DGX vs FE: Correlation
Measured on weekly returns over the past three years, Quest Diagnostics (DGX) and FirstEnergy (FE) carry a correlation of 0.44, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGX and FE?
Over the past 3 years, DGX and FE moved with a correlation of 0.44, which is moderate. The past 12 months show a tighter link (0.60) than the 3-year average (0.44). Over 5 years the correlation is 0.33, and the annualized covariance of weekly returns is 146.1 %².
Few assets follow DGX as closely as FE, which ranks #3 of 32 tracked partners. The last year tells two different stories: DGX led by 28.6 percentage points, +38.5% for DGX against +9.9% for FE. This link changes with the market regime, having swung between 0.16 and 0.67 on a rolling one-year basis.
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.
DGX vs FE: side by side
| DGX (Quest Diagnostics) | FE (FirstEnergy) | |
|---|---|---|
| 1-year return | +38.5% | +9.9% |
| 5-year return | +78.8% | +46.7% |
| Volatility (ann.) | 19.1% | 17.6% |
| Beta vs S&P 500 | 0.09 | 0.04 |
| Max drawdown (3Y) | -12.4% | -14.7% |
| Market cap | $27.0B | $26.8B |
| P/E (trailing) | 26.0 | 25.0 |
| Dividend yield | 1.36% | 3.85% |
| Sector / category | Health Care | Utilities |
Year-by-year returns
| Year | DGX | FE |
|---|---|---|
| 2022 | -7.8% | +4.8% |
| 2023 | -10.1% | -8.9% |
| 2024 | +11.8% | +13.2% |
| 2025 | +17.2% | +17.3% |
| 2026 | +42.8% | +6.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGX and FE good diversifiers for each other?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between DGX and FE?
The DGX/FE correlation stands at 0.44 on a 3-year window (1 year: 0.60, 5 years: 0.33), computed from weekly returns as of 2026-08-27.
Is FE a good diversifier for DGX?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.44 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.
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Related comparisons
Hubs: DGX correlations · FE correlations
