NJR vs OGS: Correlation
Measured on weekly returns over the past three years, NewJersey Resources Corporation (NJR) and ONE Gas, Inc. (OGS) carry a correlation of 0.73, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NJR and OGS?
Over the past 3 years, NJR and OGS moved with a correlation of 0.73, which is strong. Little has changed lately, as the 1-year reading of 0.63 lands near the 3-year figure. Over 5 years the correlation is 0.73, and the annualized covariance of weekly returns is 267.3 %².
In NJR's tracked universe of 22 assets, OGS sits right near the top at #2. On 12-month performance NJR holds a 10.3-point edge, +17.8% against +7.5%.
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 OGS: side by side
| NJR (NewJersey Resources Corporation) | OGS (ONE Gas, Inc.) | |
|---|---|---|
| 1-year return | +17.8% | +7.5% |
| 5-year return | +74.0% | +32.3% |
| Volatility (ann.) | 18.2% | 20.2% |
| Beta vs S&P 500 | 0.06 | 0.17 |
| Max drawdown (3Y) | -12.9% | -23.0% |
| Market cap | $5.5B | $5.0B |
| P/E (trailing) | 15.1 | 17.5 |
| Dividend yield | 3.49% | 3.33% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NJR | OGS |
|---|---|---|
| 2022 | +24.9% | +0.6% |
| 2023 | -6.9% | -12.8% |
| 2024 | +8.7% | +13.1% |
| 2025 | +2.9% | +15.6% |
| 2026 | +18.7% | +5.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NJR and OGS good diversifiers for each other?
To a limited degree. At 0.73 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 NJR and OGS?
The NJR/OGS correlation stands at 0.73 on a 3-year window (1 year: 0.63, 5 years: 0.73), computed from weekly returns as of 2026-08-27.
Is OGS a good diversifier for NJR?
To a limited degree. At 0.73 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 0.73 mean?
A reading of 0.73 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/njr-vs-ogs.json
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Related comparisons
Hubs: NJR correlations · OGS correlations
