ED vs WDAY: Correlation
Measured on weekly returns over the past three years, Consolidated Edison (ED) and Workday, Inc. (WDAY) carry a correlation of -0.19, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ED and WDAY?
On 3 years of weekly data the ED/WDAY correlation comes out at -0.19, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.25) sits close to the 3-year figure. The 5-year figure is -0.10, and annualized covariance runs at -124.4 %².
Within ED's tracked universe of 105 assets, WDAY comes in at #42 by 3-year correlation. Correlation aside, the last 12 months split them widely, with ED ahead by 25.9 points (+10.2% versus -15.7%). The rolling one-year correlation moved between -0.40 and 0.03 over the past three years, a moderate range. Note the risk asymmetry: WDAY runs 2.4 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 WDAY: side by side
| ED (Consolidated Edison) | WDAY (Workday, Inc.) | |
|---|---|---|
| 1-year return | +10.2% | -15.7% |
| 5-year return | +67.5% | -28.7% |
| Volatility (ann.) | 16.5% | 40.0% |
| Beta vs S&P 500 | -0.21 | 1.09 |
| Max drawdown (3Y) | -17.4% | -63.4% |
| Market cap | $39.5B | $47.8B |
| P/E (trailing) | 17.5 | 59.6 |
| Dividend yield | 3.22% | 0.00% |
| Sector / category | Utilities | Information Technology |
Year-by-year returns
| Year | ED | WDAY |
|---|---|---|
| 2022 | +15.7% | -38.7% |
| 2023 | -1.1% | +65.0% |
| 2024 | +1.5% | -6.5% |
| 2025 | +15.1% | -16.8% |
| 2026 | +10.1% | -9.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ED and WDAY good diversifiers for each other?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ED and WDAY?
Using weekly returns as of 2026-08-27: -0.19 over 3 years, with -0.25 over the last year and -0.10 over 5 years.
Is WDAY a good diversifier for ED?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.19 mean?
A reading of -0.19 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-wday.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ed-vs-wday/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ED correlations · WDAY correlations
