ATNI vs NWN: Correlation
How closely do ATN International, Inc. (ATNI) and Northwest Natural Holding Company (NWN) trade together? Their weekly returns over three years give a correlation of 0.43, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ATNI and NWN?
On 3 years of weekly data the ATNI/NWN correlation comes out at 0.43, moderate. Recent behaviour matches the longer record: 0.38 over 1 year against 0.43 over 3. The 5-year figure is 0.36, and annualized covariance runs at 527.9 %².
By 3-year correlation, NWN places #4 of the 11 assets tracked against ATNI. The last year tells two different stories: ATNI led by 71.0 percentage points, +95.4% for ATNI against +24.4% for NWN. Note the risk asymmetry: ATNI runs 2.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
ATNI vs NWN: side by side
| ATNI (ATN International, Inc.) | NWN (Northwest Natural Holding Company) | |
|---|---|---|
| 1-year return | +95.4% | +24.4% |
| 5-year return | -22.3% | +20.2% |
| Volatility (ann.) | 58.6% | 20.8% |
| Beta vs S&P 500 | 0.57 | 0.17 |
| Max drawdown (3Y) | -62.6% | -13.5% |
| Market cap | $0.5B | $2.1B |
| P/E (trailing) | 3.0 | 16.9 |
| Dividend yield | 3.64% | 3.91% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ATNI | NWN |
|---|---|---|
| 2022 | +15.3% | +1.5% |
| 2023 | -11.9% | -14.4% |
| 2024 | -55.1% | +6.8% |
| 2025 | +43.8% | +23.7% |
| 2026 | +32.9% | +9.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ATNI and NWN good diversifiers for each other?
Reasonably. At 0.43, ATNI and NWN keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ATNI and NWN?
Using weekly returns as of 2026-08-27: 0.43 over 3 years, with 0.38 over the last year and 0.36 over 5 years.
Is NWN a good diversifier for ATNI?
Reasonably. At 0.43, ATNI and NWN keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.43 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/atni-vs-nwn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/atni-vs-nwn/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ATNI correlations · NWN correlations
