NI vs PNW: Correlation
NiSource (NI) and Pinnacle West Capital (PNW) show a strong relationship: their 3-year correlation of weekly returns is 0.72.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NI and PNW?
On 3 years of weekly data the NI/PNW correlation comes out at 0.72, strong. Recent behaviour matches the longer record: 0.72 over 1 year against 0.72 over 3. The 5-year figure is 0.74, and annualized covariance runs at 234.5 %².
Among the 38 assets we track against NI, PNW ranks #13 by 3-year correlation. Over the last 12 months PNW came out ahead by 13.3 percentage points (-0.9% against +12.4%). Across three years, the rolling one-year figure varied moderately, from 0.55 to 0.83.
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 PNW: side by side
| NI (NiSource) | PNW (Pinnacle West Capital) | |
|---|---|---|
| 1-year return | -0.9% | +12.4% |
| 5-year return | +94.6% | +59.3% |
| Volatility (ann.) | 17.8% | 18.2% |
| Beta vs S&P 500 | 0.26 | 0.09 |
| Max drawdown (3Y) | -16.7% | -14.4% |
| Market cap | $19.6B | $11.9B |
| P/E (trailing) | 21.9 | 18.8 |
| Dividend yield | 1.41% | 3.67% |
| Sector / category | Utilities | Utilities |
Year-by-year returns
| Year | NI | PNW |
|---|---|---|
| 2022 | +2.7% | +13.0% |
| 2023 | +0.5% | -1.2% |
| 2024 | +43.5% | +23.5% |
| 2025 | +16.8% | +8.9% |
| 2026 | +0.0% | +13.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NI and PNW good diversifiers for each other?
Only partially. A correlation of 0.72 means NI and PNW share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between NI and PNW?
The NI/PNW correlation stands at 0.72 on a 3-year window (1 year: 0.72, 5 years: 0.74), computed from weekly returns as of 2026-08-27.
Is PNW a good diversifier for NI?
Only partially. A correlation of 0.72 means NI and PNW share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.72 mean?
On the −1 to +1 scale, 0.72 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/ni-vs-pnw.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ni-vs-pnw/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NI correlations · PNW correlations
