NJR vs NWN: Correlation
How closely do NewJersey Resources Corporation (NJR) and Northwest Natural Holding Company (NWN) trade together? Their weekly returns over three years give a correlation of 0.71, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NJR and NWN?
Across a 3-year window, the weekly returns of NJR and NWN correlate at 0.71, strong. The link has loosened recently: the 1-year correlation (0.57) runs below the 3-year figure (0.71). Stretching to 5 years gives 0.72, with an annualized covariance of 269.3 %².
Within NJR's tracked universe of 22 assets, NWN comes in at #4 by 3-year correlation. On 12-month performance NWN holds a 6.6-point edge, +17.8% against +24.4%.
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.
NJR vs NWN: side by side
| NJR (NewJersey Resources Corporation) | NWN (Northwest Natural Holding Company) | |
|---|---|---|
| 1-year return | +17.8% | +24.4% |
| 5-year return | +74.0% | +20.2% |
| Volatility (ann.) | 18.2% | 20.8% |
| Beta vs S&P 500 | 0.06 | 0.17 |
| Max drawdown (3Y) | -12.9% | -13.5% |
| Market cap | $5.5B | $2.1B |
| P/E (trailing) | 15.1 | 16.9 |
| Dividend yield | 3.49% | 3.91% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NJR | NWN |
|---|---|---|
| 2022 | +24.9% | +1.5% |
| 2023 | -6.9% | -14.4% |
| 2024 | +8.7% | +6.8% |
| 2025 | +2.9% | +23.7% |
| 2026 | +18.7% | +9.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NJR and NWN good diversifiers for each other?
Somewhat, no more. With 0.71 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between NJR and NWN?
Using weekly returns as of 2026-08-27: 0.71 over 3 years, with 0.57 over the last year and 0.72 over 5 years.
Is NWN a good diversifier for NJR?
Somewhat, no more. With 0.71 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.71 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/njr-vs-nwn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/njr-vs-nwn/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NJR correlations · NWN correlations
