MMM vs. NWN

Last updated Jun 9, 2026

MMM (3M Company) and NWN (Northwest Natural Holding Company) are both stocks. MMM operates in Conglomerates (Industrials), while NWN operates in Utilities - Regulated Gas (Utilities). Over the past 10 years, MMM returned 4.22%/yr vs 1.85%/yr for NWN. At a 0.27 correlation, their price movements are largely independent.

Performance

MMM vs. NWN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in 3M Company (MMM) and Northwest Natural Holding Company (NWN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MMM achieves a -2.97% return, which is significantly lower than NWN's 6.78% return. Over the past 10 years, MMM has outperformed NWN with an annualized return of 4.22%, while NWN has yielded a comparatively lower 1.85% annualized return.

MMM

• 1D: 0.06%
• 1M: 7.92%
• YTD: -2.97%
• 6M: -5.26%
• 1Y: 7.72%
• 3Y*: 26.44%
• 5Y*: 1.64%
• 10Y*: 4.22%

NWN

• 1D: -1.71%
• 1M: -2.99%
• YTD: 6.78%
• 6M: 8.05%
• 1Y: 28.62%
• 3Y*: 8.99%
• 5Y*: 2.11%
• 10Y*: 1.85%

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

MMM vs. NWN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MMM 3M Company	-2.97%	26.36%	46.13%	-3.33%	-29.63%	4.85%	2.77%	-4.29%	-16.90%	34.90%
NWN Northwest Natural Holding Company	6.78%	23.75%	6.77%	-14.45%	1.49%	10.26%	-35.52%	25.46%	4.48%	2.82%

Correlation

The correlation between MMM and NWN is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.33
Correlation (10Y) Calculated over the trailing 10-year period	0.30
Correlation (All Time) Calculated using the full available price history since Mar 27, 1990	0.27

The correlation between MMM and NWN shifts across timeframes, from 0.18 (1 year) to 0.33 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

EPS MMM : $5.17 NWN : $4.01
PE Ratio MMM : 29.78 NWN : 12.21
PS Ratio MMM : 3.32 NWN : 1.17
Total Revenue (TTM) MMM : $25.02B NWN : $1.29B
Gross Profit (TTM) MMM : $9.89B NWN : $288.00M
EBITDA (TTM) MMM : $5.28B NWN : $426.96M

Return for Risk

MMM vs. NWN — Risk / Return Rank

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

MMM

MMM Risk / Return Rank: 50
MMM Sharpe Ratio Rank: 53
MMM Sortino Ratio Rank: 47
MMM Omega Ratio Rank: 45
MMM Calmar Ratio Rank: 52
MMM Martin Ratio Rank: 53

NWN

NWN Risk / Return Rank: 78
NWN Sharpe Ratio Rank: 82
NWN Sortino Ratio Rank: 75
NWN Omega Ratio Rank: 78
NWN Calmar Ratio Rank: 77
NWN Martin Ratio Rank: 81

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.

MMM vs. NWN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 3M Company (MMM) 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.

	MMM	NWN	Difference
Sharpe ratio: Return per unit of total volatility	0.30	1.44	-1.14
Sortino ratio: Return per unit of downside risk	0.61	1.91	-1.30
Omega ratio: Gain probability vs. loss probability	1.07	1.27	-0.20
Calmar ratio: Return relative to maximum drawdown	0.41	2.14	-1.72
Martin ratio: Return relative to average drawdown	0.92	6.57	-5.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MMM vs. NWN - Sharpe Ratio Comparison

The current MMM Sharpe Ratio is 0.30, which is lower than the NWN Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of MMM and NWN, 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

	MMM	NWN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.30	1.44	-1.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.06	0.09	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.16	0.07	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.31	+0.03

Drawdowns

MMM vs. NWN - Drawdown Comparison

The maximum MMM drawdown since its inception was -59.10%, which is greater than NWN's maximum drawdown of -46.27%. Use the drawdown chart below to compare losses from any high point for MMM and NWN.

Drawdown Indicators

	MMM	NWN	Difference
Max Drawdown Largest peak-to-trough decline	-59.10%	-46.27%	-12.83%
Max Drawdown (1Y) Largest decline over 1 year	-18.77%	-13.46%	-5.31%
Max Drawdown (3Y) Largest decline over 3 years	-22.87%	-18.39%	-4.48%
Max Drawdown (5Y) Largest decline over 5 years	-53.41%	-32.09%	-21.32%
Max Drawdown (10Y) Largest decline over 10 years	-59.10%	-46.27%	-12.83%
Current Drawdown Current decline from peak	-11.04%	-17.02%	+5.98%
Average Drawdown Average peak-to-trough decline	-16.11%	-12.14%	-3.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.41%	4.37%	+4.04%

Volatility

MMM vs. NWN - Volatility Comparison

3M Company (MMM) and Northwest Natural Holding Company (NWN) have volatilities of 6.60% and 6.35%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MMM	NWN	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.60%	6.35%	+0.25%
Volatility (6M) Calculated over the trailing 6-month period	19.32%	15.58%	+3.74%
Volatility (1Y) Calculated over the trailing 1-year period	26.01%	20.02%	+5.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.30%	22.87%	+5.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.54%	28.15%	-1.61%

Dividends

MMM vs. NWN - Dividend Comparison

MMM's dividend yield for the trailing twelve months is around 1.96%, less than NWN's 4.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MMM 3M Company	1.96%	1.82%	16.27%	5.49%	4.97%	3.33%	3.36%	3.26%	2.86%	2.00%	2.49%	2.72%
NWN Northwest Natural Holding Company	4.02%	4.20%	4.94%	4.99%	4.06%	3.94%	4.16%	2.58%	3.13%	3.16%	3.13%	3.68%

Financials

MMM vs. NWN - Profitability Comparison

The chart below illustrates the profitability comparison between 3M Company and Northwest Natural Holding Company over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

MMM - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, 3M Company reported a gross profit of 2.46B and revenue of 6.03B. Therefore, the gross margin over that period was 40.7%.

NWN - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 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%.

MMM - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, 3M Company reported an operating income of 1.40B and revenue of 6.03B, resulting in an operating margin of 23.2%.

NWN - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 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%.

MMM - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, 3M Company reported a net income of 653.00M and revenue of 6.03B, resulting in a net margin of 10.8%.

NWN - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 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

Can I hold both MMM and NWN in my portfolio?

MMM and NWN have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MMM or NWN?

MMM has higher volatility (6.60%) compared to NWN (6.35%). In terms of maximum drawdown, MMM dropped -59.10% vs NWN's -46.27%.

Which has better risk-adjusted returns?

NWN currently has the higher Sharpe Ratio (1.44 vs 0.30), 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.