FCEL vs MCK: Correlation
FuelCell Energy, Inc. (FCEL) and McKesson Corporation (MCK) show a negative relationship: their 3-year correlation of weekly returns is -0.23.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FCEL and MCK?
Over the past 3 years, FCEL and MCK moved with a correlation of -0.23, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.25 over 1 year against -0.23 over 3. Over 5 years the correlation is -0.14, and the annualized covariance of weekly returns is -627.7 %².
Among the 11 assets we track against FCEL, MCK sits near the bottom by co-movement, at rank #11. Correlation aside, the last 12 months split them widely, with FCEL ahead by 312.3 points (+343.1% versus +30.8%). Note the risk asymmetry: FCEL runs 4.3 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.
FCEL vs MCK: side by side
| FCEL (FuelCell Energy, Inc.) | MCK (McKesson Corporation) | |
|---|---|---|
| 1-year return | +343.1% | +30.8% |
| 5-year return | -89.6% | +354.8% |
| Volatility (ann.) | 109.1% | 25.1% |
| Beta vs S&P 500 | 1.17 | 0.16 |
| Max drawdown (3Y) | -93.0% | -27.2% |
| Market cap | $1.5B | $103.8B |
| P/E (trailing) | – | 24.0 |
| Dividend yield | 0.00% | 0.37% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | FCEL | MCK |
|---|---|---|
| 2022 | -46.5% | +51.8% |
| 2023 | -42.4% | +24.1% |
| 2024 | -81.2% | +23.7% |
| 2025 | -19.1% | +44.5% |
| 2026 | +164.3% | +8.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FCEL and MCK good diversifiers for each other?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
FAQ
What is the correlation between FCEL and MCK?
As of 2026-08-27, the correlation of weekly returns between FCEL and MCK is -0.23 over 3 years, -0.25 over 1 year and -0.14 over 5 years.
Is MCK a good diversifier for FCEL?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fcel-vs-mck.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fcel-vs-mck/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FCEL correlations · MCK correlations
