FE vs SO: Correlation
Measured on weekly returns over the past three years, FirstEnergy (FE) and Southern Company (SO) carry a correlation of 0.70, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FE and SO?
Across a 3-year window, the weekly returns of FE and SO correlate at 0.70, strong. Little has changed lately, as the 1-year reading of 0.76 lands near the 3-year figure. Stretching to 5 years gives 0.75, with an annualized covariance of 204.6 %².
Within FE's tracked universe of 32 assets, SO comes in at #10 by 3-year correlation. On 12-month performance FE holds a 11.3-point edge, +9.9% against -1.4%. Across three years, the rolling one-year figure varied moderately, from 0.46 to 0.85.
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 SO: side by side
| FE (FirstEnergy) | SO (Southern Company) | |
|---|---|---|
| 1-year return | +9.9% | -1.4% |
| 5-year return | +46.7% | +62.6% |
| Volatility (ann.) | 17.6% | 16.5% |
| Beta vs S&P 500 | 0.04 | -0.02 |
| Max drawdown (3Y) | -14.7% | -15.0% |
| Market cap | $26.8B | $102.4B |
| P/E (trailing) | 25.0 | 21.7 |
| Dividend yield | 3.85% | 3.32% |
| Sector / category | Utilities | Utilities |
Year-by-year returns
| Year | FE | SO |
|---|---|---|
| 2022 | +4.8% | +8.2% |
| 2023 | -8.9% | +2.2% |
| 2024 | +13.2% | +21.7% |
| 2025 | +17.3% | +9.5% |
| 2026 | +6.4% | +4.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FE and SO good diversifiers for each other?
Somewhat, no more. With 0.70 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between FE and SO?
The FE/SO correlation stands at 0.70 on a 3-year window (1 year: 0.76, 5 years: 0.75), computed from weekly returns as of 2026-08-27.
Is SO a good diversifier for FE?
Somewhat, no more. With 0.70 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.70 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.
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Related comparisons
Hubs: FE correlations · SO correlations
