ATO vs OGS: Correlation
How closely do Atmos Energy (ATO) and ONE Gas, Inc. (OGS) trade together? Their weekly returns over three years give a correlation of 0.81, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ATO and OGS?
Over the past 3 years, ATO and OGS moved with a correlation of 0.81, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.80) sits close to the 3-year figure. Over 5 years the correlation is 0.77, and the annualized covariance of weekly returns is 258.2 %².
In ATO's tracked universe of 32 assets, OGS sits right near the top at #1. Their 12-month results are close: +2.9% for ATO against +7.5% for OGS.
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 OGS: side by side
| ATO (Atmos Energy) | OGS (ONE Gas, Inc.) | |
|---|---|---|
| 1-year return | +2.9% | +7.5% |
| 5-year return | +94.1% | +32.3% |
| Volatility (ann.) | 15.9% | 20.2% |
| Beta vs S&P 500 | 0.15 | 0.17 |
| Max drawdown (3Y) | -12.7% | -23.0% |
| Market cap | $28.3B | $5.0B |
| P/E (trailing) | 19.9 | 17.5 |
| Dividend yield | 2.28% | 3.33% |
| Sector / category | Utilities | US Listed |
Year-by-year returns
| Year | ATO | OGS |
|---|---|---|
| 2022 | +9.6% | +0.6% |
| 2023 | +6.2% | -12.8% |
| 2024 | +23.4% | +13.1% |
| 2025 | +23.1% | +15.6% |
| 2026 | +1.5% | +5.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ATO and OGS good diversifiers for each other?
No: a correlation of 0.81 means ATO and OGS tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between ATO and OGS?
Using weekly returns as of 2026-08-27: 0.81 over 3 years, with 0.80 over the last year and 0.77 over 5 years.
Is OGS a good diversifier for ATO?
No: a correlation of 0.81 means ATO and OGS tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.81 mean?
On the −1 to +1 scale, 0.81 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ato-vs-ogs.json
Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: ATO correlations · OGS correlations
