ENB vs MSFT: Correlation
How closely do Enbridge Inc (ENB) and Microsoft (MSFT) trade together? Their weekly returns over three years give a correlation of -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ENB and MSFT?
Over the past 3 years, ENB and MSFT moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.43) runs below the 3-year figure (-0.24). Over 5 years the correlation is -0.01, and the annualized covariance of weekly returns is -117.7 %².
Among the 14 assets we track against ENB, MSFT sits near the bottom by co-movement, at rank #14. Over the last 12 months ENB came out ahead by 8.6 percentage points (+9.1% against +0.5%). One caveat on sizing: MSFT is 1.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
ENB vs MSFT: side by side
| ENB (Enbridge Inc) | MSFT (Microsoft) | |
|---|---|---|
| 1-year return | +9.1% | +0.5% |
| 5-year return | +71.0% | +73.3% |
| Volatility (ann.) | 17.6% | 27.5% |
| Beta vs S&P 500 | 0.05 | 1.12 |
| Max drawdown (3Y) | -13.1% | -34.5% |
| Market cap | $109.1B | $3,750.3B |
| P/E (trailing) | 26.7 | 28.1 |
| Dividend yield | 7.60% | 0.73% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | ENB | MSFT |
|---|---|---|
| 2022 | +6.5% | -28.0% |
| 2023 | -1.1% | +58.2% |
| 2024 | +26.4% | +12.9% |
| 2025 | +17.8% | +15.6% |
| 2026 | +8.6% | +5.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ENB and MSFT good diversifiers for each other?
Yes. With a correlation of -0.24, ENB and MSFT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ENB and MSFT?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.43 over the last year and -0.01 over 5 years.
Is MSFT a good diversifier for ENB?
Yes. With a correlation of -0.24, ENB and MSFT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/enb-vs-msft.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/enb-vs-msft/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ENB correlations · MSFT correlations
