MDU vs NWE: Correlation
MDU Resources Group, Inc. (MDU) and NorthWestern Energy Group, Inc. (NWE) show a strong relationship: their 3-year correlation of weekly returns is 0.61.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDU and NWE?
Across a 3-year window, the weekly returns of MDU and NWE correlate at 0.61, strong. The past 12 months show a tighter link (0.81) than the 3-year average (0.61). Stretching to 5 years gives 0.58, with an annualized covariance of 319.0 %².
NWE is one of the assets that tracks MDU most closely: it ranks #2 out of the 11 assets we track against MDU. Their 12-month results are close: +26.3% for MDU against +28.5% for NWE.
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.
MDU vs NWE: side by side
| MDU (MDU Resources Group, Inc.) | NWE (NorthWestern Energy Group, Inc.) | |
|---|---|---|
| 1-year return | +26.3% | +28.5% |
| 5-year return | +90.7% | +41.5% |
| Volatility (ann.) | 25.2% | 20.9% |
| Beta vs S&P 500 | 0.55 | 0.26 |
| Max drawdown (3Y) | -21.5% | -13.6% |
| Market cap | $4.2B | $4.4B |
| P/E (trailing) | 21.7 | 25.6 |
| Dividend yield | 2.76% | 3.72% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MDU | NWE |
|---|---|---|
| 2022 | +1.5% | +8.5% |
| 2023 | -1.9% | -10.1% |
| 2024 | +68.0% | +10.5% |
| 2025 | +11.8% | +26.4% |
| 2026 | +4.8% | +13.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDU and NWE good diversifiers for each other?
Somewhat, no more. With 0.61 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between MDU and NWE?
As of 2026-08-27, the correlation of weekly returns between MDU and NWE is 0.61 over 3 years, 0.81 over 1 year and 0.58 over 5 years.
Is NWE a good diversifier for MDU?
Somewhat, no more. With 0.61 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.61 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: MDU correlations · NWE correlations
