ESI vs ESP: Correlation
Measured on weekly returns over the past three years, Element Solutions Inc. (ESI) and Espey Mfg. & Electronics Corp. (ESP) carry a correlation of 0.38, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ESI and ESP?
On 3 years of weekly data the ESI/ESP correlation comes out at 0.38, moderate. The relationship has been stable: the 1-year correlation (0.42) sits close to the 3-year figure. The 5-year figure is 0.27, and annualized covariance runs at 522.1 %².
By 3-year correlation, ESP places #13 of the 18 assets tracked against ESI. Neither side won the trailing year by much: +43.3% against +39.7%.
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.
ESI vs ESP: side by side
| ESI (Element Solutions Inc.) | ESP (Espey Mfg. & Electronics Corp.) | |
|---|---|---|
| 1-year return | +43.3% | +39.7% |
| 5-year return | +67.5% | +393.3% |
| Volatility (ann.) | 32.8% | 42.3% |
| Beta vs S&P 500 | 1.26 | 0.97 |
| Max drawdown (3Y) | -40.0% | -29.1% |
| Market cap | $8.9B | – |
| P/E (trailing) | 49.4 | 16.6 |
| Dividend yield | 0.89% | 2.78% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ESI | ESP |
|---|---|---|
| 2022 | -23.9% | -0.1% |
| 2023 | +29.3% | +35.5% |
| 2024 | +11.3% | +66.8% |
| 2025 | -0.4% | +63.3% |
| 2026 | +46.7% | +35.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ESI and ESP good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ESI and ESP?
The ESI/ESP correlation stands at 0.38 on a 3-year window (1 year: 0.42, 5 years: 0.27), computed from weekly returns as of 2026-08-27.
Is ESP a good diversifier for ESI?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.38 mean?
A reading of 0.38 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: ESI correlations · ESP correlations
