CNP vs OGS: Correlation
How closely do CenterPoint Energy (CNP) and ONE Gas, Inc. (OGS) trade together? Their weekly returns over three years give a correlation of 0.58, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNP and OGS?
Over the past 3 years, CNP and OGS moved with a correlation of 0.58, which is moderate. The link has tightened recently: the 1-year correlation (0.69) runs above the 3-year figure (0.58). Over 5 years the correlation is 0.61, and the annualized covariance of weekly returns is 201.8 %².
Among the 28 assets we track against CNP, OGS ranks #14 by 3-year correlation. Neither side won the trailing year by much: +6.5% against +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.
CNP vs OGS: side by side
| CNP (CenterPoint Energy) | OGS (ONE Gas, Inc.) | |
|---|---|---|
| 1-year return | +6.5% | +7.5% |
| 5-year return | +75.6% | +32.3% |
| Volatility (ann.) | 17.2% | 20.2% |
| Beta vs S&P 500 | 0.12 | 0.17 |
| Max drawdown (3Y) | -18.1% | -23.0% |
| Market cap | $25.9B | $5.0B |
| P/E (trailing) | 23.5 | 17.5 |
| Dividend yield | 2.27% | 3.33% |
| Sector / category | Utilities | US Listed |
Year-by-year returns
| Year | CNP | OGS |
|---|---|---|
| 2022 | +10.0% | +0.6% |
| 2023 | -2.1% | -12.8% |
| 2024 | +14.3% | +13.1% |
| 2025 | +23.7% | +15.6% |
| 2026 | +4.2% | +5.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNP and OGS good diversifiers for each other?
Somewhat, no more. With 0.58 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CNP and OGS?
Using weekly returns as of 2026-08-27: 0.58 over 3 years, with 0.69 over the last year and 0.61 over 5 years.
Is OGS a good diversifier for CNP?
Somewhat, no more. With 0.58 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.58 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/cnp-vs-ogs.json
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Related comparisons
Hubs: CNP correlations · OGS correlations
