ED vs QUAD: Correlation
How closely do Consolidated Edison (ED) and Quad Graphics, Inc (QUAD) trade together? Their weekly returns over three years give a correlation of -0.26, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ED and QUAD?
On 3 years of weekly data the ED/QUAD correlation comes out at -0.26, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.03) than the 3-year average (-0.26). The 5-year figure is -0.05, and annualized covariance runs at -215.7 %².
Within ED's tracked universe of 105 assets, QUAD comes in at #81 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months QUAD outperformed by 55.1 percentage points (+10.2% for ED against +65.3% for QUAD). Risk is not evenly split, since QUAD carries 3.0 times the volatility of the other side.
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 QUAD: side by side
| ED (Consolidated Edison) | QUAD (Quad Graphics, Inc) | |
|---|---|---|
| 1-year return | +10.2% | +65.3% |
| 5-year return | +67.5% | +175.4% |
| Volatility (ann.) | 16.5% | 50.1% |
| Beta vs S&P 500 | -0.21 | 0.96 |
| Max drawdown (3Y) | -17.4% | -45.3% |
| Market cap | $39.5B | $0.5B |
| P/E (trailing) | 17.5 | 15.3 |
| Dividend yield | 3.22% | 3.50% |
| Sector / category | Utilities | US Listed |
Year-by-year returns
| Year | ED | QUAD |
|---|---|---|
| 2022 | +15.7% | +2.0% |
| 2023 | -1.1% | +32.8% |
| 2024 | +1.5% | +33.6% |
| 2025 | +15.1% | -5.3% |
| 2026 | +10.1% | +66.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ED and QUAD good diversifiers for each other?
Yes. With a correlation of -0.26, ED and QUAD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ED and QUAD?
As of 2026-08-27, the correlation of weekly returns between ED and QUAD is -0.26 over 3 years, -0.03 over 1 year and -0.05 over 5 years.
Is QUAD a good diversifier for ED?
Yes. With a correlation of -0.26, ED and QUAD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 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-quad.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ed-vs-quad/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ED correlations · QUAD correlations
