AVA vs NWE: Correlation
How closely do Avista Corporation (AVA) and NorthWestern Energy Group, Inc. (NWE) trade together? Their weekly returns over three years give a correlation of 0.77, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AVA and NWE?
On 3 years of weekly data the AVA/NWE correlation comes out at 0.77, strong. Little has changed lately, as the 1-year reading of 0.69 lands near the 3-year figure. The 5-year figure is 0.78, and annualized covariance runs at 318.6 %².
In AVA's tracked universe of 20 assets, NWE sits right near the top at #2. The last year tells two different stories: NWE led by 21.6 percentage points, +6.9% for AVA against +28.5% for NWE.
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.
AVA vs NWE: side by side
| AVA (Avista Corporation) | NWE (NorthWestern Energy Group, Inc.) | |
|---|---|---|
| 1-year return | +6.9% | +28.5% |
| 5-year return | +15.3% | +41.5% |
| Volatility (ann.) | 19.8% | 20.9% |
| Beta vs S&P 500 | 0.05 | 0.26 |
| Max drawdown (3Y) | -14.0% | -13.6% |
| Market cap | $3.2B | $4.4B |
| P/E (trailing) | 13.8 | 25.6 |
| Dividend yield | 5.15% | 3.72% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AVA | NWE |
|---|---|---|
| 2022 | +8.8% | +8.5% |
| 2023 | -15.3% | -10.1% |
| 2024 | +7.8% | +10.5% |
| 2025 | +10.7% | +26.4% |
| 2026 | +1.6% | +13.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AVA and NWE good diversifiers for each other?
Somewhat, no more. With 0.77 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between AVA and NWE?
The AVA/NWE correlation stands at 0.77 on a 3-year window (1 year: 0.69, 5 years: 0.78), computed from weekly returns as of 2026-08-27.
Is NWE a good diversifier for AVA?
Somewhat, no more. With 0.77 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.77 mean?
On the −1 to +1 scale, 0.77 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.
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Related comparisons
Hubs: AVA correlations · NWE correlations
