ED vs QUAL: Correlation
How closely do Consolidated Edison (ED) and iShares MSCI USA Quality Factor ETF (QUAL) trade together? Their weekly returns over three years give a correlation of -0.16, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ED and QUAL?
Across a 3-year window, the weekly returns of ED and QUAL correlate at -0.16, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.27) runs below the 3-year figure (-0.16). Stretching to 5 years gives 0.13, with an annualized covariance of -36.3 %².
Among the 105 assets we track against ED, QUAL ranks #27 by 3-year correlation. Over the last 12 months QUAL came out ahead by 9.5 percentage points (+10.2% against +19.7%). The relationship is regime-dependent: the rolling one-year correlation swung between -0.36 and 0.24 over the past three years, so this pair behaves very differently depending on the market environment.
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 QUAL: side by side
| ED (Consolidated Edison) | QUAL (iShares MSCI USA Quality Factor ETF) | |
|---|---|---|
| 1-year return | +10.2% | +19.7% |
| 5-year return | +67.5% | +68.0% |
| Volatility (ann.) | 16.5% | 14.0% |
| Beta vs S&P 500 | -0.21 | 0.93 |
| Max drawdown (3Y) | -17.4% | -18.0% |
| Market cap | $39.5B | – |
| P/E (trailing) | 17.5 | – |
| Dividend yield | 3.22% | 0.86% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $46.5B |
| Sector / category | Utilities | ETF · US Style |
QUAL, iShares's Large Blend fund, carries $46.5B under management, 123 holdings, a 0.15% expense ratio, a 0.86% trailing dividend yield.
Year-by-year returns
| Year | ED | QUAL |
|---|---|---|
| 2022 | +15.7% | -20.5% |
| 2023 | -1.1% | +30.9% |
| 2024 | +1.5% | +22.3% |
| 2025 | +15.1% | +12.7% |
| 2026 | +10.1% | +13.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.47% of QUAL is ED itself, so the fund partly moves with the stock by construction.
Are ED and QUAL good diversifiers for each other?
By historical standards, yes. A correlation of -0.16 means the two rarely move for the same reasons.
FAQ
What is the correlation between ED and QUAL?
The ED/QUAL correlation stands at -0.16 on a 3-year window (1 year: -0.27, 5 years: 0.13), computed from weekly returns as of 2026-08-27.
Is QUAL a good diversifier for ED?
By historical standards, yes. A correlation of -0.16 means the two rarely move for the same reasons.
What does a correlation of -0.16 mean?
A reading of -0.16 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ed-vs-qual.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ed-vs-qual/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ED correlations · QUAL correlations
