ES vs NI: Correlation
Eversource Energy (ES) and NiSource (NI) show a strong relationship: their 3-year correlation of weekly returns is 0.60.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ES and NI?
Across a 3-year window, the weekly returns of ES and NI correlate at 0.60, strong. Little has changed lately, as the 1-year reading of 0.60 lands near the 3-year figure. Stretching to 5 years gives 0.69, with an annualized covariance of 247.2 %².
By 3-year correlation, NI places #13 of the 28 assets tracked against ES. Correlation aside, the last 12 months split them widely, with ES ahead by 15.4 points (+14.5% versus -0.9%). The rolling one-year correlation moved between 0.40 and 0.82 over the past three years, a moderate range.
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.
ES vs NI: side by side
| ES (Eversource Energy) | NI (NiSource) | |
|---|---|---|
| 1-year return | +14.5% | -0.9% |
| 5-year return | -5.0% | +94.6% |
| Volatility (ann.) | 22.9% | 17.8% |
| Beta vs S&P 500 | 0.20 | 0.26 |
| Max drawdown (3Y) | -18.8% | -16.7% |
| Market cap | $26.7B | $19.6B |
| P/E (trailing) | 18.6 | 21.9 |
| Dividend yield | 4.30% | 1.41% |
| Sector / category | Utilities | Utilities |
Year-by-year returns
| Year | ES | NI |
|---|---|---|
| 2022 | -5.1% | +2.7% |
| 2023 | -23.4% | +0.5% |
| 2024 | -2.5% | +43.5% |
| 2025 | +22.9% | +16.8% |
| 2026 | +7.7% | +0.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ES and NI good diversifiers for each other?
To a limited degree. At 0.60 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 ES and NI?
As of 2026-08-27, the correlation of weekly returns between ES and NI is 0.60 over 3 years, 0.60 over 1 year and 0.69 over 5 years.
Is NI a good diversifier for ES?
To a limited degree. At 0.60 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 0.60 mean?
A reading of 0.60 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/es-vs-ni.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/es-vs-ni/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ES correlations · NI correlations
