ANNA vs NWE: Correlation
Measured on weekly returns over the past three years, AleAnna, Inc. (ANNA) and NorthWestern Energy Group, Inc. (NWE) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ANNA and NWE?
Over the past 3 years, ANNA and NWE moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.38 versus -0.22 over 3 years. Over 5 years the correlation is -0.18, and the annualized covariance of weekly returns is -407.7 %².
By 3-year correlation, NWE places #69 of the 103 assets tracked against ANNA. Correlation aside, the last 12 months split them widely, with NWE ahead by 62.8 points (-34.3% versus +28.5%). One caveat on sizing: ANNA is 4.2 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.
ANNA vs NWE: side by side
| ANNA (AleAnna, Inc.) | NWE (NorthWestern Energy Group, Inc.) | |
|---|---|---|
| 1-year return | -34.3% | +28.5% |
| 5-year return | -71.7% | +41.5% |
| Volatility (ann.) | 88.7% | 20.9% |
| Beta vs S&P 500 | -0.92 | 0.26 |
| Max drawdown (3Y) | -86.3% | -13.6% |
| Market cap | $0.1B | $4.4B |
| P/E (trailing) | 14.7 | 25.6 |
| Dividend yield | 0.00% | 3.72% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ANNA | NWE |
|---|---|---|
| 2022 | – | +8.5% |
| 2023 | +7.3% | -10.1% |
| 2024 | -37.6% | +10.5% |
| 2025 | -57.6% | +26.4% |
| 2026 | -3.0% | +13.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ANNA and NWE good diversifiers for each other?
Yes. With a correlation of -0.22, ANNA and NWE have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ANNA and NWE?
As of 2026-08-27, the correlation of weekly returns between ANNA and NWE is -0.22 over 3 years, -0.38 over 1 year and -0.18 over 5 years.
Is NWE a good diversifier for ANNA?
Yes. With a correlation of -0.22, ANNA and NWE have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 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.
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Related comparisons
Hubs: ANNA correlations · NWE correlations
