NWN vs SWX: Correlation
Northwest Natural Holding Company (NWN) and Southwest Gas Holdings, Inc. (SWX) show a strong relationship: their 3-year correlation of weekly returns is 0.63.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NWN and SWX?
Across a 3-year window, the weekly returns of NWN and SWX correlate at 0.63, strong. The link has tightened recently: the 1-year correlation (0.76) runs above the 3-year figure (0.63). Stretching to 5 years gives 0.53, with an annualized covariance of 275.4 %².
By 3-year correlation, SWX places #7 of the 16 assets tracked against NWN. Over the last 12 months NWN came out ahead by 6.7 percentage points (+24.4% against +17.7%).
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 SWX: side by side
| NWN (Northwest Natural Holding Company) | SWX (Southwest Gas Holdings, Inc.) | |
|---|---|---|
| 1-year return | +24.4% | +17.7% |
| 5-year return | +20.2% | +51.6% |
| Volatility (ann.) | 20.8% | 21.1% |
| Beta vs S&P 500 | 0.17 | 0.35 |
| Max drawdown (3Y) | -13.5% | -14.8% |
| Market cap | $2.1B | $6.5B |
| P/E (trailing) | 16.9 | 23.3 |
| Dividend yield | 3.91% | 2.76% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NWN | SWX |
|---|---|---|
| 2022 | +1.5% | -8.7% |
| 2023 | -14.4% | +6.6% |
| 2024 | +6.8% | +15.7% |
| 2025 | +23.7% | +16.9% |
| 2026 | +9.2% | +14.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NWN and SWX good diversifiers for each other?
To a limited degree. At 0.63 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 NWN and SWX?
Using weekly returns as of 2026-08-27: 0.63 over 3 years, with 0.76 over the last year and 0.53 over 5 years.
Is SWX a good diversifier for NWN?
To a limited degree. At 0.63 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 0.63 mean?
A reading of 0.63 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/nwn-vs-swx.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/nwn-vs-swx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NWN correlations · SWX correlations
