WEC vs XEL: Correlation
How closely do WEC Energy Group (WEC) and Xcel Energy (XEL) trade together? Their weekly returns over three years give a correlation of 0.68, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are WEC and XEL?
Over the past 3 years, WEC and XEL moved with a correlation of 0.68, which is strong. The past 12 months show a tighter link (0.82) than the 3-year average (0.68). Over 5 years the correlation is 0.79, and the annualized covariance of weekly returns is 238.2 %².
Within WEC's tracked universe of 44 assets, XEL comes in at #20 by 3-year correlation. The trailing year gives XEL the advantage: +2.1% versus +9.2%, a 7.1-point spread. The rolling one-year correlation moved between 0.52 and 0.93 over the past three years, a moderate range.
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.
WEC vs XEL: side by side
| WEC (WEC Energy Group) | XEL (Xcel Energy) | |
|---|---|---|
| 1-year return | +2.1% | +9.2% |
| 5-year return | +32.7% | +31.1% |
| Volatility (ann.) | 16.9% | 20.7% |
| Beta vs S&P 500 | 0.02 | 0.09 |
| Max drawdown (3Y) | -11.6% | -24.0% |
| Market cap | $34.6B | $48.2B |
| P/E (trailing) | 20.6 | 21.3 |
| Dividend yield | 3.43% | 2.99% |
| Sector / category | Utilities | Utilities |
Year-by-year returns
| Year | WEC | XEL |
|---|---|---|
| 2022 | -0.5% | +6.4% |
| 2023 | -7.0% | -8.7% |
| 2024 | +16.1% | +12.3% |
| 2025 | +16.0% | +13.9% |
| 2026 | +3.4% | +6.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are WEC and XEL good diversifiers for each other?
Somewhat, no more. With 0.68 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between WEC and XEL?
The WEC/XEL correlation stands at 0.68 on a 3-year window (1 year: 0.82, 5 years: 0.79), computed from weekly returns as of 2026-08-27.
Is XEL a good diversifier for WEC?
Somewhat, no more. With 0.68 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.68 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/wec-vs-xel.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/wec-vs-xel/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: WEC correlations · XEL correlations
