EXC vs PNW: Correlation
How closely do Exelon (EXC) and Pinnacle West Capital (PNW) trade together? Their weekly returns over three years give a correlation of 0.75, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EXC and PNW?
On 3 years of weekly data the EXC/PNW correlation comes out at 0.75, strong. Little has changed lately, as the 1-year reading of 0.83 lands near the 3-year figure. The 5-year figure is 0.72, and annualized covariance runs at 262.7 %².
By 3-year correlation, PNW places #8 of the 41 assets tracked against EXC. The trailing year gives PNW the advantage: +1.7% versus +12.4%, a 10.7-point spread. Stability stands out here, with the rolling one-year correlation confined to 0.64 through 0.83.
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.
EXC vs PNW: side by side
| EXC (Exelon) | PNW (Pinnacle West Capital) | |
|---|---|---|
| 1-year return | +1.7% | +12.4% |
| 5-year return | +48.1% | +59.3% |
| Volatility (ann.) | 19.4% | 18.2% |
| Beta vs S&P 500 | -0.05 | 0.09 |
| Max drawdown (3Y) | -18.9% | -14.4% |
| Market cap | $45.3B | $11.9B |
| P/E (trailing) | 16.3 | 18.8 |
| Dividend yield | 3.69% | 3.67% |
| Sector / category | Utilities | Utilities |
Year-by-year returns
| Year | EXC | PNW |
|---|---|---|
| 2022 | +8.3% | +13.0% |
| 2023 | -14.0% | -1.2% |
| 2024 | +9.2% | +23.5% |
| 2025 | +20.0% | +8.9% |
| 2026 | +2.7% | +13.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EXC and PNW good diversifiers for each other?
Somewhat, no more. With 0.75 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between EXC and PNW?
The EXC/PNW correlation stands at 0.75 on a 3-year window (1 year: 0.83, 5 years: 0.72), computed from weekly returns as of 2026-08-27.
Is PNW a good diversifier for EXC?
Somewhat, no more. With 0.75 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.75 mean?
On the −1 to +1 scale, 0.75 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/exc-vs-pnw.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/exc-vs-pnw/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EXC correlations · PNW correlations
