MSFT vs NJR: Correlation
How closely do Microsoft (MSFT) and NewJersey Resources Corporation (NJR) trade together? Their weekly returns over three years give a correlation of -0.29, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MSFT and NJR?
Over the past 3 years, MSFT and NJR moved with a correlation of -0.29, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.44 versus -0.29 over 3 years. Over 5 years the correlation is -0.01, and the annualized covariance of weekly returns is -142.4 %².
Among the 39 assets we track against MSFT, NJR sits near the bottom by co-movement, at rank #36. The last year tells two different stories: NJR led by 17.3 percentage points, +0.5% for MSFT against +17.8% for NJR. One caveat on sizing: MSFT is 1.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
MSFT vs NJR: side by side
| MSFT (Microsoft) | NJR (NewJersey Resources Corporation) | |
|---|---|---|
| 1-year return | +0.5% | +17.8% |
| 5-year return | +73.3% | +74.0% |
| Volatility (ann.) | 27.5% | 18.2% |
| Beta vs S&P 500 | 1.12 | 0.06 |
| Max drawdown (3Y) | -34.5% | -12.9% |
| Market cap | $3,750.3B | $5.5B |
| P/E (trailing) | 28.1 | 15.1 |
| Dividend yield | 0.73% | 3.49% |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | MSFT | NJR |
|---|---|---|
| 2022 | -28.0% | +24.9% |
| 2023 | +58.2% | -6.9% |
| 2024 | +12.9% | +8.7% |
| 2025 | +15.6% | +2.9% |
| 2026 | +5.1% | +18.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MSFT and NJR good diversifiers for each other?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MSFT and NJR?
The MSFT/NJR correlation stands at -0.29 on a 3-year window (1 year: -0.44, 5 years: -0.01), computed from weekly returns as of 2026-08-27.
Is NJR a good diversifier for MSFT?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.29 mean?
On the −1 to +1 scale, -0.29 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/msft-vs-njr.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/msft-vs-njr/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MSFT correlations · NJR correlations
