ATO vs TEAM: Correlation
How closely do Atmos Energy (ATO) and Atlassian Corporation (TEAM) trade together? Their weekly returns over three years give a correlation of -0.21, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ATO and TEAM?
Across a 3-year window, the weekly returns of ATO and TEAM correlate at -0.21, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.44 versus -0.21 over 3 years. Stretching to 5 years gives -0.09, with an annualized covariance of -206.5 %².
Among the 32 assets we track against ATO, TEAM ranks #26 by 3-year correlation. The trailing year gives TEAM the advantage: +2.9% versus +8.0%, a 5.1-point spread. Risk is not evenly split, since TEAM carries 3.9 times the volatility of the other side.
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 TEAM: side by side
| ATO (Atmos Energy) | TEAM (Atlassian Corporation) | |
|---|---|---|
| 1-year return | +2.9% | +8.0% |
| 5-year return | +94.1% | -49.3% |
| Volatility (ann.) | 15.9% | 61.5% |
| Beta vs S&P 500 | 0.15 | 1.66 |
| Max drawdown (3Y) | -12.7% | -82.3% |
| Market cap | $28.3B | $47.0B |
| P/E (trailing) | 19.9 | – |
| Dividend yield | 2.28% | 0.00% |
| Sector / category | Utilities | US Listed |
Year-by-year returns
| Year | ATO | TEAM |
|---|---|---|
| 2022 | +9.6% | -66.3% |
| 2023 | +6.2% | +84.8% |
| 2024 | +23.4% | +2.3% |
| 2025 | +23.1% | -33.4% |
| 2026 | +1.5% | +14.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ATO and TEAM good diversifiers for each other?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ATO and TEAM?
Using weekly returns as of 2026-08-27: -0.21 over 3 years, with -0.44 over the last year and -0.09 over 5 years.
Is TEAM a good diversifier for ATO?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.21 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.
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Related comparisons
Hubs: ATO correlations · TEAM correlations
