ED vs FLEX: Correlation
Consolidated Edison (ED) and Flex Ltd. (FLEX) show a negative relationship: their 3-year correlation of weekly returns is -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ED and FLEX?
Across a 3-year window, the weekly returns of ED and FLEX correlate at -0.24, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.26) sits close to the 3-year figure. Stretching to 5 years gives -0.09, with an annualized covariance of -199.3 %².
By 3-year correlation, FLEX places #70 of the 105 assets tracked against ED. Their recent paths diverged sharply: over the last 12 months FLEX outperformed by 104.4 percentage points (+10.2% for ED against +114.6% for FLEX). On a rolling one-year basis the correlation drifted between -0.32 and -0.01, a moderate band. Risk is not evenly split, since FLEX carries 3.1 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.
ED vs FLEX: side by side
| ED (Consolidated Edison) | FLEX (Flex Ltd.) | |
|---|---|---|
| 1-year return | +10.2% | +114.6% |
| 5-year return | +67.5% | +716.5% |
| Volatility (ann.) | 16.5% | 50.9% |
| Beta vs S&P 500 | -0.21 | 1.70 |
| Max drawdown (3Y) | -17.4% | -40.0% |
| Market cap | $39.5B | $42.6B |
| P/E (trailing) | 17.5 | 43.2 |
| Dividend yield | 3.22% | 0.00% |
| Sector / category | Utilities | Information Technology |
Year-by-year returns
| Year | ED | FLEX |
|---|---|---|
| 2022 | +15.7% | +17.1% |
| 2023 | -1.1% | +41.9% |
| 2024 | +1.5% | +67.2% |
| 2025 | +15.1% | +57.4% |
| 2026 | +10.1% | +90.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ED and FLEX good diversifiers for each other?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
FAQ
What is the correlation between ED and FLEX?
As of 2026-08-27, the correlation of weekly returns between ED and FLEX is -0.24 over 3 years, -0.26 over 1 year and -0.09 over 5 years.
Is FLEX a good diversifier for ED?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
What does a correlation of -0.24 mean?
A reading of -0.24 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-flex.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ed-vs-flex/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ED correlations · FLEX correlations
