JEF vs MS: Correlation
How closely do Jefferies Financial Group Inc. (JEF) and Morgan Stanley (MS) 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 JEF and MS?
On 3 years of weekly data the JEF/MS correlation comes out at 0.70, strong. The relationship has been stable: the 1-year correlation (0.66) sits close to the 3-year figure. The 5-year figure is 0.73, and annualized covariance runs at 778.4 %².
Within JEF's tracked universe of 16 assets, MS comes in at #4 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MS outperformed by 63.0 percentage points (-15.9% for JEF against +47.1% for MS).
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.
JEF vs MS: side by side
| JEF (Jefferies Financial Group Inc.) | MS (Morgan Stanley) | |
|---|---|---|
| 1-year return | -15.9% | +47.1% |
| 5-year return | +73.8% | +142.0% |
| Volatility (ann.) | 39.3% | 28.3% |
| Beta vs S&P 500 | 1.57 | 1.43 |
| Max drawdown (3Y) | -54.4% | -29.2% |
| Market cap | $10.7B | $337.5B |
| P/E (trailing) | 14.8 | 17.4 |
| Dividend yield | 0.00% | 1.94% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | JEF | MS |
|---|---|---|
| 2022 | -8.5% | -10.3% |
| 2023 | +27.7% | +13.9% |
| 2024 | +98.8% | +39.7% |
| 2025 | -18.8% | +45.2% |
| 2026 | -12.8% | +23.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JEF and MS good diversifiers for each other?
To a limited degree. At 0.70 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 JEF and MS?
The JEF/MS correlation stands at 0.70 on a 3-year window (1 year: 0.66, 5 years: 0.73), computed from weekly returns as of 2026-08-27.
Is MS a good diversifier for JEF?
To a limited degree. At 0.70 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 0.70 mean?
A reading of 0.70 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/jef-vs-ms.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/jef-vs-ms/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: JEF correlations · MS correlations
