NWE vs. BKH
NWE (NorthWestern Corporation) and BKH (Black Hills Corporation) are both stocks. Both operate in the Utilities - Diversified industry within the Utilities sector. Over the past 10 years, NWE returned 5.81%/yr vs 5.14%/yr for BKH. A 0.73 correlation means they provide meaningful diversification when combined.
Performance
NWE vs. BKH - Performance Comparison
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Returns By Period
In the year-to-date period, NWE achieves a 8.24% return, which is significantly higher than BKH's 4.93% return. Over the past 10 years, NWE has outperformed BKH with an annualized return of 5.81%, while BKH has yielded a comparatively lower 5.14% annualized return.
NWE
- 1D
- -0.92%
- 1M
- -3.85%
- YTD
- 8.24%
- 6M
- 5.73%
- 1Y
- 34.06%
- 3Y*
- 11.42%
- 5Y*
- 6.43%
- 10Y*
- 5.81%
BKH
- 1D
- -0.80%
- 1M
- -3.70%
- YTD
- 4.93%
- 6M
- 2.38%
- 1Y
- 27.04%
- 3Y*
- 9.39%
- 5Y*
- 5.02%
- 10Y*
- 5.14%
NWE vs. BKH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NWE NorthWestern Corporation | 8.24% | 26.40% | 10.51% | -10.12% | 8.49% | 2.10% | -15.15% | 24.50% | 3.52% | 8.74% |
BKH Black Hills Corporation | 4.93% | 23.93% | 13.57% | -19.95% | 3.08% | 18.86% | -19.05% | 28.60% | 7.98% | 0.81% |
Correlation
The correlation between NWE and BKH is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.81 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.80 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since Dec 31, 2007 | 0.73 |
Over the past year, NWE and BKH have become more correlated (0.94) than their long-term average of 0.73, meaning their price movements have been converging.
Fundamentals
NWE:
$4.25B
BKH:
$5.40B
NWE:
$2.72
BKH:
$2.10
NWE:
25.42
BKH:
34.11
NWE:
2.59
BKH:
2.32
NWE:
$1.64B
BKH:
$2.29B
NWE:
$1.15B
BKH:
$596.90M
NWE:
$510.42M
BKH:
$554.70M
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Return for Risk
NWE vs. BKH — Risk / Return Rank
NWE
BKH
NWE vs. BKH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for NorthWestern Corporation (NWE) and Black Hills Corporation (BKH). 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.
| NWE | BKH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.26 | ||
| Sortino ratioReturn per unit of downside risk | +0.37 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.24 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 3.39 | 2.60 | +0.79 |
| Martin ratioReturn relative to average drawdown | 11.34 | 7.92 | +3.43 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| NWE | BKH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.60 | 1.34 | +0.26 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.31 | 0.23 | +0.08 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.24 | 0.20 | +0.03 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.39 | 0.44 | -0.05 |
Drawdowns
NWE vs. BKH - Drawdown Comparison
The maximum NWE drawdown since its inception was -39.34%, smaller than the maximum BKH drawdown of -65.72%. Use the drawdown chart below to compare losses from any high point for NWE and BKH.
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Drawdown Indicators
| NWE | BKH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.34% | -65.72% | +26.38% |
Max Drawdown (1Y)Largest decline over 1 year | -10.09% | -10.45% | +0.36% |
Max Drawdown (3Y)Largest decline over 3 years | -19.73% | -24.45% | +4.72% |
Max Drawdown (5Y)Largest decline over 5 years | -21.97% | -36.98% | +15.01% |
Max Drawdown (10Y)Largest decline over 10 years | -39.34% | -40.45% | +1.11% |
Current DrawdownCurrent decline from peak | -5.73% | -6.09% | +0.36% |
Average DrawdownAverage peak-to-trough decline | -10.77% | -16.20% | +5.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.14% | 3.56% | -0.42% |
Volatility
NWE vs. BKH - Volatility Comparison
NorthWestern Corporation (NWE) and Black Hills Corporation (BKH) have volatilities of 6.68% and 6.40%, 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.
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Volatility by Period
| NWE | BKH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.68% | 6.40% | +0.28% |
Volatility (6M)Calculated over the trailing 6-month period | 16.06% | 15.72% | +0.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.39% | 20.28% | +1.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.05% | 22.10% | -1.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.72% | 25.38% | -0.66% |
Dividends
NWE vs. BKH - Dividend Comparison
NWE's dividend yield for the trailing twelve months is around 3.83%, which matches BKH's 3.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BKH Black Hills Corporation | 3.86% | 3.90% | 4.44% | 4.63% | 3.43% | 3.25% | 3.53% | 2.61% | 3.07% | 3.01% | 2.74% | 3.49% |
NWE NorthWestern Corporation | 3.83% | 4.09% | 4.86% | 5.03% | 4.25% | 4.34% | 4.12% | 3.21% | 3.70% | 3.52% | 3.52% | 3.54% |
Financials
NWE vs. BKH - Financials Comparison
This section allows you to compare key financial metrics between NorthWestern Corporation and Black Hills Corporation. 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
NWE vs. BKH - Profitability Comparison
NWE - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, NorthWestern Corporation reported a gross profit of 423.03M and revenue of 497.57M. Therefore, the gross margin over that period was 85.0%.
BKH - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 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%.
NWE - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, NorthWestern Corporation reported an operating income of 114.11M and revenue of 497.57M, resulting in an operating margin of 22.9%.
BKH - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Black Hills Corporation reported an operating income of 201.90M and revenue of 780.70M, resulting in an operating margin of 25.9%.
NWE - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, NorthWestern Corporation reported a net income of 63.46M and revenue of 497.57M, resulting in a net margin of 12.8%.
BKH - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Black Hills Corporation reported a net income of -2.10M and revenue of 780.70M, resulting in a net margin of -0.3%.
Frequently Asked Questions
With a correlation of 0.94, NWE and BKH move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
NWE has higher volatility (6.68%) compared to BKH (6.40%). In terms of maximum drawdown, NWE dropped -39.34% vs BKH's -65.72%.
NWE currently has the higher Sharpe Ratio (1.60 vs 1.34), 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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