PNW vs PPL: Correlation
How closely do Pinnacle West Capital (PNW) and PPL Corporation (PPL) trade together? Their weekly returns over three years give a correlation of 0.75, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PNW and PPL?
Across a 3-year window, the weekly returns of PNW and PPL correlate at 0.75, strong. Recent behaviour matches the longer record: 0.78 over 1 year against 0.75 over 3. Stretching to 5 years gives 0.72, with an annualized covariance of 236.2 %².
Within PNW's tracked universe of 36 assets, PPL comes in at #8 by 3-year correlation. The last year tells two different stories: PNW led by 15.4 percentage points, +12.4% for PNW against -3.0% for PPL. Across three years, the rolling one-year figure varied moderately, from 0.54 to 0.84.
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.
PNW vs PPL: side by side
| PNW (Pinnacle West Capital) | PPL (PPL Corporation) | |
|---|---|---|
| 1-year return | +12.4% | -3.0% |
| 5-year return | +59.3% | +41.1% |
| Volatility (ann.) | 18.2% | 17.4% |
| Beta vs S&P 500 | 0.09 | 0.13 |
| Max drawdown (3Y) | -14.4% | -13.3% |
| Market cap | $11.9B | $25.9B |
| P/E (trailing) | 18.8 | 20.7 |
| Dividend yield | 3.67% | 3.18% |
| Sector / category | Utilities | Utilities |
Year-by-year returns
| Year | PNW | PPL |
|---|---|---|
| 2022 | +13.0% | +0.4% |
| 2023 | -1.2% | -3.8% |
| 2024 | +23.5% | +24.0% |
| 2025 | +8.9% | +11.4% |
| 2026 | +13.5% | -0.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PNW and PPL good diversifiers for each other?
To a limited degree. At 0.75 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 PNW and PPL?
As of 2026-08-27, the correlation of weekly returns between PNW and PPL is 0.75 over 3 years, 0.78 over 1 year and 0.72 over 5 years.
Is PPL a good diversifier for PNW?
To a limited degree. At 0.75 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 0.75 mean?
On the −1 to +1 scale, 0.75 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/pnw-vs-ppl.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/pnw-vs-ppl/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PNW correlations · PPL correlations
