ED vs MCHP: Correlation
Measured on weekly returns over the past three years, Consolidated Edison (ED) and Microchip Technology (MCHP) carry a correlation of -0.18, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ED and MCHP?
Over the past 3 years, ED and MCHP moved with a correlation of -0.18, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.36 versus -0.18 over 3 years. Over 5 years the correlation is -0.04, and the annualized covariance of weekly returns is -139.2 %².
Within ED's tracked universe of 105 assets, MCHP comes in at #35 by 3-year correlation. The trailing year gives MCHP the advantage: +10.2% versus +16.2%, a 6.0-point spread. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.42 to 0.17. Note the risk asymmetry: MCHP runs 2.8 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 MCHP: side by side
| ED (Consolidated Edison) | MCHP (Microchip Technology) | |
|---|---|---|
| 1-year return | +10.2% | +16.2% |
| 5-year return | +67.5% | +5.9% |
| Volatility (ann.) | 16.5% | 46.7% |
| Beta vs S&P 500 | -0.21 | 1.97 |
| Max drawdown (3Y) | -17.4% | -63.8% |
| Market cap | $39.5B | $41.0B |
| P/E (trailing) | 17.5 | 109.4 |
| Dividend yield | 3.22% | 2.46% |
| Sector / category | Utilities | Information Technology |
Year-by-year returns
| Year | ED | MCHP |
|---|---|---|
| 2022 | +15.7% | -18.0% |
| 2023 | -1.1% | +30.9% |
| 2024 | +1.5% | -35.0% |
| 2025 | +15.1% | +14.6% |
| 2026 | +10.1% | +20.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ED and MCHP good diversifiers for each other?
Yes. With a correlation of -0.18, ED and MCHP have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ED and MCHP?
Using weekly returns as of 2026-08-27: -0.18 over 3 years, with -0.36 over the last year and -0.04 over 5 years.
Is MCHP a good diversifier for ED?
Yes. With a correlation of -0.18, ED and MCHP have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.18 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ed-vs-mchp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ed-vs-mchp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ED correlations · MCHP correlations
