PPL vs SWX: Correlation
How closely do PPL Corporation (PPL) and Southwest Gas Holdings, Inc. (SWX) trade together? Their weekly returns over three years give a correlation of 0.58, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PPL and SWX?
Over the past 3 years, PPL and SWX moved with a correlation of 0.58, which is moderate. Lately the two have moved closer together, with the 1-year correlation at 0.76 versus 0.58 over 3 years. Over 5 years the correlation is 0.52, and the annualized covariance of weekly returns is 214.4 %².
Among the 44 assets we track against PPL, SWX ranks #26 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SWX ahead by 20.7 points (-3.0% versus +17.7%).
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.
PPL vs SWX: side by side
| PPL (PPL Corporation) | SWX (Southwest Gas Holdings, Inc.) | |
|---|---|---|
| 1-year return | -3.0% | +17.7% |
| 5-year return | +41.1% | +51.6% |
| Volatility (ann.) | 17.4% | 21.1% |
| Beta vs S&P 500 | 0.13 | 0.35 |
| Max drawdown (3Y) | -13.3% | -14.8% |
| Market cap | $25.9B | $6.5B |
| P/E (trailing) | 20.7 | 23.3 |
| Dividend yield | 3.18% | 2.76% |
| Sector / category | Utilities | US Listed |
Year-by-year returns
| Year | PPL | SWX |
|---|---|---|
| 2022 | +0.4% | -8.7% |
| 2023 | -3.8% | +6.6% |
| 2024 | +24.0% | +15.7% |
| 2025 | +11.4% | +16.9% |
| 2026 | -0.1% | +14.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PPL and SWX good diversifiers for each other?
Somewhat, no more. With 0.58 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between PPL and SWX?
Using weekly returns as of 2026-08-27: 0.58 over 3 years, with 0.76 over the last year and 0.52 over 5 years.
Is SWX a good diversifier for PPL?
Somewhat, no more. With 0.58 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.58 mean?
A reading of 0.58 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ppl-vs-swx.json
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Related comparisons
Hubs: PPL correlations · SWX correlations
