EMA vs SO: Correlation
Emera Incorporated (EMA) and Southern Company (SO) show a strong relationship: their 3-year correlation of weekly returns is 0.60.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EMA and SO?
Over the past 3 years, EMA and SO moved with a correlation of 0.60, which is strong. Little has changed lately, as the 1-year reading of 0.69 lands near the 3-year figure. Over 5 years the correlation is 0.64, and the annualized covariance of weekly returns is 172.6 %².
By 3-year correlation, SO places #4 of the 11 assets tracked against EMA. The trailing year gives EMA the advantage: +7.5% versus -1.4%, a 8.9-point spread.
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.
EMA vs SO: side by side
| EMA (Emera Incorporated) | SO (Southern Company) | |
|---|---|---|
| 1-year return | +7.5% | -1.4% |
| 5-year return | +34.4% | +62.6% |
| Volatility (ann.) | 17.4% | 16.5% |
| Beta vs S&P 500 | 0.10 | -0.02 |
| Max drawdown (3Y) | -19.6% | -15.0% |
| Market cap | $15.4B | $102.4B |
| P/E (trailing) | 22.2 | 21.7 |
| Dividend yield | 5.77% | 3.32% |
| Sector / category | US Listed | Utilities |
Year-by-year returns
| Year | EMA | SO |
|---|---|---|
| 2022 | -19.3% | +8.2% |
| 2023 | +3.5% | +2.2% |
| 2024 | +6.3% | +21.7% |
| 2025 | +36.6% | +9.5% |
| 2026 | +3.6% | +4.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EMA and SO good diversifiers for each other?
Only partially. A correlation of 0.60 means EMA and SO share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between EMA and SO?
The EMA/SO correlation stands at 0.60 on a 3-year window (1 year: 0.69, 5 years: 0.64), computed from weekly returns as of 2026-08-27.
Is SO a good diversifier for EMA?
Only partially. A correlation of 0.60 means EMA and SO share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.60 mean?
A reading of 0.60 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: EMA correlations · SO correlations
