IDA vs PNW: Correlation
IDACORP, Inc. (IDA) and Pinnacle West Capital (PNW) show a strong relationship: their 3-year correlation of weekly returns is 0.75.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IDA and PNW?
Over the past 3 years, IDA and PNW moved with a correlation of 0.75, which is strong. Lately the two have moved closer together, with the 1-year correlation at 0.86 versus 0.75 over 3 years. Over 5 years the correlation is 0.75, and the annualized covariance of weekly returns is 241.7 %².
Among the 18 assets we track against IDA, PNW ranks #6 by 3-year correlation. Their 12-month results are close: +11.6% for IDA against +12.4% for PNW.
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.
IDA vs PNW: side by side
| IDA (IDACORP, Inc.) | PNW (Pinnacle West Capital) | |
|---|---|---|
| 1-year return | +11.6% | +12.4% |
| 5-year return | +51.7% | +59.3% |
| Volatility (ann.) | 17.8% | 18.2% |
| Beta vs S&P 500 | 0.10 | 0.09 |
| Max drawdown (3Y) | -13.6% | -14.4% |
| Market cap | $8.0B | $11.9B |
| P/E (trailing) | 22.9 | 18.8 |
| Dividend yield | 2.53% | 3.67% |
| Sector / category | US Listed | Utilities |
Year-by-year returns
| Year | IDA | PNW |
|---|---|---|
| 2022 | -2.1% | +13.0% |
| 2023 | -6.0% | -1.2% |
| 2024 | +15.0% | +23.5% |
| 2025 | +19.2% | +8.9% |
| 2026 | +10.9% | +13.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IDA and PNW good diversifiers for each other?
Only partially. A correlation of 0.75 means IDA and PNW share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between IDA and PNW?
Using weekly returns as of 2026-08-27: 0.75 over 3 years, with 0.86 over the last year and 0.75 over 5 years.
Is PNW a good diversifier for IDA?
Only partially. A correlation of 0.75 means IDA and PNW share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
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/ida-vs-pnw.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ida-vs-pnw/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IDA correlations · PNW correlations
