ES vs WEC: Correlation
Measured on weekly returns over the past three years, Eversource Energy (ES) and WEC Energy Group (WEC) carry a correlation of 0.63, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ES and WEC?
Over the past 3 years, ES and WEC moved with a correlation of 0.63, which is strong. The relationship has been stable: the 1-year correlation (0.60) sits close to the 3-year figure. Over 5 years the correlation is 0.73, and the annualized covariance of weekly returns is 243.6 %².
By 3-year correlation, WEC places #8 of the 28 assets tracked against ES. Over the last 12 months ES came out ahead by 12.4 percentage points (+14.5% against +2.1%). The relationship is regime-dependent: the rolling one-year correlation swung between 0.26 and 0.85 over the past three years, so this pair behaves very differently depending on the market environment.
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 WEC: side by side
| ES (Eversource Energy) | WEC (WEC Energy Group) | |
|---|---|---|
| 1-year return | +14.5% | +2.1% |
| 5-year return | -5.0% | +32.7% |
| Volatility (ann.) | 22.9% | 16.9% |
| Beta vs S&P 500 | 0.20 | 0.02 |
| Max drawdown (3Y) | -18.8% | -11.6% |
| Market cap | $26.7B | $34.6B |
| P/E (trailing) | 18.6 | 20.6 |
| Dividend yield | 4.30% | 3.43% |
| Sector / category | Utilities | Utilities |
Year-by-year returns
| Year | ES | WEC |
|---|---|---|
| 2022 | -5.1% | -0.5% |
| 2023 | -23.4% | -7.0% |
| 2024 | -2.5% | +16.1% |
| 2025 | +22.9% | +16.0% |
| 2026 | +7.7% | +3.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ES and WEC good diversifiers for each other?
Only partially. A correlation of 0.63 means ES and WEC 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 WEC?
Using weekly returns as of 2026-08-27: 0.63 over 3 years, with 0.60 over the last year and 0.73 over 5 years.
Is WEC a good diversifier for ES?
Only partially. A correlation of 0.63 means ES and WEC share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.63 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 · WEC correlations
