PNW vs TEAM: Correlation
Measured on weekly returns over the past three years, Pinnacle West Capital (PNW) and Atlassian Corporation (TEAM) carry a correlation of -0.20, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PNW and TEAM?
Over the past 3 years, PNW and TEAM moved with a correlation of -0.20, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.31 versus -0.20 over 3 years. Over 5 years the correlation is -0.07, and the annualized covariance of weekly returns is -221.0 %².
Out of 36 assets tracked against PNW, TEAM lands near the bottom at #34. Their 12-month results are close: +12.4% for PNW against +8.0% for TEAM. Risk is not evenly split, since TEAM carries 3.4 times the volatility of the other side.
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 TEAM: side by side
| PNW (Pinnacle West Capital) | TEAM (Atlassian Corporation) | |
|---|---|---|
| 1-year return | +12.4% | +8.0% |
| 5-year return | +59.3% | -49.3% |
| Volatility (ann.) | 18.2% | 61.5% |
| Beta vs S&P 500 | 0.09 | 1.66 |
| Max drawdown (3Y) | -14.4% | -82.3% |
| Market cap | $11.9B | $47.0B |
| P/E (trailing) | 18.8 | – |
| Dividend yield | 3.67% | 0.00% |
| Sector / category | Utilities | US Listed |
Year-by-year returns
| Year | PNW | TEAM |
|---|---|---|
| 2022 | +13.0% | -66.3% |
| 2023 | -1.2% | +84.8% |
| 2024 | +23.5% | +2.3% |
| 2025 | +8.9% | -33.4% |
| 2026 | +13.5% | +14.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PNW and TEAM good diversifiers for each other?
By historical standards, yes. A correlation of -0.20 means the two rarely move for the same reasons.
FAQ
What is the correlation between PNW and TEAM?
Using weekly returns as of 2026-08-27: -0.20 over 3 years, with -0.31 over the last year and -0.07 over 5 years.
Is TEAM a good diversifier for PNW?
By historical standards, yes. A correlation of -0.20 means the two rarely move for the same reasons.
What does a correlation of -0.20 mean?
On the −1 to +1 scale, -0.20 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.
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Related comparisons
Hubs: PNW correlations · TEAM correlations
