EVRG vs XEL: Correlation
How closely do Evergy (EVRG) and Xcel Energy (XEL) trade together? Their weekly returns over three years give a correlation of 0.71, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EVRG and XEL?
Across a 3-year window, the weekly returns of EVRG and XEL correlate at 0.71, strong. The link has tightened recently: the 1-year correlation (0.82) runs above the 3-year figure (0.71). Stretching to 5 years gives 0.76, with an annualized covariance of 263.5 %².
Among the 44 assets we track against EVRG, XEL ranks #20 by 3-year correlation. Over the last 12 months EVRG came out ahead by 7.7 percentage points (+16.9% against +9.2%). Stability stands out here, with the rolling one-year correlation confined to 0.59 through 0.82.
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 XEL: side by side
| EVRG (Evergy) | XEL (Xcel Energy) | |
|---|---|---|
| 1-year return | +16.9% | +9.2% |
| 5-year return | +46.3% | +31.1% |
| Volatility (ann.) | 17.9% | 20.7% |
| Beta vs S&P 500 | 0.13 | 0.09 |
| Max drawdown (3Y) | -15.8% | -24.0% |
| Market cap | $18.8B | $48.2B |
| P/E (trailing) | 20.9 | 21.3 |
| Dividend yield | 3.35% | 2.99% |
| Sector / category | Utilities | Utilities |
Year-by-year returns
| Year | EVRG | XEL |
|---|---|---|
| 2022 | -4.9% | +6.4% |
| 2023 | -13.3% | -8.7% |
| 2024 | +23.4% | +12.3% |
| 2025 | +22.4% | +13.9% |
| 2026 | +15.2% | +6.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EVRG and XEL good diversifiers for each other?
Somewhat, no more. With 0.71 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between EVRG and XEL?
As of 2026-08-27, the correlation of weekly returns between EVRG and XEL is 0.71 over 3 years, 0.82 over 1 year and 0.76 over 5 years.
Is XEL a good diversifier for EVRG?
Somewhat, no more. With 0.71 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.71 mean?
On the −1 to +1 scale, 0.71 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
$ curl https://www.pairbook.io/api/v1/pairs/evrg-vs-xel.json
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The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EVRG correlations · XEL correlations
