IDA vs XEL: Correlation
IDACORP, Inc. (IDA) and Xcel Energy (XEL) show a strong relationship: their 3-year correlation of weekly returns is 0.69.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IDA and XEL?
Over the past 3 years, IDA and XEL moved with a correlation of 0.69, which is strong. The relationship has been stable: the 1-year correlation (0.76) sits close to the 3-year figure. Over 5 years the correlation is 0.74, and the annualized covariance of weekly returns is 252.4 %².
By 3-year correlation, XEL places #9 of the 18 assets tracked against IDA. Twelve-month performance is nearly a tie, at +11.6% for IDA and +9.2% for XEL.
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 XEL: side by side
| IDA (IDACORP, Inc.) | XEL (Xcel Energy) | |
|---|---|---|
| 1-year return | +11.6% | +9.2% |
| 5-year return | +51.7% | +31.1% |
| Volatility (ann.) | 17.8% | 20.7% |
| Beta vs S&P 500 | 0.10 | 0.09 |
| Max drawdown (3Y) | -13.6% | -24.0% |
| Market cap | $8.0B | $48.2B |
| P/E (trailing) | 22.9 | 21.3 |
| Dividend yield | 2.53% | 2.99% |
| Sector / category | US Listed | Utilities |
Year-by-year returns
| Year | IDA | XEL |
|---|---|---|
| 2022 | -2.1% | +6.4% |
| 2023 | -6.0% | -8.7% |
| 2024 | +15.0% | +12.3% |
| 2025 | +19.2% | +13.9% |
| 2026 | +10.9% | +6.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IDA and XEL good diversifiers for each other?
Only partially. A correlation of 0.69 means IDA and XEL 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 XEL?
The IDA/XEL correlation stands at 0.69 on a 3-year window (1 year: 0.76, 5 years: 0.74), computed from weekly returns as of 2026-08-27.
Is XEL a good diversifier for IDA?
Only partially. A correlation of 0.69 means IDA and XEL share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.69 mean?
A reading of 0.69 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/ida-vs-xel.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ida-vs-xel/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IDA correlations · XEL correlations
