ED vs NOW: Correlation
How closely do Consolidated Edison (ED) and ServiceNow (NOW) trade together? Their weekly returns over three years give a correlation of -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ED and NOW?
Over the past 3 years, ED and NOW moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.21 lands near the 3-year figure. Over 5 years the correlation is -0.09, and the annualized covariance of weekly returns is -174.3 %².
Within ED's tracked universe of 105 assets, NOW comes in at #71 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months ED outperformed by 32.3 percentage points (+10.2% for ED against -22.1% for NOW). The rolling one-year correlation moved between -0.45 and 0.04 over the past three years, a moderate range. Note the risk asymmetry: NOW runs 2.6 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 NOW: side by side
| ED (Consolidated Edison) | NOW (ServiceNow) | |
|---|---|---|
| 1-year return | +10.2% | -22.1% |
| 5-year return | +67.5% | +7.9% |
| Volatility (ann.) | 16.5% | 43.2% |
| Beta vs S&P 500 | -0.21 | 1.38 |
| Max drawdown (3Y) | -17.4% | -64.5% |
| Market cap | $39.5B | $143.1B |
| P/E (trailing) | 17.5 | 78.7 |
| Dividend yield | 3.22% | 0.00% |
| Sector / category | Utilities | Information Technology |
Year-by-year returns
| Year | ED | NOW |
|---|---|---|
| 2022 | +15.7% | -40.2% |
| 2023 | -1.1% | +82.0% |
| 2024 | +1.5% | +50.1% |
| 2025 | +15.1% | -27.7% |
| 2026 | +10.1% | -9.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ED and NOW good diversifiers for each other?
Yes. With a correlation of -0.24, ED and NOW have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ED and NOW?
The ED/NOW correlation stands at -0.24 on a 3-year window (1 year: -0.21, 5 years: -0.09), computed from weekly returns as of 2026-08-27.
Is NOW a good diversifier for ED?
Yes. With a correlation of -0.24, ED and NOW have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 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-now.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ed-vs-now/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ED correlations · NOW correlations
