OGE vs XEL: Correlation
How closely do OGE Energy Corp (OGE) and Xcel Energy (XEL) trade together? Their weekly returns over three years give a correlation of 0.71, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OGE and XEL?
On 3 years of weekly data the OGE/XEL correlation comes out at 0.71, strong. The link has tightened recently: the 1-year correlation (0.84) runs above the 3-year figure (0.71). The 5-year figure is 0.79, and annualized covariance runs at 257.8 %².
Among the 42 assets we track against OGE, XEL ranks #20 by 3-year correlation. Twelve-month performance is nearly a tie, at +5.5% for OGE and +9.2% for XEL.
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 XEL: side by side
| OGE (OGE Energy Corp) | XEL (Xcel Energy) | |
|---|---|---|
| 1-year return | +5.5% | +9.2% |
| 5-year return | +60.6% | +31.1% |
| Volatility (ann.) | 17.6% | 20.7% |
| Beta vs S&P 500 | 0.20 | 0.09 |
| Max drawdown (3Y) | -11.3% | -24.0% |
| Market cap | $9.5B | $48.2B |
| P/E (trailing) | 20.4 | 21.3 |
| Dividend yield | 3.64% | 2.99% |
| Sector / category | US Listed | Utilities |
Year-by-year returns
| Year | OGE | XEL |
|---|---|---|
| 2022 | +7.6% | +6.4% |
| 2023 | -7.5% | -8.7% |
| 2024 | +23.7% | +12.3% |
| 2025 | +7.6% | +13.9% |
| 2026 | +10.8% | +6.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OGE and XEL good diversifiers for each other?
To a limited degree. At 0.71 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 OGE and XEL?
Using weekly returns as of 2026-08-27: 0.71 over 3 years, with 0.84 over the last year and 0.79 over 5 years.
Is XEL a good diversifier for OGE?
To a limited degree. At 0.71 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 0.71 mean?
On the −1 to +1 scale, 0.71 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/oge-vs-xel.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/oge-vs-xel/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: OGE correlations · XEL correlations
