BKH vs MDU: Correlation
Measured on weekly returns over the past three years, Black Hills Corporation (BKH) and MDU Resources Group, Inc. (MDU) carry a correlation of 0.64, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BKH and MDU?
Across a 3-year window, the weekly returns of BKH and MDU correlate at 0.64, strong. The link has tightened recently: the 1-year correlation (0.79) runs above the 3-year figure (0.64). Stretching to 5 years gives 0.61, with an annualized covariance of 345.3 %².
By 3-year correlation, MDU places #7 of the 13 assets tracked against BKH. Twelve-month performance is nearly a tie, at +26.5% for BKH and +26.3% for MDU.
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.
BKH vs MDU: side by side
| BKH (Black Hills Corporation) | MDU (MDU Resources Group, Inc.) | |
|---|---|---|
| 1-year return | +26.5% | +26.3% |
| 5-year return | +27.4% | +90.7% |
| Volatility (ann.) | 21.5% | 25.2% |
| Beta vs S&P 500 | 0.32 | 0.55 |
| Max drawdown (3Y) | -14.1% | -21.5% |
| Market cap | $5.6B | $4.2B |
| P/E (trailing) | 18.5 | 21.7 |
| Dividend yield | 3.74% | 2.76% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BKH | MDU |
|---|---|---|
| 2022 | +3.1% | +1.5% |
| 2023 | -19.9% | -1.9% |
| 2024 | +13.6% | +68.0% |
| 2025 | +23.9% | +11.8% |
| 2026 | +8.8% | +4.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BKH and MDU good diversifiers for each other?
To a limited degree. At 0.64 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between BKH and MDU?
As of 2026-08-27, the correlation of weekly returns between BKH and MDU is 0.64 over 3 years, 0.79 over 1 year and 0.61 over 5 years.
Is MDU a good diversifier for BKH?
To a limited degree. At 0.64 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.64 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bkh-vs-mdu.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bkh-vs-mdu/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BKH correlations · MDU correlations
