EVRG vs MGEE: Correlation
How closely do Evergy (EVRG) and MGE Energy Inc. (MGEE) trade together? Their weekly returns over three years give a correlation of 0.59, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EVRG and MGEE?
Over the past 3 years, EVRG and MGEE moved with a correlation of 0.59, which is moderate. The relationship has been stable: the 1-year correlation (0.60) sits close to the 3-year figure. Over 5 years the correlation is 0.63, and the annualized covariance of weekly returns is 287.9 %².
Within EVRG's tracked universe of 44 assets, MGEE comes in at #26 by 3-year correlation. Correlation aside, the last 12 months split them widely, with EVRG ahead by 25.2 points (+16.9% versus -8.3%). Risk is not evenly split, since MGEE carries 1.5 times the volatility of the other side.
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.
EVRG vs MGEE: side by side
| EVRG (Evergy) | MGEE (MGE Energy Inc.) | |
|---|---|---|
| 1-year return | +16.9% | -8.3% |
| 5-year return | +46.3% | +8.2% |
| Volatility (ann.) | 17.9% | 27.4% |
| Beta vs S&P 500 | 0.13 | 0.26 |
| Max drawdown (3Y) | -15.8% | -30.9% |
| Market cap | $18.8B | $3.0B |
| P/E (trailing) | 20.9 | 19.5 |
| Dividend yield | 3.35% | 2.39% |
| Sector / category | Utilities | US Listed |
Year-by-year returns
| Year | EVRG | MGEE |
|---|---|---|
| 2022 | -4.9% | -12.6% |
| 2023 | -13.3% | +5.1% |
| 2024 | +23.4% | +32.8% |
| 2025 | +22.4% | -14.7% |
| 2026 | +15.2% | +1.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EVRG and MGEE good diversifiers for each other?
To a limited degree. At 0.59 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 EVRG and MGEE?
Using weekly returns as of 2026-08-27: 0.59 over 3 years, with 0.60 over the last year and 0.63 over 5 years.
Is MGEE a good diversifier for EVRG?
To a limited degree. At 0.59 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 0.59 mean?
A reading of 0.59 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/evrg-vs-mgee.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/evrg-vs-mgee/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EVRG correlations · MGEE correlations
