ATO vs TGEN: Correlation
Measured on weekly returns over the past three years, Atmos Energy (ATO) and Tecogen Inc. (TGEN) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ATO and TGEN?
On 3 years of weekly data the ATO/TGEN correlation comes out at -0.23, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.12) than the 3-year average (-0.23). The 5-year figure is -0.07, and annualized covariance runs at -391.4 %².
Among the 32 assets we track against ATO, TGEN sits near the bottom by co-movement, at rank #30. Their recent paths diverged sharply: over the last 12 months ATO outperformed by 62.7 percentage points (+2.9% for ATO against -59.8% for TGEN). One caveat on sizing: TGEN is 6.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 TGEN: side by side
| ATO (Atmos Energy) | TGEN (Tecogen Inc.) | |
|---|---|---|
| 1-year return | +2.9% | -59.8% |
| 5-year return | +94.1% | +76.1% |
| Volatility (ann.) | 15.9% | 106.2% |
| Beta vs S&P 500 | 0.15 | 1.92 |
| Max drawdown (3Y) | -12.7% | -83.4% |
| Market cap | $28.3B | $0.1B |
| P/E (trailing) | 19.9 | – |
| Dividend yield | 2.28% | 0.00% |
| Sector / category | Utilities | US Listed |
Year-by-year returns
| Year | ATO | TGEN |
|---|---|---|
| 2022 | +9.6% | +4.2% |
| 2023 | +6.2% | -35.2% |
| 2024 | +23.4% | +80.9% |
| 2025 | +23.1% | +237.2% |
| 2026 | +1.5% | -35.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ATO and TGEN good diversifiers for each other?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
FAQ
What is the correlation between ATO and TGEN?
As of 2026-08-27, the correlation of weekly returns between ATO and TGEN is -0.23 over 3 years, -0.12 over 1 year and -0.07 over 5 years.
Is TGEN a good diversifier for ATO?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
What does a correlation of -0.23 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 · TGEN correlations
