BKH vs. NWN
BKH (Black Hills Corporation) and NWN (Northwest Natural Holding Company) are both stocks. Both are in the Utilities sector — BKH in Utilities - Diversified, NWN in Utilities - Regulated Gas. Over the past 10 years, BKH returned 4.90%/yr vs 0.95%/yr for NWN. Their 0.44 correlation means their historical movements had little consistent relationship.
Performance
BKH vs. NWN - Performance Comparison
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Returns By Period
In the year-to-date period, BKH achieves a 4.55% return, which is significantly lower than NWN's 7.82% return. Over the past 10 years, BKH has outperformed NWN with an annualized return of 4.90%, while NWN has yielded a comparatively lower 0.95% annualized return.
BKH
- 1D
- -1.41%
- 1M
- -3.30%
- 6M
- -0.55%
- YTD
- 4.55%
- 1Y
- 28.24%
- 3Y*
- 11.13%
- 5Y*
- 5.20%
- 10Y*
- 4.90%
- ALL TIME*
- 10.89%
NWN
- 1D
- -1.25%
- 1M
- 1.39%
- 6M
- 7.11%
- YTD
- 7.82%
- 1Y
- 27.60%
- 3Y*
- 9.99%
- 5Y*
- 3.12%
- 10Y*
- 0.95%
- ALL TIME*
- 7.67%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $45.52M | $54.01M | $68.22M | |
| $10.16M | $10.61M | $13.82M |
BKH vs. NWN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BKH Black Hills Corporation | 4.55% | 23.93% | 13.57% | -19.95% | 3.08% | 18.86% | -19.05% | 28.60% | 7.98% | 0.81% |
NWN Northwest Natural Holding Company | 7.82% | 23.75% | 6.77% | -14.45% | 1.49% | 10.26% | -35.52% | 25.46% | 4.48% | 2.82% |
Correlation
The correlation between BKH and NWN is 0.66, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.66 |
Correlation (3Y) Balances recent behavior with more history. | 0.67 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.66 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.65 |
Correlation (All Time) Calculated using the full available price history since Mar 26, 1990 | 0.44 |
Over the past year, BKH and NWN have become more correlated (0.66) than their long-term average of 0.44, meaning their price movements have been converging.
Fundamentals
BKH:
$5.42B
NWN:
$2.06B
BKH:
$2.08
NWN:
$4.49
BKH:
34.24
NWN:
10.90
BKH:
20.43
NWN:
2.86
BKH:
2.33
NWN:
1.04
BKH:
$2.29B
NWN:
$1.29B
BKH:
$596.90M
NWN:
$288.00M
BKH:
$554.70M
NWN:
$426.96M
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Return for Risk
BKH vs. NWN — Risk / Return Rank
BKH
NWN
BKH vs. NWN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Black Hills Corporation (BKH) and Northwest Natural Holding Company (NWN). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| BKH | NWN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.11 | ||
| Sortino ratioReturn per unit of downside risk | -0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.25 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.59 | 2.06 | +0.53 |
| Martin ratioReturn relative to average drawdown | 7.72 | 5.01 | +2.71 |
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Drawdowns
BKH vs. NWN - Drawdown Comparison
The maximum BKH drawdown since its inception was -65.72%, which is greater than NWN's maximum drawdown of -46.27%. Use the drawdown chart below to compare losses from any high point for BKH and NWN.
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Drawdown Indicators
| BKH | NWN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -65.72% | -46.27% | -19.45% |
Max Drawdown (1Y)Largest decline over 1 year | -10.94% | -13.46% | +2.52% |
Max Drawdown (3Y)Largest decline over 3 years | -18.28% | -15.14% | -3.14% |
Max Drawdown (5Y)Largest decline over 5 years | -36.98% | -32.09% | -4.89% |
Max Drawdown (10Y)Largest decline over 10 years | -40.45% | -46.27% | +5.82% |
Current DrawdownCurrent decline from peak | -6.43% | -16.22% | +9.79% |
Average DrawdownAverage peak-to-trough decline | -16.15% | -12.15% | -4.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.67% | 5.53% | -1.86% |
Volatility
BKH vs. NWN - Volatility Comparison
The current volatility for Black Hills Corporation (BKH) is 6.15%, while Northwest Natural Holding Company (NWN) has a volatility of 6.67%. This indicates that BKH experiences smaller price fluctuations and is considered to be less risky than NWN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BKH | NWN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.15% | 6.67% | -0.52% |
Volatility (6M)Calculated over the trailing 6-month period | 18.00% | 16.71% | +1.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.61% | 20.31% | +2.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.39% | 22.83% | -0.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.59% | 28.19% | -2.60% |
Dividends
BKH vs. NWN - Dividend Comparison
BKH's dividend yield for the trailing twelve months is around 3.87%, less than NWN's 4.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BKH Black Hills Corporation | 3.87% | 3.90% | 4.44% | 4.63% | 3.43% | 3.25% | 3.53% | 2.61% | 3.07% | 3.01% | 2.74% | 3.49% |
NWN Northwest Natural Holding Company | 4.03% | 4.20% | 4.94% | 4.99% | 4.06% | 3.94% | 4.16% | 2.58% | 3.13% | 3.16% | 3.13% | 3.68% |
Financials
BKH vs. NWN - Financials Comparison
This section allows you to compare key financial metrics between Black Hills Corporation and Northwest Natural Holding Company. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
BKH vs. NWN - Profitability Comparison
BKH - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Aug 2026, Black Hills Corporation reported a gross profit of 0.00 and revenue of 780.70M. Therefore, the gross margin over that period was 0.0%.
NWN - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Aug 2026, Northwest Natural Holding Company reported a gross profit of 0.00 and revenue of 490.40M. Therefore, the gross margin over that period was 0.0%.
BKH - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 2026, Black Hills Corporation reported an operating income of 201.90M and revenue of 780.70M, resulting in an operating margin of 25.9%.
NWN - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 2026, Northwest Natural Holding Company reported an operating income of 162.87M and revenue of 490.40M, resulting in an operating margin of 33.2%.
BKH - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 2026, Black Hills Corporation reported a net income of -2.10M and revenue of 780.70M, resulting in a net margin of -0.3%.
NWN - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 2026, Northwest Natural Holding Company reported a net income of 97.49M and revenue of 490.40M, resulting in a net margin of 19.9%.
Frequently Asked Questions
BKH and NWN have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NWN has higher volatility (6.67%) compared to BKH (6.15%). In terms of maximum drawdown, BKH dropped -65.72% vs NWN's -46.27%.
NWN currently has the higher Sharpe Ratio (1.37 vs 1.26), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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