NI vs OGE: Correlation
Measured on weekly returns over the past three years, NiSource (NI) and OGE Energy Corp (OGE) carry a correlation of 0.83, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NI and OGE?
Over the past 3 years, NI and OGE moved with a correlation of 0.83, which is very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.82 lands near the 3-year figure. Over 5 years the correlation is 0.84, and the annualized covariance of weekly returns is 259.6 %².
In NI's tracked universe of 38 assets, OGE sits right near the top at #1. The trailing year gives OGE the advantage: -0.9% versus +5.5%, a 6.4-point spread.
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 OGE: side by side
| NI (NiSource) | OGE (OGE Energy Corp) | |
|---|---|---|
| 1-year return | -0.9% | +5.5% |
| 5-year return | +94.6% | +60.6% |
| Volatility (ann.) | 17.8% | 17.6% |
| Beta vs S&P 500 | 0.26 | 0.20 |
| Max drawdown (3Y) | -16.7% | -11.3% |
| Market cap | $19.6B | $9.5B |
| P/E (trailing) | 21.9 | 20.4 |
| Dividend yield | 1.41% | 3.64% |
| Sector / category | Utilities | US Listed |
Year-by-year returns
| Year | NI | OGE |
|---|---|---|
| 2022 | +2.7% | +7.6% |
| 2023 | +0.5% | -7.5% |
| 2024 | +43.5% | +23.7% |
| 2025 | +16.8% | +7.6% |
| 2026 | +0.0% | +10.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NI and OGE good diversifiers for each other?
No. With a correlation of 0.83, NI and OGE move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between NI and OGE?
The NI/OGE correlation stands at 0.83 on a 3-year window (1 year: 0.82, 5 years: 0.84), computed from weekly returns as of 2026-08-27.
Is OGE a good diversifier for NI?
No. With a correlation of 0.83, NI and OGE move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.83 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/ni-vs-oge.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ni-vs-oge/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NI correlations · OGE correlations
