ED vs XLY: Correlation
Measured on weekly returns over the past three years, Consolidated Edison (ED) and Consumer Discretionary Select Sector SPDR Fund (XLY) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ED and XLY?
Across a 3-year window, the weekly returns of ED and XLY correlate at -0.24, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.39) runs below the 3-year figure (-0.24). Stretching to 5 years gives 0.03, with an annualized covariance of -77.2 %².
By 3-year correlation, XLY places #74 of the 105 assets tracked against ED. Over the last 12 months ED came out ahead by 10.3 percentage points (+10.2% against -0.1%). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.48 to 0.15.
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 XLY: side by side
| ED (Consolidated Edison) | XLY (Consumer Discretionary Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +10.2% | -0.1% |
| 5-year return | +67.5% | +31.8% |
| Volatility (ann.) | 16.5% | 19.7% |
| Beta vs S&P 500 | -0.21 | 1.15 |
| Max drawdown (3Y) | -17.4% | -26.0% |
| Market cap | $39.5B | – |
| P/E (trailing) | 17.5 | – |
| Dividend yield | 3.22% | 0.78% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $22.5B |
| Sector / category | Utilities | Sector ETF |
XLY is a Consumer Cyclical fund from State Street Investment Management: $22.5B under management, 47 holdings, a 0.08% expense ratio, a 0.78% trailing dividend yield.
Year-by-year returns
| Year | ED | XLY |
|---|---|---|
| 2022 | +15.7% | -36.3% |
| 2023 | -1.1% | +39.6% |
| 2024 | +1.5% | +26.5% |
| 2025 | +15.1% | +7.4% |
| 2026 | +10.1% | -2.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ED and XLY good diversifiers for each other?
Yes. With a correlation of -0.24, ED and XLY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ED and XLY?
The ED/XLY correlation stands at -0.24 on a 3-year window (1 year: -0.39, 5 years: 0.03), computed from weekly returns as of 2026-08-27.
Is XLY a good diversifier for ED?
Yes. With a correlation of -0.24, ED and XLY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 mean?
A reading of -0.24 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-xly.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ed-vs-xly/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ED correlations · XLY correlations
