OGE vs PNW: Correlation
Measured on weekly returns over the past three years, OGE Energy Corp (OGE) and Pinnacle West Capital (PNW) carry a correlation of 0.82, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OGE and PNW?
Over the past 3 years, OGE and PNW moved with a correlation of 0.82, which is very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.81 over 1 year against 0.82 over 3. Over 5 years the correlation is 0.80, and the annualized covariance of weekly returns is 260.9 %².
Within OGE's tracked universe of 42 assets, PNW comes in at #5 by 3-year correlation. Over the last 12 months PNW came out ahead by 6.9 percentage points (+5.5% against +12.4%).
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.
OGE vs PNW: side by side
| OGE (OGE Energy Corp) | PNW (Pinnacle West Capital) | |
|---|---|---|
| 1-year return | +5.5% | +12.4% |
| 5-year return | +60.6% | +59.3% |
| Volatility (ann.) | 17.6% | 18.2% |
| Beta vs S&P 500 | 0.20 | 0.09 |
| Max drawdown (3Y) | -11.3% | -14.4% |
| Market cap | $9.5B | $11.9B |
| P/E (trailing) | 20.4 | 18.8 |
| Dividend yield | 3.64% | 3.67% |
| Sector / category | US Listed | Utilities |
Year-by-year returns
| Year | OGE | PNW |
|---|---|---|
| 2022 | +7.6% | +13.0% |
| 2023 | -7.5% | -1.2% |
| 2024 | +23.7% | +23.5% |
| 2025 | +7.6% | +8.9% |
| 2026 | +10.8% | +13.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OGE and PNW good diversifiers for each other?
Not really. At 0.82, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between OGE and PNW?
Using weekly returns as of 2026-08-27: 0.82 over 3 years, with 0.81 over the last year and 0.80 over 5 years.
Is PNW a good diversifier for OGE?
Not really. At 0.82, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.82 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/oge-vs-pnw.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/oge-vs-pnw/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: OGE correlations · PNW correlations
