ED vs PNW: Correlation
How closely do Consolidated Edison (ED) and Pinnacle West Capital (PNW) trade together? Their weekly returns over three years give a correlation of 0.70, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ED and PNW?
Over the past 3 years, ED and PNW moved with a correlation of 0.70, which is strong. The relationship has been stable: the 1-year correlation (0.79) sits close to the 3-year figure. Over 5 years the correlation is 0.72, and the annualized covariance of weekly returns is 210.1 %².
By 3-year correlation, PNW places #11 of the 105 assets tracked against ED. Twelve-month performance is nearly a tie, at +10.2% for ED and +12.4% for PNW. On a rolling one-year basis the correlation drifted between 0.53 and 0.80, a moderate band.
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 PNW: side by side
| ED (Consolidated Edison) | PNW (Pinnacle West Capital) | |
|---|---|---|
| 1-year return | +10.2% | +12.4% |
| 5-year return | +67.5% | +59.3% |
| Volatility (ann.) | 16.5% | 18.2% |
| Beta vs S&P 500 | -0.21 | 0.09 |
| Max drawdown (3Y) | -17.4% | -14.4% |
| Market cap | $39.5B | $11.9B |
| P/E (trailing) | 17.5 | 18.8 |
| Dividend yield | 3.22% | 3.67% |
| Sector / category | Utilities | Utilities |
Year-by-year returns
| Year | ED | PNW |
|---|---|---|
| 2022 | +15.7% | +13.0% |
| 2023 | -1.1% | -1.2% |
| 2024 | +1.5% | +23.5% |
| 2025 | +15.1% | +8.9% |
| 2026 | +10.1% | +13.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ED and PNW good diversifiers for each other?
Only partially. A correlation of 0.70 means ED and PNW share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between ED and PNW?
The ED/PNW correlation stands at 0.70 on a 3-year window (1 year: 0.79, 5 years: 0.72), computed from weekly returns as of 2026-08-27.
Is PNW a good diversifier for ED?
Only partially. A correlation of 0.70 means ED and PNW share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.70 mean?
On the −1 to +1 scale, 0.70 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-pnw.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ed-vs-pnw/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ED correlations · PNW correlations
