CMS vs NEE: Correlation
CMS Energy (CMS) and NextEra Energy (NEE) show a moderate relationship: their 3-year correlation of weekly returns is 0.56.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMS and NEE?
On 3 years of weekly data the CMS/NEE correlation comes out at 0.56, moderate. The relationship has been stable: the 1-year correlation (0.59) sits close to the 3-year figure. The 5-year figure is 0.59, and annualized covariance runs at 242.4 %².
Within CMS's tracked universe of 42 assets, NEE comes in at #26 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months NEE outperformed by 18.6 percentage points (-2.4% for CMS against +16.2% for NEE). The rolling one-year correlation moved between 0.39 and 0.70 over the past three years, a moderate range. Risk is not evenly split, since NEE carries 1.6 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 NEE: side by side
| CMS (CMS Energy) | NEE (NextEra Energy) | |
|---|---|---|
| 1-year return | -2.4% | +16.2% |
| 5-year return | +23.8% | +12.9% |
| Volatility (ann.) | 16.2% | 26.5% |
| Beta vs S&P 500 | -0.01 | 0.28 |
| Max drawdown (3Y) | -13.2% | -28.8% |
| Market cap | $21.4B | $174.1B |
| P/E (trailing) | 20.8 | 18.9 |
| Dividend yield | 3.21% | 2.82% |
| Sector / category | Utilities | Utilities |
Year-by-year returns
| Year | CMS | NEE |
|---|---|---|
| 2022 | +0.2% | -8.5% |
| 2023 | -5.2% | -25.3% |
| 2024 | +18.6% | +21.5% |
| 2025 | +8.1% | +15.5% |
| 2026 | +0.0% | +5.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CMS and NEE good diversifiers for each other?
Only partially. A correlation of 0.56 means CMS and NEE share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between CMS and NEE?
As of 2026-08-27, the correlation of weekly returns between CMS and NEE is 0.56 over 3 years, 0.59 over 1 year and 0.59 over 5 years.
Is NEE a good diversifier for CMS?
Only partially. A correlation of 0.56 means CMS and NEE share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.56 mean?
A reading of 0.56 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cms-vs-nee.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cms-vs-nee/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CMS correlations · NEE correlations
