PNW vs TXNM: Correlation
Measured on weekly returns over the past three years, Pinnacle West Capital (PNW) and TXNM Energy, Inc. (TXNM) carry a correlation of 0.45, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PNW and TXNM?
On 3 years of weekly data the PNW/TXNM correlation comes out at 0.45, moderate. The link has loosened recently: the 1-year correlation (0.28) runs below the 3-year figure (0.45). The 5-year figure is 0.42, and annualized covariance runs at 139.0 %².
Within PNW's tracked universe of 36 assets, TXNM comes in at #23 by 3-year correlation. The trailing year gives PNW the advantage: +12.4% versus +4.5%, a 7.9-point spread.
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 TXNM: side by side
| PNW (Pinnacle West Capital) | TXNM (TXNM Energy, Inc.) | |
|---|---|---|
| 1-year return | +12.4% | +4.5% |
| 5-year return | +59.3% | +36.1% |
| Volatility (ann.) | 18.2% | 17.1% |
| Beta vs S&P 500 | 0.09 | 0.10 |
| Max drawdown (3Y) | -14.4% | -21.0% |
| Market cap | $11.9B | $5.9B |
| P/E (trailing) | 18.8 | 31.4 |
| Dividend yield | 3.67% | 2.91% |
| Sector / category | Utilities | US Listed |
Year-by-year returns
| Year | PNW | TXNM |
|---|---|---|
| 2022 | +13.0% | +10.2% |
| 2023 | -1.2% | -12.0% |
| 2024 | +23.5% | +23.0% |
| 2025 | +8.9% | +23.4% |
| 2026 | +13.5% | -0.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PNW and TXNM good diversifiers for each other?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between PNW and TXNM?
Using weekly returns as of 2026-08-27: 0.45 over 3 years, with 0.28 over the last year and 0.42 over 5 years.
Is TXNM a good diversifier for PNW?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.45 mean?
On the −1 to +1 scale, 0.45 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-txnm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/pnw-vs-txnm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PNW correlations · TXNM correlations
