NI vs PPL: Correlation
How closely do NiSource (NI) and PPL Corporation (PPL) trade together? Their weekly returns over three years give a correlation of 0.78, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NI and PPL?
Over the past 3 years, NI and PPL moved with a correlation of 0.78, which is strong. Recent behaviour matches the longer record: 0.77 over 1 year against 0.78 over 3. Over 5 years the correlation is 0.78, and the annualized covariance of weekly returns is 241.7 %².
Among the 38 assets we track against NI, PPL ranks #6 by 3-year correlation. Their 12-month results are close: -0.9% for NI against -3.0% for PPL. The link looks structural: the rolling one-year correlation barely moved, holding between 0.64 and 0.87.
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 PPL: side by side
| NI (NiSource) | PPL (PPL Corporation) | |
|---|---|---|
| 1-year return | -0.9% | -3.0% |
| 5-year return | +94.6% | +41.1% |
| Volatility (ann.) | 17.8% | 17.4% |
| Beta vs S&P 500 | 0.26 | 0.13 |
| Max drawdown (3Y) | -16.7% | -13.3% |
| Market cap | $19.6B | $25.9B |
| P/E (trailing) | 21.9 | 20.7 |
| Dividend yield | 1.41% | 3.18% |
| Sector / category | Utilities | Utilities |
Year-by-year returns
| Year | NI | PPL |
|---|---|---|
| 2022 | +2.7% | +0.4% |
| 2023 | +0.5% | -3.8% |
| 2024 | +43.5% | +24.0% |
| 2025 | +16.8% | +11.4% |
| 2026 | +0.0% | -0.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NI and PPL good diversifiers for each other?
Somewhat, no more. With 0.78 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between NI and PPL?
Using weekly returns as of 2026-08-27: 0.78 over 3 years, with 0.77 over the last year and 0.78 over 5 years.
Is PPL a good diversifier for NI?
Somewhat, no more. With 0.78 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.78 mean?
A reading of 0.78 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/ni-vs-ppl.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ni-vs-ppl/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NI correlations · PPL correlations
