FRNM vs NI: Correlation
Measured on weekly returns over the past three years, Freenome, Inc. (FRNM) and NiSource (NI) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FRNM and NI?
Across a 3-year window, the weekly returns of FRNM and NI correlate at -0.23, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.31 lands near the 3-year figure. Stretching to 5 years gives n/a, with an annualized covariance of -86.0 %².
Among the 34 assets we track against FRNM, NI ranks #17 by 3-year correlation. The last year tells two different stories: FRNM led by 33.2 percentage points, +32.3% for FRNM against -0.9% for NI.
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.
FRNM vs NI: side by side
| FRNM (Freenome, Inc.) | NI (NiSource) | |
|---|---|---|
| 1-year return | +32.3% | -0.9% |
| 5-year return | n/a | +94.6% |
| Volatility (ann.) | 21.1% | 17.8% |
| Beta vs S&P 500 | 0.03 | 0.26 |
| Max drawdown (3Y) | -29.6% | -16.7% |
| Market cap | $1.5B | $19.6B |
| P/E (trailing) | – | 21.9 |
| Dividend yield | 0.00% | 1.41% |
| Sector / category | US Listed | Utilities |
Year-by-year returns
| Year | FRNM | NI |
|---|---|---|
| 2022 | – | +2.7% |
| 2023 | – | +0.5% |
| 2024 | – | +43.5% |
| 2025 | +28.0% | +16.8% |
| 2026 | +7.0% | +0.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FRNM and NI good diversifiers for each other?
Yes. With a correlation of -0.23, FRNM and NI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FRNM and NI?
As of 2026-08-27, the correlation of weekly returns between FRNM and NI is -0.23 over 3 years, -0.31 over 1 year and n/a over 5 years.
Is NI a good diversifier for FRNM?
Yes. With a correlation of -0.23, FRNM and NI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 mean?
On the −1 to +1 scale, -0.23 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/frnm-vs-ni.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/frnm-vs-ni/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FRNM correlations · NI correlations
