NWE vs SR: Correlation
How closely do NorthWestern Energy Group, Inc. (NWE) and Spire Inc. (SR) trade together? Their weekly returns over three years give a correlation of 0.73, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NWE and SR?
On 3 years of weekly data the NWE/SR correlation comes out at 0.73, strong. The relationship has been stable: the 1-year correlation (0.69) sits close to the 3-year figure. The 5-year figure is 0.72, and annualized covariance runs at 299.5 %².
Among the 13 assets we track against NWE, SR ranks #4 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months NWE outperformed by 16.9 percentage points (+28.5% for NWE against +11.6% for SR).
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 SR: side by side
| NWE (NorthWestern Energy Group, Inc.) | SR (Spire Inc.) | |
|---|---|---|
| 1-year return | +28.5% | +11.6% |
| 5-year return | +41.5% | +53.3% |
| Volatility (ann.) | 20.9% | 19.6% |
| Beta vs S&P 500 | 0.26 | 0.17 |
| Max drawdown (3Y) | -13.6% | -19.4% |
| Market cap | $4.4B | $4.9B |
| P/E (trailing) | 25.6 | 18.2 |
| Dividend yield | 3.72% | 3.90% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NWE | SR |
|---|---|---|
| 2022 | +8.5% | +9.8% |
| 2023 | -10.1% | -5.3% |
| 2024 | +10.5% | +14.1% |
| 2025 | +26.4% | +27.1% |
| 2026 | +13.2% | +1.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NWE and SR 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 NWE and SR?
Using weekly returns as of 2026-08-27: 0.73 over 3 years, with 0.69 over the last year and 0.72 over 5 years.
Is SR a good diversifier for NWE?
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/nwe-vs-sr.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/nwe-vs-sr/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NWE correlations · SR correlations
