ED vs FE: Correlation
How closely do Consolidated Edison (ED) and FirstEnergy (FE) trade together? Their weekly returns over three years give a correlation of 0.69, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ED and FE?
On 3 years of weekly data the ED/FE correlation comes out at 0.69, strong. The past 12 months show a tighter link (0.79) than the 3-year average (0.69). The 5-year figure is 0.75, and annualized covariance runs at 200.6 %².
By 3-year correlation, FE places #12 of the 105 assets tracked against ED. Twelve-month performance is nearly a tie, at +10.2% for ED and +9.9% for FE. Across three years, the rolling one-year figure varied moderately, from 0.44 to 0.86.
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.
ED vs FE: side by side
| ED (Consolidated Edison) | FE (FirstEnergy) | |
|---|---|---|
| 1-year return | +10.2% | +9.9% |
| 5-year return | +67.5% | +46.7% |
| Volatility (ann.) | 16.5% | 17.6% |
| Beta vs S&P 500 | -0.21 | 0.04 |
| Max drawdown (3Y) | -17.4% | -14.7% |
| Market cap | $39.5B | $26.8B |
| P/E (trailing) | 17.5 | 25.0 |
| Dividend yield | 3.22% | 3.85% |
| Sector / category | Utilities | Utilities |
Year-by-year returns
| Year | ED | FE |
|---|---|---|
| 2022 | +15.7% | +4.8% |
| 2023 | -1.1% | -8.9% |
| 2024 | +1.5% | +13.2% |
| 2025 | +15.1% | +17.3% |
| 2026 | +10.1% | +6.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ED and FE good diversifiers for each other?
To a limited degree. At 0.69 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 ED and FE?
The ED/FE correlation stands at 0.69 on a 3-year window (1 year: 0.79, 5 years: 0.75), computed from weekly returns as of 2026-08-27.
Is FE a good diversifier for ED?
To a limited degree. At 0.69 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 0.69 mean?
A reading of 0.69 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/ed-vs-fe.json
Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: ED correlations · FE correlations
