EME vs IESC: Correlation
How closely do Emcor (EME) and IES Holdings, Inc. (IESC) trade together? Their weekly returns over three years give a correlation of 0.62, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EME and IESC?
Across a 3-year window, the weekly returns of EME and IESC correlate at 0.62, strong. The past 12 months show a weaker link (0.48) than the 3-year average (0.62). Stretching to 5 years gives 0.58, with an annualized covariance of 1483.7 %².
Within EME's tracked universe of 34 assets, IESC comes in at #9 by 3-year correlation. Correlation aside, the last 12 months split them widely, with EME ahead by 30.7 points (+24.5% versus -6.2%). Note the risk asymmetry: IESC runs 2.0 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.
EME vs IESC: side by side
| EME (Emcor) | IESC (IES Holdings, Inc.) | |
|---|---|---|
| 1-year return | +24.5% | -6.2% |
| 5-year return | +540.3% | +580.8% |
| Volatility (ann.) | 34.9% | 68.3% |
| Beta vs S&P 500 | 1.31 | 1.67 |
| Max drawdown (3Y) | -36.2% | -60.5% |
| Market cap | $34.2B | $13.3B |
| P/E (trailing) | 23.8 | 29.5 |
| Dividend yield | 0.09% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | EME | IESC |
|---|---|---|
| 2022 | +16.8% | -29.8% |
| 2023 | +46.0% | +122.7% |
| 2024 | +111.3% | +153.7% |
| 2025 | +35.1% | +93.6% |
| 2026 | +26.9% | -14.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EME and IESC good diversifiers for each other?
Only partially. A correlation of 0.62 means EME and IESC 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 IESC?
As of 2026-08-27, the correlation of weekly returns between EME and IESC is 0.62 over 3 years, 0.48 over 1 year and 0.58 over 5 years.
Is IESC a good diversifier for EME?
Only partially. A correlation of 0.62 means EME and IESC share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.62 mean?
A reading of 0.62 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/eme-vs-iesc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/eme-vs-iesc/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EME correlations · IESC correlations
