MGEE vs PPL: Correlation
Measured on weekly returns over the past three years, MGE Energy Inc. (MGEE) and PPL Corporation (PPL) carry a correlation of 0.61, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MGEE and PPL?
Across a 3-year window, the weekly returns of MGEE and PPL correlate at 0.61, strong. The relationship has been stable: the 1-year correlation (0.61) sits close to the 3-year figure. Stretching to 5 years gives 0.62, with an annualized covariance of 292.2 %².
In MGEE's tracked universe of 15 assets, PPL sits right near the top at #1. The trailing year gives PPL the advantage: -8.3% versus -3.0%, a 5.3-point spread. Note the risk asymmetry: MGEE runs 1.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 PPL: side by side
| MGEE (MGE Energy Inc.) | PPL (PPL Corporation) | |
|---|---|---|
| 1-year return | -8.3% | -3.0% |
| 5-year return | +8.2% | +41.1% |
| Volatility (ann.) | 27.4% | 17.4% |
| Beta vs S&P 500 | 0.26 | 0.13 |
| Max drawdown (3Y) | -30.9% | -13.3% |
| Market cap | $3.0B | $25.9B |
| P/E (trailing) | 19.5 | 20.7 |
| Dividend yield | 2.39% | 3.18% |
| Sector / category | US Listed | Utilities |
Year-by-year returns
| Year | MGEE | PPL |
|---|---|---|
| 2022 | -12.6% | +0.4% |
| 2023 | +5.1% | -3.8% |
| 2024 | +32.8% | +24.0% |
| 2025 | -14.7% | +11.4% |
| 2026 | +1.1% | -0.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MGEE and PPL good diversifiers for each other?
To a limited degree. At 0.61 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 PPL?
The MGEE/PPL correlation stands at 0.61 on a 3-year window (1 year: 0.61, 5 years: 0.62), computed from weekly returns as of 2026-08-27.
Is PPL a good diversifier for MGEE?
To a limited degree. At 0.61 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 0.61 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mgee-vs-ppl.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mgee-vs-ppl/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MGEE correlations · PPL correlations
