AQN vs UTF: Correlation
Algonquin Power & Utilities Corp. (AQN) and Cohen & Steers Infrastructure Fund, Inc (UTF) show a moderate relationship: their 3-year correlation of weekly returns is 0.56.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AQN and UTF?
Over the past 3 years, AQN and UTF moved with a correlation of 0.56, which is moderate. Little has changed lately, as the 1-year reading of 0.47 lands near the 3-year figure. Over 5 years the correlation is 0.48, and the annualized covariance of weekly returns is 301.3 %².
Among the 12 assets we track against AQN, UTF ranks #5 by 3-year correlation. The trailing year gives UTF the advantage: -0.1% versus +10.5%, a 10.6-point spread. One caveat on sizing: AQN is 1.8 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.
AQN vs UTF: side by side
| AQN (Algonquin Power & Utilities Corp.) | UTF (Cohen & Steers Infrastructure Fund, Inc) | |
|---|---|---|
| 1-year return | -0.1% | +10.5% |
| 5-year return | -52.8% | +35.3% |
| Volatility (ann.) | 31.1% | 17.3% |
| Beta vs S&P 500 | 0.42 | 0.36 |
| Max drawdown (3Y) | -38.7% | -15.0% |
| Market cap | $4.4B | – |
| P/E (trailing) | 23.7 | 6.9 |
| Dividend yield | 4.55% | 6.81% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AQN | UTF |
|---|---|---|
| 2022 | -51.7% | -9.7% |
| 2023 | +3.0% | -4.0% |
| 2024 | -25.0% | +22.2% |
| 2025 | +41.6% | +8.0% |
| 2026 | -5.6% | +18.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AQN and UTF good diversifiers for each other?
Only partially. A correlation of 0.56 means AQN and UTF share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between AQN and UTF?
As of 2026-08-27, the correlation of weekly returns between AQN and UTF is 0.56 over 3 years, 0.47 over 1 year and 0.48 over 5 years.
Is UTF a good diversifier for AQN?
Only partially. A correlation of 0.56 means AQN and UTF share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.56 mean?
A reading of 0.56 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/aqn-vs-utf.json
Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: AQN correlations · UTF correlations
