CNP vs PNW: Correlation
Measured on weekly returns over the past three years, CenterPoint Energy (CNP) and Pinnacle West Capital (PNW) carry a correlation of 0.58, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNP and PNW?
On 3 years of weekly data the CNP/PNW correlation comes out at 0.58, moderate. The link has tightened recently: the 1-year correlation (0.79) runs above the 3-year figure (0.58). The 5-year figure is 0.64, and annualized covariance runs at 180.5 %².
By 3-year correlation, PNW places #15 of the 28 assets tracked against CNP. Over the last 12 months PNW came out ahead by 5.9 percentage points (+6.5% against +12.4%). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.28 to 0.78.
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 PNW: side by side
| CNP (CenterPoint Energy) | PNW (Pinnacle West Capital) | |
|---|---|---|
| 1-year return | +6.5% | +12.4% |
| 5-year return | +75.6% | +59.3% |
| Volatility (ann.) | 17.2% | 18.2% |
| Beta vs S&P 500 | 0.12 | 0.09 |
| Max drawdown (3Y) | -18.1% | -14.4% |
| Market cap | $25.9B | $11.9B |
| P/E (trailing) | 23.5 | 18.8 |
| Dividend yield | 2.27% | 3.67% |
| Sector / category | Utilities | Utilities |
Year-by-year returns
| Year | CNP | PNW |
|---|---|---|
| 2022 | +10.0% | +13.0% |
| 2023 | -2.1% | -1.2% |
| 2024 | +14.3% | +23.5% |
| 2025 | +23.7% | +8.9% |
| 2026 | +4.2% | +13.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNP and PNW 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 PNW?
As of 2026-08-27, the correlation of weekly returns between CNP and PNW is 0.58 over 3 years, 0.79 over 1 year and 0.64 over 5 years.
Is PNW 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?
A reading of 0.58 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cnp-vs-pnw.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cnp-vs-pnw/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CNP correlations · PNW correlations
