NWE vs NWN: Correlation
Measured on weekly returns over the past three years, NorthWestern Energy Group, Inc. (NWE) and Northwest Natural Holding Company (NWN) carry a correlation of 0.69, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NWE and NWN?
Across a 3-year window, the weekly returns of NWE and NWN correlate at 0.69, strong. Little has changed lately, as the 1-year reading of 0.70 lands near the 3-year figure. Stretching to 5 years gives 0.66, with an annualized covariance of 300.0 %².
By 3-year correlation, NWN places #5 of the 13 assets tracked against NWE. Twelve-month performance is nearly a tie, at +28.5% for NWE and +24.4% for NWN.
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.
NWE vs NWN: side by side
| NWE (NorthWestern Energy Group, Inc.) | NWN (Northwest Natural Holding Company) | |
|---|---|---|
| 1-year return | +28.5% | +24.4% |
| 5-year return | +41.5% | +20.2% |
| Volatility (ann.) | 20.9% | 20.8% |
| Beta vs S&P 500 | 0.26 | 0.17 |
| Max drawdown (3Y) | -13.6% | -13.5% |
| Market cap | $4.4B | $2.1B |
| P/E (trailing) | 25.6 | 16.9 |
| Dividend yield | 3.72% | 3.91% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NWE | NWN |
|---|---|---|
| 2022 | +8.5% | +1.5% |
| 2023 | -10.1% | -14.4% |
| 2024 | +10.5% | +6.8% |
| 2025 | +26.4% | +23.7% |
| 2026 | +13.2% | +9.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NWE and NWN good diversifiers for each other?
Only partially. A correlation of 0.69 means NWE and NWN share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between NWE and NWN?
Using weekly returns as of 2026-08-27: 0.69 over 3 years, with 0.70 over the last year and 0.66 over 5 years.
Is NWN a good diversifier for NWE?
Only partially. A correlation of 0.69 means NWE and NWN share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.69 mean?
A reading of 0.69 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/nwe-vs-nwn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nwe-vs-nwn/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NWE correlations · NWN correlations
