ETR vs XEL: Correlation
Entergy (ETR) and Xcel Energy (XEL) show a strong relationship: their 3-year correlation of weekly returns is 0.72.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETR and XEL?
Over the past 3 years, ETR and XEL moved with a correlation of 0.72, which is strong. Little has changed lately, as the 1-year reading of 0.80 lands near the 3-year figure. Over 5 years the correlation is 0.74, and the annualized covariance of weekly returns is 294.0 %².
By 3-year correlation, XEL places #10 of the 38 assets tracked against ETR. On 12-month performance ETR holds a 12.7-point edge, +21.9% against +9.2%. The link looks structural: the rolling one-year correlation barely moved, holding between 0.59 and 0.82.
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.
ETR vs XEL: side by side
| ETR (Entergy) | XEL (Xcel Energy) | |
|---|---|---|
| 1-year return | +21.9% | +9.2% |
| 5-year return | +132.0% | +31.1% |
| Volatility (ann.) | 19.7% | 20.7% |
| Beta vs S&P 500 | 0.22 | 0.09 |
| Max drawdown (3Y) | -10.6% | -24.0% |
| Market cap | $49.7B | $48.2B |
| P/E (trailing) | 27.2 | 21.3 |
| Dividend yield | 2.35% | 2.99% |
| Sector / category | Utilities | Utilities |
Year-by-year returns
| Year | ETR | XEL |
|---|---|---|
| 2022 | +3.6% | +6.4% |
| 2023 | -6.1% | -8.7% |
| 2024 | +56.0% | +12.3% |
| 2025 | +25.3% | +13.9% |
| 2026 | +17.3% | +6.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETR and XEL good diversifiers for each other?
To a limited degree. At 0.72 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between ETR and XEL?
Using weekly returns as of 2026-08-27: 0.72 over 3 years, with 0.80 over the last year and 0.74 over 5 years.
Is XEL a good diversifier for ETR?
To a limited degree. At 0.72 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.72 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/etr-vs-xel.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/etr-vs-xel/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ETR correlations · XEL correlations
