ES vs SO: Correlation
How closely do Eversource Energy (ES) and Southern Company (SO) trade together? Their weekly returns over three years give a correlation of 0.60, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ES and SO?
On 3 years of weekly data the ES/SO correlation comes out at 0.60, strong. Recent behaviour matches the longer record: 0.62 over 1 year against 0.60 over 3. The 5-year figure is 0.72, and annualized covariance runs at 227.7 %².
By 3-year correlation, SO places #15 of the 28 assets tracked against ES. Correlation aside, the last 12 months split them widely, with ES ahead by 15.9 points (+14.5% versus -1.4%). This link changes with the market regime, having swung between 0.29 and 0.85 on a rolling one-year basis.
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 SO: side by side
| ES (Eversource Energy) | SO (Southern Company) | |
|---|---|---|
| 1-year return | +14.5% | -1.4% |
| 5-year return | -5.0% | +62.6% |
| Volatility (ann.) | 22.9% | 16.5% |
| Beta vs S&P 500 | 0.20 | -0.02 |
| Max drawdown (3Y) | -18.8% | -15.0% |
| Market cap | $26.7B | $102.4B |
| P/E (trailing) | 18.6 | 21.7 |
| Dividend yield | 4.30% | 3.32% |
| Sector / category | Utilities | Utilities |
Year-by-year returns
| Year | ES | SO |
|---|---|---|
| 2022 | -5.1% | +8.2% |
| 2023 | -23.4% | +2.2% |
| 2024 | -2.5% | +21.7% |
| 2025 | +22.9% | +9.5% |
| 2026 | +7.7% | +4.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ES and SO good diversifiers for each other?
To a limited degree. At 0.60 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between ES and SO?
The ES/SO correlation stands at 0.60 on a 3-year window (1 year: 0.62, 5 years: 0.72), computed from weekly returns as of 2026-08-27.
Is SO a good diversifier for ES?
To a limited degree. At 0.60 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
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.
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Related comparisons
Hubs: ES correlations · SO correlations
