NWN vs OGS: Correlation
Measured on weekly returns over the past three years, Northwest Natural Holding Company (NWN) and ONE Gas, Inc. (OGS) carry a correlation of 0.78, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NWN and OGS?
On 3 years of weekly data the NWN/OGS correlation comes out at 0.78, strong. Little has changed lately, as the 1-year reading of 0.87 lands near the 3-year figure. The 5-year figure is 0.76, and annualized covariance runs at 327.7 %².
OGS is one of the assets that tracks NWN most closely: it ranks #2 out of the 16 assets we track against NWN. Correlation aside, the last 12 months split them widely, with NWN ahead by 16.9 points (+24.4% versus +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.
NWN vs OGS: side by side
| NWN (Northwest Natural Holding Company) | OGS (ONE Gas, Inc.) | |
|---|---|---|
| 1-year return | +24.4% | +7.5% |
| 5-year return | +20.2% | +32.3% |
| Volatility (ann.) | 20.8% | 20.2% |
| Beta vs S&P 500 | 0.17 | 0.17 |
| Max drawdown (3Y) | -13.5% | -23.0% |
| Market cap | $2.1B | $5.0B |
| P/E (trailing) | 16.9 | 17.5 |
| Dividend yield | 3.91% | 3.33% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NWN | OGS |
|---|---|---|
| 2022 | +1.5% | +0.6% |
| 2023 | -14.4% | -12.8% |
| 2024 | +6.8% | +13.1% |
| 2025 | +23.7% | +15.6% |
| 2026 | +9.2% | +5.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NWN and OGS good diversifiers for each other?
Somewhat, no more. With 0.78 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between NWN and OGS?
As of 2026-08-27, the correlation of weekly returns between NWN and OGS is 0.78 over 3 years, 0.87 over 1 year and 0.76 over 5 years.
Is OGS a good diversifier for NWN?
Somewhat, no more. With 0.78 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.78 mean?
A reading of 0.78 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: NWN correlations · OGS correlations
