CPK vs OGS: Correlation
Measured on weekly returns over the past three years, Chesapeake Utilities Corporation (CPK) and ONE Gas, Inc. (OGS) carry a correlation of 0.72, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CPK and OGS?
Over the past 3 years, CPK and OGS moved with a correlation of 0.72, which is strong. Little has changed lately, as the 1-year reading of 0.74 lands near the 3-year figure. Over 5 years the correlation is 0.67, and the annualized covariance of weekly returns is 299.4 %².
Few assets follow CPK as closely as OGS, which ranks #1 of 11 tracked partners. Their 12-month results are close: +10.1% for CPK against +7.5% for OGS.
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 OGS: side by side
| CPK (Chesapeake Utilities Corporation) | OGS (ONE Gas, Inc.) | |
|---|---|---|
| 1-year return | +10.1% | +7.5% |
| 5-year return | +13.6% | +32.3% |
| Volatility (ann.) | 20.5% | 20.2% |
| Beta vs S&P 500 | 0.12 | 0.17 |
| Max drawdown (3Y) | -22.0% | -23.0% |
| Market cap | $3.2B | $5.0B |
| P/E (trailing) | 21.4 | 17.5 |
| Dividend yield | 2.08% | 3.33% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CPK | OGS |
|---|---|---|
| 2022 | -17.6% | +0.6% |
| 2023 | -8.8% | -12.8% |
| 2024 | +17.4% | +13.1% |
| 2025 | +5.1% | +15.6% |
| 2026 | +8.1% | +5.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CPK and OGS good diversifiers for each other?
Only partially. A correlation of 0.72 means CPK and OGS 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 OGS?
Using weekly returns as of 2026-08-27: 0.72 over 3 years, with 0.74 over the last year and 0.67 over 5 years.
Is OGS a good diversifier for CPK?
Only partially. A correlation of 0.72 means CPK and OGS share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.72 mean?
On the −1 to +1 scale, 0.72 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: CPK correlations · OGS correlations
