ETN vs PWR: Correlation
How closely do Eaton Corporation (ETN) and Quanta Services (PWR) trade together? Their weekly returns over three years give a correlation of 0.70, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETN and PWR?
Over the past 3 years, ETN and PWR moved with a correlation of 0.70, which is strong. Lately the two have drifted apart, with the 1-year correlation at 0.46 versus 0.70 over 3 years. Over 5 years the correlation is 0.63, and the annualized covariance of weekly returns is 720.5 %².
By 3-year correlation, PWR places #8 of the 44 assets tracked against ETN. The last year tells two different stories: PWR led by 43.4 percentage points, +19.7% for ETN against +63.1% for PWR. On a rolling one-year basis the correlation drifted between 0.42 and 0.87, a moderate band.
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 PWR: side by side
| ETN (Eaton Corporation) | PWR (Quanta Services) | |
|---|---|---|
| 1-year return | +19.7% | +63.1% |
| 5-year return | +164.1% | +506.1% |
| Volatility (ann.) | 30.2% | 33.9% |
| Beta vs S&P 500 | 1.33 | 1.29 |
| Max drawdown (3Y) | -34.5% | -33.9% |
| Market cap | $161.6B | $93.5B |
| P/E (trailing) | 42.4 | 70.4 |
| Dividend yield | 1.02% | 0.07% |
| Sector / category | Industrials | Industrials |
Year-by-year returns
| Year | ETN | PWR |
|---|---|---|
| 2022 | -7.2% | +24.6% |
| 2023 | +56.2% | +51.7% |
| 2024 | +39.5% | +46.6% |
| 2025 | -2.8% | +33.7% |
| 2026 | +31.7% | +47.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETN and PWR good diversifiers for each other?
Only partially. A correlation of 0.70 means ETN and PWR 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 PWR?
As of 2026-08-27, the correlation of weekly returns between ETN and PWR is 0.70 over 3 years, 0.46 over 1 year and 0.63 over 5 years.
Is PWR a good diversifier for ETN?
Only partially. A correlation of 0.70 means ETN and PWR share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.70 mean?
On the −1 to +1 scale, 0.70 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/etn-vs-pwr.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/etn-vs-pwr/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ETN correlations · PWR correlations
