ES vs PACS: Correlation
How closely do Eversource Energy (ES) and PACS Group, Inc. (PACS) trade together? Their weekly returns over three years give a correlation of -0.22, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ES and PACS?
Across a 3-year window, the weekly returns of ES and PACS correlate at -0.22, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.41) runs below the 3-year figure (-0.22). Stretching to 5 years gives n/a, with an annualized covariance of -570.5 %².
Within ES's tracked universe of 28 assets, PACS comes in at #21 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months PACS outperformed by 258.5 percentage points (+14.5% for ES against +273.0% for PACS). Risk is not evenly split, since PACS carries 5.3 times the volatility of the other side.
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 PACS: side by side
| ES (Eversource Energy) | PACS (PACS Group, Inc.) | |
|---|---|---|
| 1-year return | +14.5% | +273.0% |
| 5-year return | -5.0% | n/a |
| Volatility (ann.) | 22.9% | 120.5% |
| Beta vs S&P 500 | 0.20 | 0.06 |
| Max drawdown (3Y) | -18.8% | -82.0% |
| Market cap | $26.7B | $7.0B |
| P/E (trailing) | 18.6 | 25.9 |
| Dividend yield | 4.30% | 0.00% |
| Sector / category | Utilities | US Listed |
Year-by-year returns
| Year | ES | PACS |
|---|---|---|
| 2022 | -5.1% | – |
| 2023 | -23.4% | – |
| 2024 | -2.5% | – |
| 2025 | +22.9% | +192.8% |
| 2026 | +7.7% | +15.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ES and PACS good diversifiers for each other?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
FAQ
What is the correlation between ES and PACS?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.41 over the last year and n/a over 5 years.
Is PACS a good diversifier for ES?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
What does a correlation of -0.22 mean?
A reading of -0.22 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
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Related comparisons
Hubs: ES correlations · PACS correlations
