CMS vs NI: Correlation
CMS Energy (CMS) and NiSource (NI) show a strong relationship: their 3-year correlation of weekly returns is 0.75.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMS and NI?
On 3 years of weekly data the CMS/NI correlation comes out at 0.75, strong. Recent behaviour matches the longer record: 0.80 over 1 year against 0.75 over 3. The 5-year figure is 0.81, and annualized covariance runs at 217.6 %².
By 3-year correlation, NI places #14 of the 42 assets tracked against CMS. Neither side won the trailing year by much: -2.4% against -0.9%. The rolling one-year correlation moved between 0.51 and 0.85 over the past three years, a moderate range.
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.
CMS vs NI: side by side
| CMS (CMS Energy) | NI (NiSource) | |
|---|---|---|
| 1-year return | -2.4% | -0.9% |
| 5-year return | +23.8% | +94.6% |
| Volatility (ann.) | 16.2% | 17.8% |
| Beta vs S&P 500 | -0.01 | 0.26 |
| Max drawdown (3Y) | -13.2% | -16.7% |
| Market cap | $21.4B | $19.6B |
| P/E (trailing) | 20.8 | 21.9 |
| Dividend yield | 3.21% | 1.41% |
| Sector / category | Utilities | Utilities |
Year-by-year returns
| Year | CMS | NI |
|---|---|---|
| 2022 | +0.2% | +2.7% |
| 2023 | -5.2% | +0.5% |
| 2024 | +18.6% | +43.5% |
| 2025 | +8.1% | +16.8% |
| 2026 | +0.0% | +0.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CMS and NI good diversifiers for each other?
Only partially. A correlation of 0.75 means CMS and NI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between CMS and NI?
Using weekly returns as of 2026-08-27: 0.75 over 3 years, with 0.80 over the last year and 0.81 over 5 years.
Is NI a good diversifier for CMS?
Only partially. A correlation of 0.75 means CMS and NI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.75 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/cms-vs-ni.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cms-vs-ni/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CMS correlations · NI correlations
