NEE vs OGE: Correlation
Measured on weekly returns over the past three years, NextEra Energy (NEE) and OGE Energy Corp (OGE) carry a correlation of 0.56, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NEE and OGE?
On 3 years of weekly data the NEE/OGE correlation comes out at 0.56, moderate. Little has changed lately, as the 1-year reading of 0.59 lands near the 3-year figure. The 5-year figure is 0.57, and annualized covariance runs at 259.0 %².
Among the 29 assets we track against NEE, OGE ranks #11 by 3-year correlation. On 12-month performance NEE holds a 10.7-point edge, +16.2% against +5.5%. Note the risk asymmetry: NEE runs 1.5 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.
NEE vs OGE: side by side
| NEE (NextEra Energy) | OGE (OGE Energy Corp) | |
|---|---|---|
| 1-year return | +16.2% | +5.5% |
| 5-year return | +12.9% | +60.6% |
| Volatility (ann.) | 26.5% | 17.6% |
| Beta vs S&P 500 | 0.28 | 0.20 |
| Max drawdown (3Y) | -28.8% | -11.3% |
| Market cap | $174.1B | $9.5B |
| P/E (trailing) | 18.9 | 20.4 |
| Dividend yield | 2.82% | 3.64% |
| Sector / category | Utilities | US Listed |
Year-by-year returns
| Year | NEE | OGE |
|---|---|---|
| 2022 | -8.5% | +7.6% |
| 2023 | -25.3% | -7.5% |
| 2024 | +21.5% | +23.7% |
| 2025 | +15.5% | +7.6% |
| 2026 | +5.4% | +10.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NEE and OGE good diversifiers for each other?
To a limited degree. At 0.56 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 NEE and OGE?
Using weekly returns as of 2026-08-27: 0.56 over 3 years, with 0.59 over the last year and 0.57 over 5 years.
Is OGE a good diversifier for NEE?
To a limited degree. At 0.56 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 0.56 mean?
A reading of 0.56 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/nee-vs-oge.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nee-vs-oge/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NEE correlations · OGE correlations
