ATO vs PNW: Correlation
Measured on weekly returns over the past three years, Atmos Energy (ATO) and Pinnacle West Capital (PNW) carry a correlation of 0.71, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ATO and PNW?
Across a 3-year window, the weekly returns of ATO and PNW correlate at 0.71, strong. Recent behaviour matches the longer record: 0.75 over 1 year against 0.71 over 3. Stretching to 5 years gives 0.73, with an annualized covariance of 203.8 %².
By 3-year correlation, PNW places #9 of the 32 assets tracked against ATO. The trailing year gives PNW the advantage: +2.9% versus +12.4%, a 9.5-point spread. Stability stands out here, with the rolling one-year correlation confined to 0.61 through 0.78.
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 PNW: side by side
| ATO (Atmos Energy) | PNW (Pinnacle West Capital) | |
|---|---|---|
| 1-year return | +2.9% | +12.4% |
| 5-year return | +94.1% | +59.3% |
| Volatility (ann.) | 15.9% | 18.2% |
| Beta vs S&P 500 | 0.15 | 0.09 |
| Max drawdown (3Y) | -12.7% | -14.4% |
| Market cap | $28.3B | $11.9B |
| P/E (trailing) | 19.9 | 18.8 |
| Dividend yield | 2.28% | 3.67% |
| Sector / category | Utilities | Utilities |
Year-by-year returns
| Year | ATO | PNW |
|---|---|---|
| 2022 | +9.6% | +13.0% |
| 2023 | +6.2% | -1.2% |
| 2024 | +23.4% | +23.5% |
| 2025 | +23.1% | +8.9% |
| 2026 | +1.5% | +13.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ATO and PNW good diversifiers for each other?
Only partially. A correlation of 0.71 means ATO and PNW 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 ATO and PNW?
The ATO/PNW correlation stands at 0.71 on a 3-year window (1 year: 0.75, 5 years: 0.73), computed from weekly returns as of 2026-08-27.
Is PNW a good diversifier for ATO?
Only partially. A correlation of 0.71 means ATO and PNW share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.71 mean?
A reading of 0.71 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/ato-vs-pnw.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ato-vs-pnw/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ATO correlations · PNW correlations
