MDU vs OGS: Correlation
Measured on weekly returns over the past three years, MDU Resources Group, Inc. (MDU) and ONE Gas, Inc. (OGS) carry a correlation of 0.59, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDU and OGS?
Over the past 3 years, MDU and OGS moved with a correlation of 0.59, which is moderate. The link has tightened recently: the 1-year correlation (0.72) runs above the 3-year figure (0.59). Over 5 years the correlation is 0.48, and the annualized covariance of weekly returns is 300.6 %².
By 3-year correlation, OGS places #4 of the 11 assets tracked against MDU. Correlation aside, the last 12 months split them widely, with MDU ahead by 18.8 points (+26.3% versus +7.5%).
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 OGS: side by side
| MDU (MDU Resources Group, Inc.) | OGS (ONE Gas, Inc.) | |
|---|---|---|
| 1-year return | +26.3% | +7.5% |
| 5-year return | +90.7% | +32.3% |
| Volatility (ann.) | 25.2% | 20.2% |
| Beta vs S&P 500 | 0.55 | 0.17 |
| Max drawdown (3Y) | -21.5% | -23.0% |
| Market cap | $4.2B | $5.0B |
| P/E (trailing) | 21.7 | 17.5 |
| Dividend yield | 2.76% | 3.33% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MDU | OGS |
|---|---|---|
| 2022 | +1.5% | +0.6% |
| 2023 | -1.9% | -12.8% |
| 2024 | +68.0% | +13.1% |
| 2025 | +11.8% | +15.6% |
| 2026 | +4.8% | +5.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDU and OGS good diversifiers for each other?
Only partially. A correlation of 0.59 means MDU and OGS 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 MDU and OGS?
The MDU/OGS correlation stands at 0.59 on a 3-year window (1 year: 0.72, 5 years: 0.48), computed from weekly returns as of 2026-08-27.
Is OGS a good diversifier for MDU?
Only partially. A correlation of 0.59 means MDU and OGS share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.59 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.
Use this data
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Related comparisons
Hubs: MDU correlations · OGS correlations
