AEE vs NI: Correlation
How closely do Ameren (AEE) and NiSource (NI) trade together? Their weekly returns over three years give a correlation of 0.82, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AEE and NI?
Across a 3-year window, the weekly returns of AEE and NI correlate at 0.82, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.84) sits close to the 3-year figure. Stretching to 5 years gives 0.83, with an annualized covariance of 260.0 %².
Within AEE's tracked universe of 35 assets, NI comes in at #4 by 3-year correlation. On 12-month performance AEE holds a 9.7-point edge, +8.8% against -0.9%. The link looks structural: the rolling one-year correlation barely moved, holding between 0.71 and 0.88.
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.
AEE vs NI: side by side
| AEE (Ameren) | NI (NiSource) | |
|---|---|---|
| 1-year return | +8.8% | -0.9% |
| 5-year return | +39.7% | +94.6% |
| Volatility (ann.) | 17.8% | 17.8% |
| Beta vs S&P 500 | 0.10 | 0.26 |
| Max drawdown (3Y) | -16.5% | -16.7% |
| Market cap | $29.6B | $19.6B |
| P/E (trailing) | 19.0 | 21.9 |
| Dividend yield | 2.71% | 1.41% |
| Sector / category | Utilities | Utilities |
Year-by-year returns
| Year | AEE | NI |
|---|---|---|
| 2022 | +2.5% | +2.7% |
| 2023 | -16.1% | +0.5% |
| 2024 | +27.5% | +43.5% |
| 2025 | +15.3% | +16.8% |
| 2026 | +8.4% | +0.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AEE and NI good diversifiers for each other?
No: a correlation of 0.82 means AEE and NI tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between AEE and NI?
Using weekly returns as of 2026-08-27: 0.82 over 3 years, with 0.84 over the last year and 0.83 over 5 years.
Is NI a good diversifier for AEE?
No: a correlation of 0.82 means AEE and NI tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.82 mean?
On the −1 to +1 scale, 0.82 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/aee-vs-ni.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aee-vs-ni/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AEE correlations · NI correlations
