ATO vs NFG: Correlation
Measured on weekly returns over the past three years, Atmos Energy (ATO) and National Fuel Gas Company (NFG) carry a correlation of 0.55, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ATO and NFG?
Over the past 3 years, ATO and NFG moved with a correlation of 0.55, which is moderate. The relationship has been stable: the 1-year correlation (0.46) sits close to the 3-year figure. Over 5 years the correlation is 0.55, and the annualized covariance of weekly returns is 174.1 %².
Among the 32 assets we track against ATO, NFG ranks #17 by 3-year correlation. On 12-month performance ATO holds a 5.5-point edge, +2.9% against -2.6%.
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.
ATO vs NFG: side by side
| ATO (Atmos Energy) | NFG (National Fuel Gas Company) | |
|---|---|---|
| 1-year return | +2.9% | -2.6% |
| 5-year return | +94.1% | +87.6% |
| Volatility (ann.) | 15.9% | 20.0% |
| Beta vs S&P 500 | 0.15 | 0.10 |
| Max drawdown (3Y) | -12.7% | -20.9% |
| Market cap | $28.3B | $7.9B |
| P/E (trailing) | 19.9 | 11.6 |
| Dividend yield | 2.28% | 2.59% |
| Sector / category | Utilities | US Listed |
Year-by-year returns
| Year | ATO | NFG |
|---|---|---|
| 2022 | +9.6% | +1.9% |
| 2023 | +6.2% | -17.7% |
| 2024 | +23.4% | +25.4% |
| 2025 | +23.1% | +35.3% |
| 2026 | +1.5% | +4.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ATO and NFG good diversifiers for each other?
Somewhat, no more. With 0.55 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ATO and NFG?
Using weekly returns as of 2026-08-27: 0.55 over 3 years, with 0.46 over the last year and 0.55 over 5 years.
Is NFG a good diversifier for ATO?
Somewhat, no more. With 0.55 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.55 mean?
On the −1 to +1 scale, 0.55 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.
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Related comparisons
Hubs: ATO correlations · NFG correlations
