PPL vs XEL: Correlation
Measured on weekly returns over the past three years, PPL Corporation (PPL) and Xcel Energy (XEL) carry a correlation of 0.66, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PPL and XEL?
Over the past 3 years, PPL and XEL moved with a correlation of 0.66, which is strong. Recent behaviour matches the longer record: 0.74 over 1 year against 0.66 over 3. Over 5 years the correlation is 0.71, and the annualized covariance of weekly returns is 237.4 %².
Within PPL's tracked universe of 44 assets, XEL comes in at #20 by 3-year correlation. On 12-month performance XEL holds a 12.2-point edge, -3.0% against +9.2%. The rolling one-year correlation moved between 0.56 and 0.84 over the past three years, a moderate range.
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 XEL: side by side
| PPL (PPL Corporation) | XEL (Xcel Energy) | |
|---|---|---|
| 1-year return | -3.0% | +9.2% |
| 5-year return | +41.1% | +31.1% |
| Volatility (ann.) | 17.4% | 20.7% |
| Beta vs S&P 500 | 0.13 | 0.09 |
| Max drawdown (3Y) | -13.3% | -24.0% |
| Market cap | $25.9B | $48.2B |
| P/E (trailing) | 20.7 | 21.3 |
| Dividend yield | 3.18% | 2.99% |
| Sector / category | Utilities | Utilities |
Year-by-year returns
| Year | PPL | XEL |
|---|---|---|
| 2022 | +0.4% | +6.4% |
| 2023 | -3.8% | -8.7% |
| 2024 | +24.0% | +12.3% |
| 2025 | +11.4% | +13.9% |
| 2026 | -0.1% | +6.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PPL and XEL good diversifiers for each other?
To a limited degree. At 0.66 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 PPL and XEL?
As of 2026-08-27, the correlation of weekly returns between PPL and XEL is 0.66 over 3 years, 0.74 over 1 year and 0.71 over 5 years.
Is XEL a good diversifier for PPL?
To a limited degree. At 0.66 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 0.66 mean?
On the −1 to +1 scale, 0.66 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/ppl-vs-xel.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ppl-vs-xel/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PPL correlations · XEL correlations
