D vs PANW: Correlation
Measured on weekly returns over the past three years, Dominion Energy (D) and Palo Alto Networks (PANW) carry a correlation of -0.19, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are D and PANW?
Across a 3-year window, the weekly returns of D and PANW correlate at -0.19, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.04 versus -0.19 over 3 years. Stretching to 5 years gives -0.08, with an annualized covariance of -167.3 %².
Within D's tracked universe of 31 assets, PANW comes in at #24 by 3-year correlation. The last year tells two different stories: PANW led by 89.0 percentage points, +15.1% for D against +104.1% for PANW. The relationship is regime-dependent: the rolling one-year correlation swung between -0.55 and 0.14 over the past three years, so this pair behaves very differently depending on the market environment. One caveat on sizing: PANW is 2.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
D vs PANW: side by side
| D (Dominion Energy) | PANW (Palo Alto Networks) | |
|---|---|---|
| 1-year return | +15.1% | +104.1% |
| 5-year return | +6.1% | +400.7% |
| Volatility (ann.) | 20.5% | 42.0% |
| Beta vs S&P 500 | 0.18 | 1.32 |
| Max drawdown (3Y) | -19.1% | -36.0% |
| Market cap | $58.5B | $312.0B |
| P/E (trailing) | 23.2 | 294.5 |
| Dividend yield | 3.99% | 0.00% |
| Sector / category | Utilities | Information Technology |
Year-by-year returns
| Year | D | PANW |
|---|---|---|
| 2022 | -19.1% | -24.8% |
| 2023 | -19.1% | +111.3% |
| 2024 | +20.4% | +23.4% |
| 2025 | +14.0% | +1.2% |
| 2026 | +15.9% | +107.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are D and PANW good diversifiers for each other?
Yes. With a correlation of -0.19, D and PANW have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between D and PANW?
Using weekly returns as of 2026-08-27: -0.19 over 3 years, with -0.04 over the last year and -0.08 over 5 years.
Is PANW a good diversifier for D?
Yes. With a correlation of -0.19, D and PANW have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.19 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/d-vs-panw.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/d-vs-panw/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: D correlations · PANW correlations
