MGEE vs OGE: Correlation
MGE Energy Inc. (MGEE) and OGE Energy Corp (OGE) show a moderate relationship: their 3-year correlation of weekly returns is 0.57.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MGEE and OGE?
Across a 3-year window, the weekly returns of MGEE and OGE correlate at 0.57, moderate. Recent behaviour matches the longer record: 0.58 over 1 year against 0.57 over 3. Stretching to 5 years gives 0.62, with an annualized covariance of 273.0 %².
By 3-year correlation, OGE places #4 of the 15 assets tracked against MGEE. The trailing year gives OGE the advantage: -8.3% versus +5.5%, a 13.8-point spread. Risk is not evenly split, since MGEE carries 1.6 times the volatility of the other side.
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.
MGEE vs OGE: side by side
| MGEE (MGE Energy Inc.) | OGE (OGE Energy Corp) | |
|---|---|---|
| 1-year return | -8.3% | +5.5% |
| 5-year return | +8.2% | +60.6% |
| Volatility (ann.) | 27.4% | 17.6% |
| Beta vs S&P 500 | 0.26 | 0.20 |
| Max drawdown (3Y) | -30.9% | -11.3% |
| Market cap | $3.0B | $9.5B |
| P/E (trailing) | 19.5 | 20.4 |
| Dividend yield | 2.39% | 3.64% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MGEE | OGE |
|---|---|---|
| 2022 | -12.6% | +7.6% |
| 2023 | +5.1% | -7.5% |
| 2024 | +32.8% | +23.7% |
| 2025 | -14.7% | +7.6% |
| 2026 | +1.1% | +10.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MGEE and OGE good diversifiers for each other?
To a limited degree. At 0.57 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between MGEE and OGE?
The MGEE/OGE correlation stands at 0.57 on a 3-year window (1 year: 0.58, 5 years: 0.62), computed from weekly returns as of 2026-08-27.
Is OGE a good diversifier for MGEE?
To a limited degree. At 0.57 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.57 mean?
On the −1 to +1 scale, 0.57 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/mgee-vs-oge.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mgee-vs-oge/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MGEE correlations · OGE correlations
