ATO vs NI: Correlation
How closely do Atmos Energy (ATO) and NiSource (NI) trade together? Their weekly returns over three years give a correlation of 0.75, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ATO and NI?
On 3 years of weekly data the ATO/NI correlation comes out at 0.75, strong. Little has changed lately, as the 1-year reading of 0.74 lands near the 3-year figure. The 5-year figure is 0.79, and annualized covariance runs at 213.4 %².
In ATO's tracked universe of 32 assets, NI sits right near the top at #3. Twelve-month performance is nearly a tie, at +2.9% for ATO and -0.9% for NI. On a rolling one-year basis the correlation drifted between 0.59 and 0.88, a moderate band.
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 NI: side by side
| ATO (Atmos Energy) | NI (NiSource) | |
|---|---|---|
| 1-year return | +2.9% | -0.9% |
| 5-year return | +94.1% | +94.6% |
| Volatility (ann.) | 15.9% | 17.8% |
| Beta vs S&P 500 | 0.15 | 0.26 |
| Max drawdown (3Y) | -12.7% | -16.7% |
| Market cap | $28.3B | $19.6B |
| P/E (trailing) | 19.9 | 21.9 |
| Dividend yield | 2.28% | 1.41% |
| Sector / category | Utilities | Utilities |
Year-by-year returns
| Year | ATO | NI |
|---|---|---|
| 2022 | +9.6% | +2.7% |
| 2023 | +6.2% | +0.5% |
| 2024 | +23.4% | +43.5% |
| 2025 | +23.1% | +16.8% |
| 2026 | +1.5% | +0.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ATO and NI good diversifiers for each other?
Somewhat, no more. With 0.75 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ATO and NI?
As of 2026-08-27, the correlation of weekly returns between ATO and NI is 0.75 over 3 years, 0.74 over 1 year and 0.79 over 5 years.
Is NI a good diversifier for ATO?
Somewhat, no more. With 0.75 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.75 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/ato-vs-ni.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ato-vs-ni/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ATO correlations · NI correlations
