BKH vs OGS: Correlation
How closely do Black Hills Corporation (BKH) and ONE Gas, Inc. (OGS) trade together? Their weekly returns over three years give a correlation of 0.72, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BKH and OGS?
Across a 3-year window, the weekly returns of BKH and OGS correlate at 0.72, strong. The relationship has been stable: the 1-year correlation (0.63) sits close to the 3-year figure. Stretching to 5 years gives 0.65, with an annualized covariance of 310.7 %².
Within BKH's tracked universe of 13 assets, OGS comes in at #4 by 3-year correlation. Correlation aside, the last 12 months split them widely, with BKH ahead by 19.0 points (+26.5% versus +7.5%).
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 OGS: side by side
| BKH (Black Hills Corporation) | OGS (ONE Gas, Inc.) | |
|---|---|---|
| 1-year return | +26.5% | +7.5% |
| 5-year return | +27.4% | +32.3% |
| Volatility (ann.) | 21.5% | 20.2% |
| Beta vs S&P 500 | 0.32 | 0.17 |
| Max drawdown (3Y) | -14.1% | -23.0% |
| Market cap | $5.6B | $5.0B |
| P/E (trailing) | 18.5 | 17.5 |
| Dividend yield | 3.74% | 3.33% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BKH | OGS |
|---|---|---|
| 2022 | +3.1% | +0.6% |
| 2023 | -19.9% | -12.8% |
| 2024 | +13.6% | +13.1% |
| 2025 | +23.9% | +15.6% |
| 2026 | +8.8% | +5.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BKH and OGS good diversifiers for each other?
Somewhat, no more. With 0.72 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between BKH and OGS?
Using weekly returns as of 2026-08-27: 0.72 over 3 years, with 0.63 over the last year and 0.65 over 5 years.
Is OGS a good diversifier for BKH?
Somewhat, no more. With 0.72 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.72 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: BKH correlations · OGS correlations
