FE vs PNW: Correlation
How closely do FirstEnergy (FE) and Pinnacle West Capital (PNW) trade together? Their weekly returns over three years give a correlation of 0.66, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FE and PNW?
Over the past 3 years, FE and PNW moved with a correlation of 0.66, which is strong. Recent behaviour matches the longer record: 0.74 over 1 year against 0.66 over 3. Over 5 years the correlation is 0.67, and the annualized covariance of weekly returns is 211.0 %².
By 3-year correlation, PNW places #15 of the 32 assets tracked against FE. Neither side won the trailing year by much: +9.9% against +12.4%. Across three years, the rolling one-year figure varied moderately, from 0.45 to 0.76.
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.
FE vs PNW: side by side
| FE (FirstEnergy) | PNW (Pinnacle West Capital) | |
|---|---|---|
| 1-year return | +9.9% | +12.4% |
| 5-year return | +46.7% | +59.3% |
| Volatility (ann.) | 17.6% | 18.2% |
| Beta vs S&P 500 | 0.04 | 0.09 |
| Max drawdown (3Y) | -14.7% | -14.4% |
| Market cap | $26.8B | $11.9B |
| P/E (trailing) | 25.0 | 18.8 |
| Dividend yield | 3.85% | 3.67% |
| Sector / category | Utilities | Utilities |
Year-by-year returns
| Year | FE | PNW |
|---|---|---|
| 2022 | +4.8% | +13.0% |
| 2023 | -8.9% | -1.2% |
| 2024 | +13.2% | +23.5% |
| 2025 | +17.3% | +8.9% |
| 2026 | +6.4% | +13.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FE and PNW good diversifiers for each other?
Somewhat, no more. With 0.66 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between FE and PNW?
As of 2026-08-27, the correlation of weekly returns between FE and PNW is 0.66 over 3 years, 0.74 over 1 year and 0.67 over 5 years.
Is PNW a good diversifier for FE?
Somewhat, no more. With 0.66 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.66 mean?
A reading of 0.66 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/fe-vs-pnw.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fe-vs-pnw/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FE correlations · PNW correlations
