ETN vs NRG: Correlation
Eaton Corporation (ETN) and NRG Energy (NRG) show a moderate relationship: their 3-year correlation of weekly returns is 0.57.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETN and NRG?
Over the past 3 years, ETN and NRG moved with a correlation of 0.57, which is moderate. The link has loosened recently: the 1-year correlation (0.39) runs below the 3-year figure (0.57). Over 5 years the correlation is 0.49, and the annualized covariance of weekly returns is 760.7 %².
By 3-year correlation, NRG places #24 of the 44 assets tracked against ETN. The last year tells two different stories: ETN led by 41.5 percentage points, +19.7% for ETN against -21.8% for NRG. The relationship is regime-dependent: the rolling one-year correlation swung between 0.25 and 0.77 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.
ETN vs NRG: side by side
| ETN (Eaton Corporation) | NRG (NRG Energy) | |
|---|---|---|
| 1-year return | +19.7% | -21.8% |
| 5-year return | +164.1% | +191.5% |
| Volatility (ann.) | 30.2% | 44.4% |
| Beta vs S&P 500 | 1.33 | 1.30 |
| Max drawdown (3Y) | -34.5% | -38.9% |
| Market cap | $161.6B | $24.1B |
| P/E (trailing) | 42.4 | 30.2 |
| Dividend yield | 1.02% | 1.61% |
| Sector / category | Industrials | Utilities |
Year-by-year returns
| Year | ETN | NRG |
|---|---|---|
| 2022 | -7.2% | -23.5% |
| 2023 | +56.2% | +69.4% |
| 2024 | +39.5% | +78.6% |
| 2025 | -2.8% | +78.9% |
| 2026 | +31.7% | -27.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETN and NRG good diversifiers for each other?
Only partially. A correlation of 0.57 means ETN and NRG 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 ETN and NRG?
As of 2026-08-27, the correlation of weekly returns between ETN and NRG is 0.57 over 3 years, 0.39 over 1 year and 0.49 over 5 years.
Is NRG a good diversifier for ETN?
Only partially. A correlation of 0.57 means ETN and NRG share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.57 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/etn-vs-nrg.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/etn-vs-nrg/)
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Related comparisons
Hubs: ETN correlations · NRG correlations
