CNX vs. ATO

Last updated Jun 5, 2026

CNX (CNX Resources Corporation) and ATO (Atmos Energy Corporation) are both stocks. CNX operates in Oil & Gas E&P (Energy), while ATO operates in Utilities - Regulated Gas (Utilities). Over the past 10 years, CNX returned 8.23%/yr vs 11.09%/yr for ATO. At a 0.22 correlation, their price movements are largely independent.

Performance

CNX vs. ATO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in CNX Resources Corporation (CNX) and Atmos Energy Corporation (ATO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CNX achieves a -7.45% return, which is significantly lower than ATO's 1.32% return. Over the past 10 years, CNX has underperformed ATO with an annualized return of 8.23%, while ATO has yielded a comparatively higher 11.09% annualized return.

CNX

• 1D: 1.37%
• 1M: -10.49%
• YTD: -7.45%
• 6M: -15.75%
• 1Y: 9.07%
• 3Y*: 29.01%
• 5Y*: 19.24%
• 10Y*: 8.23%

ATO

• 1D: -0.20%
• 1M: -9.79%
• YTD: 1.32%
• 6M: -0.64%
• 1Y: 12.86%
• 3Y*: 16.39%
• 5Y*: 13.55%
• 10Y*: 11.09%

*Multi-year figures are annualized to reflect compound growth (CAGR)

CNX vs. ATO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CNX CNX Resources Corporation	-7.45%	0.27%	83.35%	18.76%	22.47%	27.31%	22.03%	-22.50%	-21.94%	-19.75%
ATO Atmos Energy Corporation	1.32%	23.07%	23.35%	6.17%	9.63%	12.75%	-12.73%	23.14%	10.39%	18.41%

Correlation

The correlation between CNX and ATO is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.26
Correlation (10Y) Calculated over the trailing 10-year period	0.15
Correlation (All Time) Calculated using the full available price history since May 3, 1999	0.22

The correlation between CNX and ATO shifts across timeframes, from 0.15 (10 years) to 0.26 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

EPS CNX : $9.47 ATO : $8.23
PE Ratio CNX : 3.59 ATO : 20.41
PEG Ratio CNX : 0.00 ATO : 2.01
PS Ratio CNX : 1.74 ATO : 5.63
Total Revenue (TTM) CNX : $2.43B ATO : $4.88B
Gross Profit (TTM) CNX : $1.17B ATO : $1.61B
EBITDA (TTM) CNX : $2.24B ATO : $2.57B

Return for Risk

CNX vs. ATO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CNX

CNX Risk / Return Rank: 49
CNX Sharpe Ratio Rank: 53
CNX Sortino Ratio Rank: 45
CNX Omega Ratio Rank: 44
CNX Calmar Ratio Rank: 52
CNX Martin Ratio Rank: 51

ATO

ATO Risk / Return Rank: 64
ATO Sharpe Ratio Rank: 68
ATO Sortino Ratio Rank: 60
ATO Omega Ratio Rank: 59
ATO Calmar Ratio Rank: 63
ATO Martin Ratio Rank: 69

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CNX vs. ATO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CNX Resources Corporation (CNX) and Atmos Energy Corporation (ATO). 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.

	CNX	ATO	Difference
Sharpe ratio: Return per unit of total volatility	0.31	0.84	-0.54
Sortino ratio: Return per unit of downside risk	0.61	1.24	-0.63
Omega ratio: Gain probability vs. loss probability	1.07	1.15	-0.08
Calmar ratio: Return relative to maximum drawdown	0.42	1.03	-0.61
Martin ratio: Return relative to average drawdown	0.89	3.42	-2.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CNX vs. ATO - Sharpe Ratio Comparison

The current CNX Sharpe Ratio is 0.31, which is lower than the ATO Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of CNX and ATO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CNX	ATO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.31	0.84	-0.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	0.73	-0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.17	0.52	-0.35
Sharpe Ratio (All Time) Calculated using the full available price history	0.14	0.52	-0.38

Drawdowns

CNX vs. ATO - Drawdown Comparison

The maximum CNX drawdown since its inception was -95.41%, which is greater than ATO's maximum drawdown of -51.94%. Use the drawdown chart below to compare losses from any high point for CNX and ATO.

Drawdown Indicators

	CNX	ATO	Difference
Max Drawdown Largest peak-to-trough decline	-95.41%	-51.94%	-43.47%
Max Drawdown (1Y) Largest decline over 1 year	-21.80%	-12.58%	-9.22%
Max Drawdown (3Y) Largest decline over 3 years	-33.37%	-16.87%	-16.50%
Max Drawdown (5Y) Largest decline over 5 years	-38.23%	-19.08%	-19.15%
Max Drawdown (10Y) Largest decline over 10 years	-77.19%	-32.91%	-44.28%
Current Drawdown Current decline from peak	-68.64%	-12.16%	-56.48%
Average Drawdown Average peak-to-trough decline	-58.16%	-8.56%	-49.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.27%	3.77%	+6.50%

Volatility

CNX vs. ATO - Volatility Comparison

CNX Resources Corporation (CNX) has a higher volatility of 7.87% compared to Atmos Energy Corporation (ATO) at 4.88%. This indicates that CNX's price experiences larger fluctuations and is considered to be riskier than ATO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CNX	ATO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.87%	4.88%	+2.99%
Volatility (6M) Calculated over the trailing 6-month period	21.98%	11.29%	+10.69%
Volatility (1Y) Calculated over the trailing 1-year period	29.92%	15.45%	+14.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.42%	18.57%	+16.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.48%	21.24%	+27.24%

Dividends

CNX vs. ATO - Dividend Comparison

CNX has not paid dividends to shareholders, while ATO's dividend yield for the trailing twelve months is around 2.30%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ATO Atmos Energy Corporation	2.30%	2.15%	2.36%	2.61%	2.48%	2.44%	2.46%	1.92%	2.14%	2.14%	2.31%	2.52%
CNX CNX Resources Corporation	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.05%	1.84%

Financials

CNX vs. ATO - Profitability Comparison

The chart below illustrates the profitability comparison between CNX Resources Corporation and Atmos Energy Corporation over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

CNX - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, CNX Resources Corporation reported a gross profit of 0.00 and revenue of 786.65M. Therefore, the gross margin over that period was 0.0%.

ATO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Atmos Energy Corporation reported a gross profit of 0.00 and revenue of 1.96B. Therefore, the gross margin over that period was 0.0%.

CNX - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, CNX Resources Corporation reported an operating income of 2.03M and revenue of 786.65M, resulting in an operating margin of 0.3%.

ATO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Atmos Energy Corporation reported an operating income of 764.80M and revenue of 1.96B, resulting in an operating margin of 39.0%.

CNX - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, CNX Resources Corporation reported a net income of 348.15M and revenue of 786.65M, resulting in a net margin of 44.3%.

ATO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Atmos Energy Corporation reported a net income of 581.90M and revenue of 1.96B, resulting in a net margin of 29.7%.

Frequently Asked Questions

Can I hold both CNX and ATO in my portfolio?

CNX and ATO have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CNX or ATO?

CNX has higher volatility (7.87%) compared to ATO (4.88%). In terms of maximum drawdown, CNX dropped -95.41% vs ATO's -51.94%.

Which has better risk-adjusted returns?

ATO currently has the higher Sharpe Ratio (0.84 vs 0.31), 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.