ATO vs SO: Correlation
How closely do Atmos Energy (ATO) and Southern Company (SO) trade together? Their weekly returns over three years give a correlation of 0.70, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ATO and SO?
Across a 3-year window, the weekly returns of ATO and SO correlate at 0.70, strong. Recent behaviour matches the longer record: 0.79 over 1 year against 0.70 over 3. Stretching to 5 years gives 0.73, with an annualized covariance of 183.8 %².
By 3-year correlation, SO places #13 of the 32 assets tracked against ATO. Neither side won the trailing year by much: +2.9% against -1.4%. Stability stands out here, with the rolling one-year correlation confined to 0.56 through 0.79.
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 SO: side by side
| ATO (Atmos Energy) | SO (Southern Company) | |
|---|---|---|
| 1-year return | +2.9% | -1.4% |
| 5-year return | +94.1% | +62.6% |
| Volatility (ann.) | 15.9% | 16.5% |
| Beta vs S&P 500 | 0.15 | -0.02 |
| Max drawdown (3Y) | -12.7% | -15.0% |
| Market cap | $28.3B | $102.4B |
| P/E (trailing) | 19.9 | 21.7 |
| Dividend yield | 2.28% | 3.32% |
| Sector / category | Utilities | Utilities |
Year-by-year returns
| Year | ATO | SO |
|---|---|---|
| 2022 | +9.6% | +8.2% |
| 2023 | +6.2% | +2.2% |
| 2024 | +23.4% | +21.7% |
| 2025 | +23.1% | +9.5% |
| 2026 | +1.5% | +4.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ATO and SO good diversifiers for each other?
Somewhat, no more. With 0.70 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ATO and SO?
As of 2026-08-27, the correlation of weekly returns between ATO and SO is 0.70 over 3 years, 0.79 over 1 year and 0.73 over 5 years.
Is SO a good diversifier for ATO?
Somewhat, no more. With 0.70 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.70 mean?
A reading of 0.70 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: ATO correlations · SO correlations
