AEE vs PNW: Correlation
Measured on weekly returns over the past three years, Ameren (AEE) and Pinnacle West Capital (PNW) carry a correlation of 0.79, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AEE and PNW?
Across a 3-year window, the weekly returns of AEE and PNW correlate at 0.79, strong. Recent behaviour matches the longer record: 0.82 over 1 year against 0.79 over 3. Stretching to 5 years gives 0.78, with an annualized covariance of 257.5 %².
Within AEE's tracked universe of 35 assets, PNW comes in at #9 by 3-year correlation. Neither side won the trailing year by much: +8.8% against +12.4%. The rolling one-year correlation stayed in a tight band between 0.67 and 0.83 over the past three years, which points to a structural rather than episodic relationship.
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 PNW: side by side
| AEE (Ameren) | PNW (Pinnacle West Capital) | |
|---|---|---|
| 1-year return | +8.8% | +12.4% |
| 5-year return | +39.7% | +59.3% |
| Volatility (ann.) | 17.8% | 18.2% |
| Beta vs S&P 500 | 0.10 | 0.09 |
| Max drawdown (3Y) | -16.5% | -14.4% |
| Market cap | $29.6B | $11.9B |
| P/E (trailing) | 19.0 | 18.8 |
| Dividend yield | 2.71% | 3.67% |
| Sector / category | Utilities | Utilities |
Year-by-year returns
| Year | AEE | PNW |
|---|---|---|
| 2022 | +2.5% | +13.0% |
| 2023 | -16.1% | -1.2% |
| 2024 | +27.5% | +23.5% |
| 2025 | +15.3% | +8.9% |
| 2026 | +8.4% | +13.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AEE and PNW good diversifiers for each other?
To a limited degree. At 0.79 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 AEE and PNW?
Using weekly returns as of 2026-08-27: 0.79 over 3 years, with 0.82 over the last year and 0.78 over 5 years.
Is PNW a good diversifier for AEE?
To a limited degree. At 0.79 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 0.79 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/aee-vs-pnw.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aee-vs-pnw/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AEE correlations · PNW correlations
