CPK vs NWN: Correlation
How closely do Chesapeake Utilities Corporation (CPK) and Northwest Natural Holding Company (NWN) trade together? Their weekly returns over three years give a correlation of 0.70, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CPK and NWN?
Over the past 3 years, CPK and NWN moved with a correlation of 0.70, which is strong. Recent behaviour matches the longer record: 0.67 over 1 year against 0.70 over 3. Over 5 years the correlation is 0.68, and the annualized covariance of weekly returns is 299.6 %².
NWN is one of the assets that tracks CPK most closely: it ranks #2 out of the 11 assets we track against CPK. The trailing year gives NWN the advantage: +10.1% versus +24.4%, a 14.3-point spread.
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.
CPK vs NWN: side by side
| CPK (Chesapeake Utilities Corporation) | NWN (Northwest Natural Holding Company) | |
|---|---|---|
| 1-year return | +10.1% | +24.4% |
| 5-year return | +13.6% | +20.2% |
| Volatility (ann.) | 20.5% | 20.8% |
| Beta vs S&P 500 | 0.12 | 0.17 |
| Max drawdown (3Y) | -22.0% | -13.5% |
| Market cap | $3.2B | $2.1B |
| P/E (trailing) | 21.4 | 16.9 |
| Dividend yield | 2.08% | 3.91% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CPK | NWN |
|---|---|---|
| 2022 | -17.6% | +1.5% |
| 2023 | -8.8% | -14.4% |
| 2024 | +17.4% | +6.8% |
| 2025 | +5.1% | +23.7% |
| 2026 | +8.1% | +9.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CPK and NWN good diversifiers for each other?
Only partially. A correlation of 0.70 means CPK and NWN 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 CPK and NWN?
As of 2026-08-27, the correlation of weekly returns between CPK and NWN is 0.70 over 3 years, 0.67 over 1 year and 0.68 over 5 years.
Is NWN a good diversifier for CPK?
Only partially. A correlation of 0.70 means CPK and NWN share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.70 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/cpk-vs-nwn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cpk-vs-nwn/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CPK correlations · NWN correlations
