ED vs ON: Correlation
Consolidated Edison (ED) and ON Semiconductor (ON) show a negative relationship: their 3-year correlation of weekly returns is -0.20.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ED and ON?
Across a 3-year window, the weekly returns of ED and ON correlate at -0.20, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.28) sits close to the 3-year figure. Stretching to 5 years gives -0.07, with an annualized covariance of -163.6 %².
Among the 105 assets we track against ED, ON ranks #49 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months ON outperformed by 35.8 percentage points (+10.2% for ED against +46.0% for ON). Across three years, the rolling one-year figure varied moderately, from -0.39 to 0.09. One caveat on sizing: ON is 3.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 ON: side by side
| ED (Consolidated Edison) | ON (ON Semiconductor) | |
|---|---|---|
| 1-year return | +10.2% | +46.0% |
| 5-year return | +67.5% | +65.2% |
| Volatility (ann.) | 16.5% | 49.2% |
| Beta vs S&P 500 | -0.21 | 1.61 |
| Max drawdown (3Y) | -17.4% | -67.9% |
| Market cap | $39.5B | $29.1B |
| P/E (trailing) | 17.5 | 47.9 |
| Dividend yield | 3.22% | 0.00% |
| Sector / category | Utilities | Information Technology |
Year-by-year returns
| Year | ED | ON |
|---|---|---|
| 2022 | +15.7% | -8.2% |
| 2023 | -1.1% | +33.9% |
| 2024 | +1.5% | -24.5% |
| 2025 | +15.1% | -14.1% |
| 2026 | +10.1% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ED and ON good diversifiers for each other?
By historical standards, yes. A correlation of -0.20 means the two rarely move for the same reasons.
FAQ
What is the correlation between ED and ON?
As of 2026-08-27, the correlation of weekly returns between ED and ON is -0.20 over 3 years, -0.28 over 1 year and -0.07 over 5 years.
Is ON a good diversifier for ED?
By historical standards, yes. A correlation of -0.20 means the two rarely move for the same reasons.
What does a correlation of -0.20 mean?
On the −1 to +1 scale, -0.20 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-on.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ed-vs-on/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ED correlations · ON correlations
