NWN vs SR: Correlation
Measured on weekly returns over the past three years, Northwest Natural Holding Company (NWN) and Spire Inc. (SR) carry a correlation of 0.81, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NWN and SR?
On 3 years of weekly data the NWN/SR correlation comes out at 0.81, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.83 lands near the 3-year figure. The 5-year figure is 0.80, and annualized covariance runs at 331.8 %².
In NWN's tracked universe of 16 assets, SR sits right near the top at #1. Over the last 12 months NWN came out ahead by 12.8 percentage points (+24.4% 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.
NWN vs SR: side by side
| NWN (Northwest Natural Holding Company) | SR (Spire Inc.) | |
|---|---|---|
| 1-year return | +24.4% | +11.6% |
| 5-year return | +20.2% | +53.3% |
| Volatility (ann.) | 20.8% | 19.6% |
| Beta vs S&P 500 | 0.17 | 0.17 |
| Max drawdown (3Y) | -13.5% | -19.4% |
| Market cap | $2.1B | $4.9B |
| P/E (trailing) | 16.9 | 18.2 |
| Dividend yield | 3.91% | 3.90% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NWN | SR |
|---|---|---|
| 2022 | +1.5% | +9.8% |
| 2023 | -14.4% | -5.3% |
| 2024 | +6.8% | +14.1% |
| 2025 | +23.7% | +27.1% |
| 2026 | +9.2% | +1.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NWN and SR good diversifiers for each other?
No. With a correlation of 0.81, NWN and SR move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between NWN and SR?
Using weekly returns as of 2026-08-27: 0.81 over 3 years, with 0.83 over the last year and 0.80 over 5 years.
Is SR a good diversifier for NWN?
No. With a correlation of 0.81, NWN and SR move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.81 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/nwn-vs-sr.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/nwn-vs-sr/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NWN correlations · SR correlations
