ED vs XLC: Correlation
How closely do Consolidated Edison (ED) and Communication Services Select Sector SPDR Fund (XLC) trade together? Their weekly returns over three years give a correlation of -0.21, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ED and XLC?
Over the past 3 years, ED and XLC moved with a correlation of -0.21, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.27 over 1 year against -0.21 over 3. Over 5 years the correlation is 0.01, and the annualized covariance of weekly returns is -55.4 %².
Among the 105 assets we track against ED, XLC ranks #59 by 3-year correlation. On 12-month performance ED holds a 8.7-point edge, +10.2% against +1.5%. This link changes with the market regime, having swung between -0.47 and 0.17 on a rolling one-year basis.
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 XLC: side by side
| ED (Consolidated Edison) | XLC (Communication Services Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +10.2% | +1.5% |
| 5-year return | +67.5% | +37.5% |
| Volatility (ann.) | 16.5% | 16.0% |
| Beta vs S&P 500 | -0.21 | 0.90 |
| Max drawdown (3Y) | -17.4% | -18.0% |
| Market cap | $39.5B | – |
| P/E (trailing) | 17.5 | – |
| Dividend yield | 3.22% | 1.32% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $21.7B |
| Sector / category | Utilities | Sector ETF |
On the fund side, XLC sits in the Communications category at State Street Investment Management, with $21.7B under management, 24 holdings, a 0.08% expense ratio, a 1.32% trailing dividend yield.
Year-by-year returns
| Year | ED | XLC |
|---|---|---|
| 2022 | +15.7% | -37.6% |
| 2023 | -1.1% | +52.8% |
| 2024 | +1.5% | +34.7% |
| 2025 | +15.1% | +23.1% |
| 2026 | +10.1% | -4.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ED and XLC good diversifiers for each other?
Yes. With a correlation of -0.21, ED and XLC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ED and XLC?
As of 2026-08-27, the correlation of weekly returns between ED and XLC is -0.21 over 3 years, -0.27 over 1 year and 0.01 over 5 years.
Is XLC a good diversifier for ED?
Yes. With a correlation of -0.21, ED and XLC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.21 mean?
A reading of -0.21 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-xlc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ed-vs-xlc/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ED correlations · XLC correlations
