ES vs OGE: Correlation
Eversource Energy (ES) and OGE Energy Corp (OGE) 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 ES and OGE?
Across a 3-year window, the weekly returns of ES and OGE correlate at 0.60, strong. Little has changed lately, as the 1-year reading of 0.67 lands near the 3-year figure. Stretching to 5 years gives 0.72, with an annualized covariance of 240.8 %².
Within ES's tracked universe of 28 assets, OGE comes in at #14 by 3-year correlation. The trailing year gives ES the advantage: +14.5% versus +5.5%, a 9.0-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.
ES vs OGE: side by side
| ES (Eversource Energy) | OGE (OGE Energy Corp) | |
|---|---|---|
| 1-year return | +14.5% | +5.5% |
| 5-year return | -5.0% | +60.6% |
| Volatility (ann.) | 22.9% | 17.6% |
| Beta vs S&P 500 | 0.20 | 0.20 |
| Max drawdown (3Y) | -18.8% | -11.3% |
| Market cap | $26.7B | $9.5B |
| P/E (trailing) | 18.6 | 20.4 |
| Dividend yield | 4.30% | 3.64% |
| Sector / category | Utilities | US Listed |
Year-by-year returns
| Year | ES | OGE |
|---|---|---|
| 2022 | -5.1% | +7.6% |
| 2023 | -23.4% | -7.5% |
| 2024 | -2.5% | +23.7% |
| 2025 | +22.9% | +7.6% |
| 2026 | +7.7% | +10.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ES and OGE good diversifiers for each other?
Only partially. A correlation of 0.60 means ES and OGE 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 ES and OGE?
Using weekly returns as of 2026-08-27: 0.60 over 3 years, with 0.67 over the last year and 0.72 over 5 years.
Is OGE a good diversifier for ES?
Only partially. A correlation of 0.60 means ES and OGE 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?
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/es-vs-oge.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/es-vs-oge/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ES correlations · OGE correlations
