AMZN vs PNW: Correlation
Amazon (AMZN) and Pinnacle West Capital (PNW) show a negative relationship: their 3-year correlation of weekly returns is -0.19.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AMZN and PNW?
On 3 years of weekly data the AMZN/PNW correlation comes out at -0.19, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.31) runs below the 3-year figure (-0.19). The 5-year figure is 0.01, and annualized covariance runs at -106.7 %².
Among the 38 assets we track against AMZN, PNW ranks #27 by 3-year correlation. Neither side won the trailing year by much: +11.8% against +12.4%. The relationship is regime-dependent: the rolling one-year correlation swung between -0.42 and 0.14 over the past three years, so this pair behaves very differently depending on the market environment. Risk is not evenly split, since AMZN carries 1.7 times the volatility of the other side.
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.
AMZN vs PNW: side by side
| AMZN (Amazon) | PNW (Pinnacle West Capital) | |
|---|---|---|
| 1-year return | +11.8% | +12.4% |
| 5-year return | +49.8% | +59.3% |
| Volatility (ann.) | 31.0% | 18.2% |
| Beta vs S&P 500 | 1.48 | 0.09 |
| Max drawdown (3Y) | -30.9% | -14.4% |
| Market cap | $2,764.1B | $11.9B |
| P/E (trailing) | 20.9 | 18.8 |
| Dividend yield | 0.00% | 3.67% |
| Sector / category | Consumer Discretionary | Utilities |
Year-by-year returns
| Year | AMZN | PNW |
|---|---|---|
| 2022 | -49.6% | +13.0% |
| 2023 | +80.9% | -1.2% |
| 2024 | +44.4% | +23.5% |
| 2025 | +5.2% | +8.9% |
| 2026 | +11.0% | +13.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AMZN and PNW good diversifiers for each other?
Yes. With a correlation of -0.19, AMZN and PNW have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AMZN and PNW?
As of 2026-08-27, the correlation of weekly returns between AMZN and PNW is -0.19 over 3 years, -0.31 over 1 year and 0.01 over 5 years.
Is PNW a good diversifier for AMZN?
Yes. With a correlation of -0.19, AMZN and PNW have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.19 mean?
On the −1 to +1 scale, -0.19 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/amzn-vs-pnw.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/amzn-vs-pnw/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AMZN correlations · PNW correlations
