NI vs XEL: Correlation
NiSource (NI) and Xcel Energy (XEL) show a strong relationship: their 3-year correlation of weekly returns is 0.66.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NI and XEL?
Over the past 3 years, NI and XEL moved with a correlation of 0.66, which is strong. The link has tightened recently: the 1-year correlation (0.78) runs above the 3-year figure (0.66). Over 5 years the correlation is 0.74, and the annualized covariance of weekly returns is 244.7 %².
By 3-year correlation, XEL places #19 of the 38 assets tracked against NI. Over the last 12 months XEL came out ahead by 10.1 percentage points (-0.9% against +9.2%). The rolling one-year correlation moved between 0.46 and 0.81 over the past three years, a moderate range.
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 XEL: side by side
| NI (NiSource) | XEL (Xcel Energy) | |
|---|---|---|
| 1-year return | -0.9% | +9.2% |
| 5-year return | +94.6% | +31.1% |
| Volatility (ann.) | 17.8% | 20.7% |
| Beta vs S&P 500 | 0.26 | 0.09 |
| Max drawdown (3Y) | -16.7% | -24.0% |
| Market cap | $19.6B | $48.2B |
| P/E (trailing) | 21.9 | 21.3 |
| Dividend yield | 1.41% | 2.99% |
| Sector / category | Utilities | Utilities |
Year-by-year returns
| Year | NI | XEL |
|---|---|---|
| 2022 | +2.7% | +6.4% |
| 2023 | +0.5% | -8.7% |
| 2024 | +43.5% | +12.3% |
| 2025 | +16.8% | +13.9% |
| 2026 | +0.0% | +6.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NI and XEL good diversifiers for each other?
To a limited degree. At 0.66 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 XEL?
The NI/XEL correlation stands at 0.66 on a 3-year window (1 year: 0.78, 5 years: 0.74), computed from weekly returns as of 2026-08-27.
Is XEL a good diversifier for NI?
To a limited degree. At 0.66 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 0.66 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-xel.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ni-vs-xel/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NI correlations · XEL correlations
