | MRNA |
|---|---|---|
| 2022 | +0.2% | -29.3% |
| 2023 | -5.2% | -44.6% |
| 2024 | +18.6% | -58.2% |
| 2025 | +8.1% | -29.1% |
| 2026 | +0.0% | +384.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CMS and MRNA good diversifiers for each other?
Yes: at -0.20, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CMS and MRNA?
Using weekly returns as of 2026-08-27: -0.20 over 3 years, with -0.24 over the last year and -0.07 over 5 years.
Is MRNA a good diversifier for CMS?
Yes: at -0.20, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.20 mean?
On the −1 to +1 scale, -0.20 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-mrna.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cms-vs-mrna/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CMS correlations · MRNA correlations
