NI vs WEC: Correlation
How closely do NiSource (NI) and WEC Energy Group (WEC) trade together? Their weekly returns over three years give a correlation of 0.77, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NI and WEC?
On 3 years of weekly data the NI/WEC correlation comes out at 0.77, strong. Little has changed lately, as the 1-year reading of 0.79 lands near the 3-year figure. The 5-year figure is 0.80, and annualized covariance runs at 233.4 %².
Within NI's tracked universe of 38 assets, WEC comes in at #8 by 3-year correlation. Their 12-month results are close: -0.9% for NI against +2.1% for WEC. The link looks structural: the rolling one-year correlation barely moved, holding between 0.65 and 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 WEC: side by side
| NI (NiSource) | WEC (WEC Energy Group) | |
|---|---|---|
| 1-year return | -0.9% | +2.1% |
| 5-year return | +94.6% | +32.7% |
| Volatility (ann.) | 17.8% | 16.9% |
| Beta vs S&P 500 | 0.26 | 0.02 |
| Max drawdown (3Y) | -16.7% | -11.6% |
| Market cap | $19.6B | $34.6B |
| P/E (trailing) | 21.9 | 20.6 |
| Dividend yield | 1.41% | 3.43% |
| Sector / category | Utilities | Utilities |
Year-by-year returns
| Year | NI | WEC |
|---|---|---|
| 2022 | +2.7% | -0.5% |
| 2023 | +0.5% | -7.0% |
| 2024 | +43.5% | +16.1% |
| 2025 | +16.8% | +16.0% |
| 2026 | +0.0% | +3.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NI and WEC good diversifiers for each other?
To a limited degree. At 0.77 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 NI and WEC?
As of 2026-08-27, the correlation of weekly returns between NI and WEC is 0.77 over 3 years, 0.79 over 1 year and 0.80 over 5 years.
Is WEC a good diversifier for NI?
To a limited degree. At 0.77 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 0.77 mean?
On the −1 to +1 scale, 0.77 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
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Related comparisons
Hubs: NI correlations · WEC correlations
