ESTC vs FE: Correlation
Measured on weekly returns over the past three years, Elastic N.V. (ESTC) and FirstEnergy (FE) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ESTC and FE?
Over the past 3 years, ESTC and FE moved with a correlation of -0.23, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.33 lands near the 3-year figure. Over 5 years the correlation is -0.11, and the annualized covariance of weekly returns is -221.7 %².
Out of 14 assets tracked against ESTC, FE lands near the bottom at #11. On 12-month performance FE holds a 9.4-point edge, +0.5% against +9.9%. Note the risk asymmetry: ESTC runs 3.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
ESTC vs FE: side by side
| ESTC (Elastic N.V.) | FE (FirstEnergy) | |
|---|---|---|
| 1-year return | +0.5% | +9.9% |
| 5-year return | -47.3% | +46.7% |
| Volatility (ann.) | 55.1% | 17.6% |
| Beta vs S&P 500 | 1.44 | 0.04 |
| Max drawdown (3Y) | -67.6% | -14.7% |
| Market cap | $8.7B | $26.8B |
| P/E (trailing) | 23.1 | 25.0 |
| Dividend yield | 0.00% | 3.85% |
| Sector / category | US Listed | Utilities |
Year-by-year returns
| Year | ESTC | FE |
|---|---|---|
| 2022 | -58.2% | +4.8% |
| 2023 | +118.8% | -8.9% |
| 2024 | -12.1% | +13.2% |
| 2025 | -23.9% | +17.3% |
| 2026 | +11.0% | +6.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ESTC and FE good diversifiers for each other?
Yes. With a correlation of -0.23, ESTC and FE have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ESTC and FE?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with -0.33 over the last year and -0.11 over 5 years.
Is FE a good diversifier for ESTC?
Yes. With a correlation of -0.23, ESTC and FE have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 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: ESTC correlations · FE correlations
