ALVO vs NWE: Correlation
Measured on weekly returns over the past three years, Alvotech (ALVO) and NorthWestern Energy Group, Inc. (NWE) carry a correlation of -0.21, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALVO and NWE?
On 3 years of weekly data the ALVO/NWE correlation comes out at -0.21, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.24 lands near the 3-year figure. The 5-year figure is -0.08, and annualized covariance runs at -227.9 %².
Out of 12 assets tracked against ALVO, NWE lands near the bottom at #8. Correlation aside, the last 12 months split them widely, with NWE ahead by 67.7 points (-39.2% versus +28.5%). One caveat on sizing: ALVO is 2.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
ALVO vs NWE: side by side
| ALVO (Alvotech) | NWE (NorthWestern Energy Group, Inc.) | |
|---|---|---|
| 1-year return | -39.2% | +28.5% |
| 5-year return | -56.4% | +41.5% |
| Volatility (ann.) | 52.8% | 20.9% |
| Beta vs S&P 500 | 0.81 | 0.26 |
| Max drawdown (3Y) | -82.6% | -13.6% |
| Market cap | $1.7B | $4.4B |
| P/E (trailing) | – | 25.6 |
| Dividend yield | 0.00% | 3.72% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ALVO | NWE |
|---|---|---|
| 2022 | – | +8.5% |
| 2023 | +14.8% | -10.1% |
| 2024 | +15.2% | +10.5% |
| 2025 | -61.2% | +26.4% |
| 2026 | -4.9% | +13.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALVO and NWE good diversifiers for each other?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
FAQ
What is the correlation between ALVO and NWE?
Using weekly returns as of 2026-08-27: -0.21 over 3 years, with -0.24 over the last year and -0.08 over 5 years.
Is NWE a good diversifier for ALVO?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
What does a correlation of -0.21 mean?
A reading of -0.21 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: ALVO correlations · NWE correlations
