NI vs NRG: Correlation
How closely do NiSource (NI) and NRG Energy (NRG) trade together? Their weekly returns over three years give a correlation of 0.38, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NI and NRG?
On 3 years of weekly data the NI/NRG correlation comes out at 0.38, moderate. The past 12 months show a tighter link (0.62) than the 3-year average (0.38). The 5-year figure is 0.39, and annualized covariance runs at 301.7 %².
Among the 38 assets we track against NI, NRG ranks #25 by 3-year correlation. The last year tells two different stories: NI led by 20.9 percentage points, -0.9% for NI against -21.8% for NRG. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.07 to 0.60. Note the risk asymmetry: NRG runs 2.5 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.
NI vs NRG: side by side
| NI (NiSource) | NRG (NRG Energy) | |
|---|---|---|
| 1-year return | -0.9% | -21.8% |
| 5-year return | +94.6% | +191.5% |
| Volatility (ann.) | 17.8% | 44.4% |
| Beta vs S&P 500 | 0.26 | 1.30 |
| Max drawdown (3Y) | -16.7% | -38.9% |
| Market cap | $19.6B | $24.1B |
| P/E (trailing) | 21.9 | 30.2 |
| Dividend yield | 1.41% | 1.61% |
| Sector / category | Utilities | Utilities |
Year-by-year returns
| Year | NI | NRG |
|---|---|---|
| 2022 | +2.7% | -23.5% |
| 2023 | +0.5% | +69.4% |
| 2024 | +43.5% | +78.6% |
| 2025 | +16.8% | +78.9% |
| 2026 | +0.0% | -27.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NI and NRG good diversifiers for each other?
Reasonably. At 0.38, NI and NRG keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NI and NRG?
The NI/NRG correlation stands at 0.38 on a 3-year window (1 year: 0.62, 5 years: 0.39), computed from weekly returns as of 2026-08-27.
Is NRG a good diversifier for NI?
Reasonably. At 0.38, NI and NRG keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.38 mean?
On the −1 to +1 scale, 0.38 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.
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Related comparisons
Hubs: NI correlations · NRG correlations
