CWEN vs ORA: Correlation
Measured on weekly returns over the past three years, Clearway Energy, Inc. (CWEN) and Ormat Technologies, Inc. (ORA) carry a correlation of 0.48, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CWEN and ORA?
Over the past 3 years, CWEN and ORA moved with a correlation of 0.48, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.31 versus 0.48 over 3 years. Over 5 years the correlation is 0.50, and the annualized covariance of weekly returns is 397.5 %².
Among the 11 assets we track against CWEN, ORA ranks #6 by 3-year correlation. Twelve-month performance is nearly a tie, at +14.7% for CWEN and +14.2% for ORA.
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.
CWEN vs ORA: side by side
| CWEN (Clearway Energy, Inc.) | ORA (Ormat Technologies, Inc.) | |
|---|---|---|
| 1-year return | +14.7% | +14.2% |
| 5-year return | +32.0% | +53.7% |
| Volatility (ann.) | 30.0% | 27.5% |
| Beta vs S&P 500 | 0.26 | 0.55 |
| Max drawdown (3Y) | -26.0% | -35.0% |
| Market cap | $8.0B | $6.5B |
| P/E (trailing) | 37.7 | 50.7 |
| Dividend yield | 5.62% | 0.46% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CWEN | ORA |
|---|---|---|
| 2022 | -7.9% | +9.7% |
| 2023 | -8.9% | -11.8% |
| 2024 | +0.9% | -10.1% |
| 2025 | +35.5% | +64.1% |
| 2026 | -0.3% | -4.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CWEN and ORA good diversifiers for each other?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CWEN and ORA?
Using weekly returns as of 2026-08-27: 0.48 over 3 years, with 0.31 over the last year and 0.50 over 5 years.
Is ORA a good diversifier for CWEN?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.48 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.
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Related comparisons
Hubs: CWEN correlations · ORA correlations
