CMS vs PNW: Correlation
CMS Energy (CMS) and Pinnacle West Capital (PNW) show a strong relationship: their 3-year correlation of weekly returns is 0.72.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMS and PNW?
Across a 3-year window, the weekly returns of CMS and PNW correlate at 0.72, strong. The relationship has been stable: the 1-year correlation (0.82) sits close to the 3-year figure. Stretching to 5 years gives 0.76, with an annualized covariance of 212.6 %².
By 3-year correlation, PNW places #17 of the 42 assets tracked against CMS. On 12-month performance PNW holds a 14.8-point edge, -2.4% against +12.4%. The rolling one-year correlation moved between 0.52 and 0.81 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 PNW: side by side
| CMS (CMS Energy) | PNW (Pinnacle West Capital) | |
|---|---|---|
| 1-year return | -2.4% | +12.4% |
| 5-year return | +23.8% | +59.3% |
| Volatility (ann.) | 16.2% | 18.2% |
| Beta vs S&P 500 | -0.01 | 0.09 |
| Max drawdown (3Y) | -13.2% | -14.4% |
| Market cap | $21.4B | $11.9B |
| P/E (trailing) | 20.8 | 18.8 |
| Dividend yield | 3.21% | 3.67% |
| Sector / category | Utilities | Utilities |
Year-by-year returns
| Year | CMS | PNW |
|---|---|---|
| 2022 | +0.2% | +13.0% |
| 2023 | -5.2% | -1.2% |
| 2024 | +18.6% | +23.5% |
| 2025 | +8.1% | +8.9% |
| 2026 | +0.0% | +13.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CMS and PNW 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 CMS and PNW?
The CMS/PNW correlation stands at 0.72 on a 3-year window (1 year: 0.82, 5 years: 0.76), computed from weekly returns as of 2026-08-27.
Is PNW a good diversifier for CMS?
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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cms-vs-pnw.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cms-vs-pnw/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CMS correlations · PNW correlations
