NJR vs SR: Correlation
NewJersey Resources Corporation (NJR) and Spire Inc. (SR) show a strong relationship: their 3-year correlation of weekly returns is 0.74.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NJR and SR?
Across a 3-year window, the weekly returns of NJR and SR correlate at 0.74, strong. Lately the two have drifted apart, with the 1-year correlation at 0.59 versus 0.74 over 3 years. Stretching to 5 years gives 0.77, with an annualized covariance of 264.6 %².
In NJR's tracked universe of 22 assets, SR sits right near the top at #1. On 12-month performance NJR holds a 6.2-point edge, +17.8% against +11.6%.
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 SR: side by side
| NJR (NewJersey Resources Corporation) | SR (Spire Inc.) | |
|---|---|---|
| 1-year return | +17.8% | +11.6% |
| 5-year return | +74.0% | +53.3% |
| Volatility (ann.) | 18.2% | 19.6% |
| Beta vs S&P 500 | 0.06 | 0.17 |
| Max drawdown (3Y) | -12.9% | -19.4% |
| Market cap | $5.5B | $4.9B |
| P/E (trailing) | 15.1 | 18.2 |
| Dividend yield | 3.49% | 3.90% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NJR | SR |
|---|---|---|
| 2022 | +24.9% | +9.8% |
| 2023 | -6.9% | -5.3% |
| 2024 | +8.7% | +14.1% |
| 2025 | +2.9% | +27.1% |
| 2026 | +18.7% | +1.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NJR and SR good diversifiers for each other?
Somewhat, no more. With 0.74 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between NJR and SR?
The NJR/SR correlation stands at 0.74 on a 3-year window (1 year: 0.59, 5 years: 0.77), computed from weekly returns as of 2026-08-27.
Is SR a good diversifier for NJR?
Somewhat, no more. With 0.74 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.74 mean?
On the −1 to +1 scale, 0.74 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
$ curl https://www.pairbook.io/api/v1/pairs/njr-vs-sr.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/njr-vs-sr/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NJR correlations · SR correlations
