CMS vs OGE: Correlation
Measured on weekly returns over the past three years, CMS Energy (CMS) and OGE Energy Corp (OGE) carry a correlation of 0.77, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMS and OGE?
Across a 3-year window, the weekly returns of CMS and OGE correlate at 0.77, strong. The relationship has been stable: the 1-year correlation (0.87) sits close to the 3-year figure. Stretching to 5 years gives 0.83, with an annualized covariance of 218.6 %².
Among the 42 assets we track against CMS, OGE ranks #12 by 3-year correlation. Over the last 12 months OGE came out ahead by 7.9 percentage points (-2.4% against +5.5%).
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 OGE: side by side
| CMS (CMS Energy) | OGE (OGE Energy Corp) | |
|---|---|---|
| 1-year return | -2.4% | +5.5% |
| 5-year return | +23.8% | +60.6% |
| Volatility (ann.) | 16.2% | 17.6% |
| Beta vs S&P 500 | -0.01 | 0.20 |
| Max drawdown (3Y) | -13.2% | -11.3% |
| Market cap | $21.4B | $9.5B |
| P/E (trailing) | 20.8 | 20.4 |
| Dividend yield | 3.21% | 3.64% |
| Sector / category | Utilities | US Listed |
Year-by-year returns
| Year | CMS | OGE |
|---|---|---|
| 2022 | +0.2% | +7.6% |
| 2023 | -5.2% | -7.5% |
| 2024 | +18.6% | +23.7% |
| 2025 | +8.1% | +7.6% |
| 2026 | +0.0% | +10.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CMS and OGE good diversifiers for each other?
To a limited degree. At 0.77 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between CMS and OGE?
As of 2026-08-27, the correlation of weekly returns between CMS and OGE is 0.77 over 3 years, 0.87 over 1 year and 0.83 over 5 years.
Is OGE a good diversifier for CMS?
To a limited degree. At 0.77 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.77 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-oge.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cms-vs-oge/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CMS correlations · OGE correlations
