ED vs PM: Correlation
Measured on weekly returns over the past three years, Consolidated Edison (ED) and Philip Morris International (PM) carry a correlation of 0.40, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ED and PM?
Over the past 3 years, ED and PM moved with a correlation of 0.40, which is moderate. The relationship has been stable: the 1-year correlation (0.49) sits close to the 3-year figure. Over 5 years the correlation is 0.36, and the annualized covariance of weekly returns is 153.4 %².
By 3-year correlation, PM places #21 of the 105 assets tracked against ED. Over the last 12 months PM came out ahead by 10.0 percentage points (+10.2% against +20.2%). Across three years, the rolling one-year figure varied moderately, from 0.16 to 0.58.
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 PM: side by side
| ED (Consolidated Edison) | PM (Philip Morris International) | |
|---|---|---|
| 1-year return | +10.2% | +20.2% |
| 5-year return | +67.5% | +133.5% |
| Volatility (ann.) | 16.5% | 23.1% |
| Beta vs S&P 500 | -0.21 | -0.01 |
| Max drawdown (3Y) | -17.4% | -20.6% |
| Market cap | $39.5B | $296.9B |
| P/E (trailing) | 17.5 | 26.7 |
| Dividend yield | 3.22% | 3.03% |
| Sector / category | Utilities | Consumer Staples |
Year-by-year returns
| Year | ED | PM |
|---|---|---|
| 2022 | +15.7% | +12.3% |
| 2023 | -1.1% | -1.9% |
| 2024 | +1.5% | +34.3% |
| 2025 | +15.1% | +38.0% |
| 2026 | +10.1% | +20.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ED and PM good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ED and PM?
Using weekly returns as of 2026-08-27: 0.40 over 3 years, with 0.49 over the last year and 0.36 over 5 years.
Is PM a good diversifier for ED?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.40 mean?
On the −1 to +1 scale, 0.40 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-pm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ed-vs-pm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ED correlations · PM correlations
