MSEX vs. NWN

Last updated Apr 2, 2026

Compare and contrast key facts about Middlesex Water Company (MSEX) and Northwest Natural Holding Company (NWN).

Performance

MSEX vs. NWN - Performance Comparison

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

MSEX vs. NWN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MSEX Middlesex Water Company	5.19%	-1.65%	-18.00%	-15.19%	-33.75%	68.50%	15.78%	21.12%	36.54%	-4.92%
NWN Northwest Natural Holding Company	16.11%	23.75%	6.77%	-14.45%	1.49%	10.26%	-35.52%	25.46%	4.48%	2.82%

Fundamentals

EPS MSEX : $2.35 NWN : $3.69
PE Ratio MSEX : 22.39 NWN : 14.54
PS Ratio MSEX : 4.92 NWN : 1.15
Total Revenue (TTM) MSEX : $194.69M NWN : $1.27B
Gross Profit (TTM) MSEX : $89.52M NWN : $309.31M
EBITDA (TTM) MSEX : $92.45M NWN : $454.27M

Returns By Period

In the year-to-date period, MSEX achieves a 5.19% return, which is significantly lower than NWN's 16.11% return. Over the past 10 years, MSEX has outperformed NWN with an annualized return of 7.32%, while NWN has yielded a comparatively lower 3.80% annualized return.

MSEX

• 1D: 1.23%
• 1M: -3.41%
• YTD: 5.19%
• 6M: 1.18%
• 1Y: -15.86%
• 3Y*: -10.29%
• 5Y*: -6.02%
• 10Y*: 7.32%

NWN

• 1D: 0.90%
• 1M: 2.11%
• YTD: 16.11%
• 6M: 23.65%
• 1Y: 30.55%
• 3Y*: 9.15%
• 5Y*: 4.73%
• 10Y*: 3.80%

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

Return for Risk

MSEX vs. NWN — Risk / Return Rank

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

MSEX

MSEX Risk / Return Rank: 20
MSEX Sharpe Ratio Rank: 18
MSEX Sortino Ratio Rank: 18
MSEX Omega Ratio Rank: 18
MSEX Calmar Ratio Rank: 20
MSEX Martin Ratio Rank: 25

NWN

NWN Risk / Return Rank: 82
NWN Sharpe Ratio Rank: 85
NWN Sortino Ratio Rank: 80
NWN Omega Ratio Rank: 79
NWN Calmar Ratio Rank: 86
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.

MSEX vs. NWN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Middlesex Water Company (MSEX) 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.

	MSEX	NWN	Difference
Sharpe ratio Return per unit of total volatility	-0.52	1.61	-2.13
Sortino ratio Return per unit of downside risk	-0.55	2.12	-2.68
Omega ratio Gain probability vs. loss probability	0.93	1.29	-0.36
Calmar ratio Return relative to maximum drawdown	-0.61	3.19	-3.80
Martin ratio Return relative to average drawdown	-0.90	6.46	-7.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSEX vs. NWN - Sharpe Ratio Comparison

The current MSEX Sharpe Ratio is -0.52, which is lower than the NWN Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of MSEX and NWN, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MSEX	NWN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.52	1.61	-2.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.20	0.21	-0.41
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.23	0.14	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.32	0.00

Correlation

The correlation between MSEX and NWN is 0.32, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

MSEX vs. NWN - Dividend Comparison

MSEX's dividend yield for the trailing twelve months is around 2.66%, less than NWN's 3.66% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MSEX Middlesex Water Company	2.66%	2.74%	2.50%	1.92%	1.50%	1.16%	1.44%	1.54%	1.71%	2.15%	1.88%	2.92%
NWN Northwest Natural Holding Company	3.66%	4.20%	4.94%	4.99%	4.06%	3.94%	4.16%	2.58%	3.13%	3.16%	3.13%	3.68%

Drawdowns

MSEX vs. NWN - Drawdown Comparison

The maximum MSEX drawdown since its inception was -60.51%, which is greater than NWN's maximum drawdown of -46.27%. Use the drawdown chart below to compare losses from any high point for MSEX and NWN.

Drawdown Indicators

	MSEX	NWN	Difference
Max Drawdown Largest peak-to-trough decline	-60.51%	-46.27%	-14.24%
Max Drawdown (1Y) Largest decline over 1 year	-25.57%	-9.85%	-15.72%
Max Drawdown (5Y) Largest decline over 5 years	-60.51%	-32.09%	-28.42%
Max Drawdown (10Y) Largest decline over 10 years	-60.51%	-46.27%	-14.24%
Current Drawdown Current decline from peak	-52.34%	-9.78%	-42.56%
Average Drawdown Average peak-to-trough decline	-12.66%	-12.13%	-0.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.41%	4.87%	+12.54%

Volatility

MSEX vs. NWN - Volatility Comparison

Middlesex Water Company (MSEX) has a higher volatility of 7.19% compared to Northwest Natural Holding Company (NWN) at 4.79%. This indicates that MSEX's price experiences larger fluctuations and is considered to be riskier than NWN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSEX	NWN	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.19%	4.79%	+2.40%
Volatility (6M) Calculated over the trailing 6-month period	24.69%	12.86%	+11.83%
Volatility (1Y) Calculated over the trailing 1-year period	30.33%	19.10%	+11.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.93%	22.53%	+8.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.34%	28.05%	+4.29%

Financials

MSEX vs. NWN - Profitability Comparison

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

MSEX - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Middlesex Water Company reported a gross profit of 16.66M and revenue of 46.98M. Therefore, the gross margin over that period was 35.5%.

NWN - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Northwest Natural Holding Company reported a gross profit of 0.00 and revenue of 370.88M. Therefore, the gross margin over that period was 0.0%.

MSEX - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Middlesex Water Company reported an operating income of 11.21M and revenue of 46.98M, resulting in an operating margin of 23.9%.

NWN - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Northwest Natural Holding Company reported an operating income of 84.94M and revenue of 370.88M, resulting in an operating margin of 22.9%.

MSEX - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Middlesex Water Company reported a net income of 8.61M and revenue of 46.98M, resulting in a net margin of 18.3%.

NWN - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Northwest Natural Holding Company reported a net income of 45.00M and revenue of 370.88M, resulting in a net margin of 12.1%.