FE vs QUAD: Correlation
How closely do FirstEnergy (FE) and Quad Graphics, Inc (QUAD) trade together? Their weekly returns over three years give a correlation of -0.22, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FE and QUAD?
Over the past 3 years, FE and QUAD moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.06 versus -0.22 over 3 years. Over 5 years the correlation is -0.01, and the annualized covariance of weekly returns is -196.4 %².
Among the 32 assets we track against FE, QUAD ranks #25 by 3-year correlation. Correlation aside, the last 12 months split them widely, with QUAD ahead by 55.4 points (+9.9% versus +65.3%). One caveat on sizing: QUAD is 2.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
FE vs QUAD: side by side
| FE (FirstEnergy) | QUAD (Quad Graphics, Inc) | |
|---|---|---|
| 1-year return | +9.9% | +65.3% |
| 5-year return | +46.7% | +175.4% |
| Volatility (ann.) | 17.6% | 50.1% |
| Beta vs S&P 500 | 0.04 | 0.96 |
| Max drawdown (3Y) | -14.7% | -45.3% |
| Market cap | $26.8B | $0.5B |
| P/E (trailing) | 25.0 | 15.3 |
| Dividend yield | 3.85% | 3.50% |
| Sector / category | Utilities | US Listed |
Year-by-year returns
| Year | FE | QUAD |
|---|---|---|
| 2022 | +4.8% | +2.0% |
| 2023 | -8.9% | +32.8% |
| 2024 | +13.2% | +33.6% |
| 2025 | +17.3% | -5.3% |
| 2026 | +6.4% | +66.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FE and QUAD good diversifiers for each other?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
FAQ
What is the correlation between FE and QUAD?
The FE/QUAD correlation stands at -0.22 on a 3-year window (1 year: -0.06, 5 years: -0.01), computed from weekly returns as of 2026-08-27.
Is QUAD a good diversifier for FE?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
What does a correlation of -0.22 mean?
A reading of -0.22 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fe-vs-quad.json
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[](https://www.pairbook.io/pair/fe-vs-quad/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FE correlations · QUAD correlations
