ED vs IREN: Correlation
Consolidated Edison (ED) and IREN Limited (IREN) show a negative relationship: their 3-year correlation of weekly returns is -0.23.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ED and IREN?
Across a 3-year window, the weekly returns of ED and IREN correlate at -0.23, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.20 over 1 year against -0.23 over 3. Stretching to 5 years gives -0.10, with an annualized covariance of -414.7 %².
By 3-year correlation, IREN places #65 of the 105 assets tracked against ED. Their recent paths diverged sharply: over the last 12 months IREN outperformed by 71.1 percentage points (+10.2% for ED against +81.3% for IREN). Note the risk asymmetry: IREN runs 6.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 IREN: side by side
| ED (Consolidated Edison) | IREN (IREN Limited) | |
|---|---|---|
| 1-year return | +10.2% | +81.3% |
| 5-year return | +67.5% | +65.8% |
| Volatility (ann.) | 16.5% | 109.0% |
| Beta vs S&P 500 | -0.21 | 2.80 |
| Max drawdown (3Y) | -17.4% | -65.6% |
| Market cap | $39.5B | $14.5B |
| P/E (trailing) | 17.5 | 51.3 |
| Dividend yield | 3.22% | 0.00% |
| Sector / category | Utilities | US Listed |
Year-by-year returns
| Year | ED | IREN |
|---|---|---|
| 2022 | +15.7% | -92.3% |
| 2023 | -1.1% | +472.0% |
| 2024 | +1.5% | +37.3% |
| 2025 | +15.1% | +284.6% |
| 2026 | +10.1% | +7.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ED and IREN good diversifiers for each other?
Yes. With a correlation of -0.23, ED and IREN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ED and IREN?
As of 2026-08-27, the correlation of weekly returns between ED and IREN is -0.23 over 3 years, -0.20 over 1 year and -0.10 over 5 years.
Is IREN a good diversifier for ED?
Yes. With a correlation of -0.23, ED and IREN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 mean?
On the −1 to +1 scale, -0.23 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ed-vs-iren.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ed-vs-iren/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ED correlations · IREN correlations
