ESOA vs IPGP: Correlation
Energy Services of America Corporation (ESOA) and IPG Photonics Corporation (IPGP) show a moderate relationship: their 3-year correlation of weekly returns is 0.36.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ESOA and IPGP?
Over the past 3 years, ESOA and IPGP moved with a correlation of 0.36, which is moderate. The link has tightened recently: the 1-year correlation (0.64) runs above the 3-year figure (0.36). Over 5 years the correlation is 0.21, and the annualized covariance of weekly returns is 1203.3 %².
Within ESOA's tracked universe of 11 assets, IPGP comes in at #4 by 3-year correlation. The last year tells two different stories: ESOA led by 21.6 percentage points, +14.0% for ESOA against -7.6% for IPGP.
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.
ESOA vs IPGP: side by side
| ESOA (Energy Services of America Corporation) | IPGP (IPG Photonics Corporation) | |
|---|---|---|
| 1-year return | +14.0% | -7.6% |
| 5-year return | +517.2% | -55.1% |
| Volatility (ann.) | 70.1% | 48.0% |
| Beta vs S&P 500 | 0.86 | 1.24 |
| Max drawdown (3Y) | -57.4% | -55.1% |
| Market cap | $0.2B | $3.3B |
| P/E (trailing) | 19.1 | 113.6 |
| Dividend yield | 1.13% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ESOA | IPGP |
|---|---|---|
| 2022 | -22.1% | -45.0% |
| 2023 | +141.3% | +14.7% |
| 2024 | +111.4% | -33.0% |
| 2025 | -34.4% | -1.5% |
| 2026 | +43.6% | +7.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ESOA and IPGP good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ESOA and IPGP?
The ESOA/IPGP correlation stands at 0.36 on a 3-year window (1 year: 0.64, 5 years: 0.21), computed from weekly returns as of 2026-08-27.
Is IPGP a good diversifier for ESOA?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.36 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/esoa-vs-ipgp.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/esoa-vs-ipgp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ESOA correlations · IPGP correlations
