EME vs ETN: Correlation
How closely do Emcor (EME) and Eaton Corporation (ETN) trade together? Their weekly returns over three years give a correlation of 0.73, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EME and ETN?
Over the past 3 years, EME and ETN moved with a correlation of 0.73, which is strong. The past 12 months show a weaker link (0.56) than the 3-year average (0.73). Over 5 years the correlation is 0.69, and the annualized covariance of weekly returns is 766.7 %².
Few assets follow EME as closely as ETN, which ranks #2 of 34 tracked partners. Twelve-month performance is nearly a tie, at +24.5% for EME and +19.7% for ETN. On a rolling one-year basis the correlation drifted between 0.43 and 0.87, a moderate band.
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.
EME vs ETN: side by side
| EME (Emcor) | ETN (Eaton Corporation) | |
|---|---|---|
| 1-year return | +24.5% | +19.7% |
| 5-year return | +540.3% | +164.1% |
| Volatility (ann.) | 34.9% | 30.2% |
| Beta vs S&P 500 | 1.31 | 1.33 |
| Max drawdown (3Y) | -36.2% | -34.5% |
| Market cap | $34.2B | $161.6B |
| P/E (trailing) | 23.8 | 42.4 |
| Dividend yield | 0.09% | 1.02% |
| Sector / category | Industrials | Industrials |
Year-by-year returns
| Year | EME | ETN |
|---|---|---|
| 2022 | +16.8% | -7.2% |
| 2023 | +46.0% | +56.2% |
| 2024 | +111.3% | +39.5% |
| 2025 | +35.1% | -2.8% |
| 2026 | +26.9% | +31.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EME and ETN good diversifiers for each other?
Only partially. A correlation of 0.73 means EME and ETN 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 EME and ETN?
As of 2026-08-27, the correlation of weekly returns between EME and ETN is 0.73 over 3 years, 0.56 over 1 year and 0.69 over 5 years.
Is ETN a good diversifier for EME?
Only partially. A correlation of 0.73 means EME and ETN share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.73 mean?
A reading of 0.73 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: EME correlations · ETN correlations
