D vs FE: Correlation
How closely do Dominion Energy (D) and FirstEnergy (FE) trade together? Their weekly returns over three years give a correlation of 0.65, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are D and FE?
Across a 3-year window, the weekly returns of D and FE correlate at 0.65, strong. Recent behaviour matches the longer record: 0.70 over 1 year against 0.65 over 3. Stretching to 5 years gives 0.69, with an annualized covariance of 235.5 %².
Within D's tracked universe of 31 assets, FE comes in at #10 by 3-year correlation. Over the last 12 months D came out ahead by 5.2 percentage points (+15.1% against +9.9%). The rolling one-year correlation moved between 0.51 and 0.80 over the past three years, a moderate range.
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.
D vs FE: side by side
| D (Dominion Energy) | FE (FirstEnergy) | |
|---|---|---|
| 1-year return | +15.1% | +9.9% |
| 5-year return | +6.1% | +46.7% |
| Volatility (ann.) | 20.5% | 17.6% |
| Beta vs S&P 500 | 0.18 | 0.04 |
| Max drawdown (3Y) | -19.1% | -14.7% |
| Market cap | $58.5B | $26.8B |
| P/E (trailing) | 23.2 | 25.0 |
| Dividend yield | 3.99% | 3.85% |
| Sector / category | Utilities | Utilities |
Year-by-year returns
| Year | D | FE |
|---|---|---|
| 2022 | -19.1% | +4.8% |
| 2023 | -19.1% | -8.9% |
| 2024 | +20.4% | +13.2% |
| 2025 | +14.0% | +17.3% |
| 2026 | +15.9% | +6.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are D and FE good diversifiers for each other?
Somewhat, no more. With 0.65 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between D and FE?
The D/FE correlation stands at 0.65 on a 3-year window (1 year: 0.70, 5 years: 0.69), computed from weekly returns as of 2026-08-27.
Is FE a good diversifier for D?
Somewhat, no more. With 0.65 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.65 mean?
On the −1 to +1 scale, 0.65 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.
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Related comparisons
Hubs: D correlations · FE correlations
