EQT vs NFG: Correlation
EQT Corporation (EQT) and National Fuel Gas Company (NFG) show a moderate relationship: their 3-year correlation of weekly returns is 0.51.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EQT and NFG?
Across a 3-year window, the weekly returns of EQT and NFG correlate at 0.51, moderate. The relationship has been stable: the 1-year correlation (0.47) sits close to the 3-year figure. Stretching to 5 years gives 0.54, with an annualized covariance of 344.3 %².
By 3-year correlation, NFG places #13 of the 31 assets tracked against EQT. On 12-month performance EQT holds a 10.5-point edge, +7.9% against -2.6%. Note the risk asymmetry: EQT runs 1.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
EQT vs NFG: side by side
| EQT (EQT Corporation) | NFG (National Fuel Gas Company) | |
|---|---|---|
| 1-year return | +7.9% | -2.6% |
| 5-year return | +224.8% | +87.6% |
| Volatility (ann.) | 34.1% | 20.0% |
| Beta vs S&P 500 | 0.52 | 0.10 |
| Max drawdown (3Y) | -31.6% | -20.9% |
| Market cap | $34.3B | $7.9B |
| P/E (trailing) | 12.7 | 11.6 |
| Dividend yield | 1.19% | 2.59% |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | EQT | NFG |
|---|---|---|
| 2022 | +57.6% | +1.9% |
| 2023 | +16.2% | -17.7% |
| 2024 | +21.4% | +25.4% |
| 2025 | +17.6% | +35.3% |
| 2026 | +3.1% | +4.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EQT and NFG good diversifiers for each other?
To a limited degree. At 0.51 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between EQT and NFG?
The EQT/NFG correlation stands at 0.51 on a 3-year window (1 year: 0.47, 5 years: 0.54), computed from weekly returns as of 2026-08-27.
Is NFG a good diversifier for EQT?
To a limited degree. At 0.51 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.51 mean?
On the −1 to +1 scale, 0.51 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.
Use this data
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Related comparisons
Hubs: EQT correlations · NFG correlations
