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 5.53%/yr vs 4.90%/yr for BKH. Their 0.73 correlation means they have sometimes moved together and sometimes differently.
Performance
NWE vs. BKH - Performance Comparison
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Returns By Period
In the year-to-date period, NWE achieves a 8.60% return, which is significantly higher than BKH's 4.55% return. Over the past 10 years, NWE has outperformed BKH with an annualized return of 5.53%, while BKH has yielded a comparatively lower 4.90% annualized return.
NWE
- 1D
- -1.42%
- 1M
- -3.62%
- 6M
- 3.29%
- YTD
- 8.60%
- 1Y
- 33.77%
- 3Y*
- 12.22%
- 5Y*
- 6.85%
- 10Y*
- 5.53%
- ALL TIME*
- 9.12%
BKH
- 1D
- -1.41%
- 1M
- -3.50%
- 6M
- -0.55%
- YTD
- 4.55%
- 1Y
- 28.15%
- 3Y*
- 11.13%
- 5Y*
- 5.20%
- 10Y*
- 4.90%
- ALL TIME*
- 10.89%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $45.52M | $54.01M | $68.22M | |
| $24.17M | $25.46M | $34.31M |
NWE vs. BKH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NWE NorthWestern Corporation | 8.60% | 26.40% | 10.51% | -10.12% | 8.49% | 2.10% | -15.15% | 24.50% | 3.52% | 8.74% |
BKH Black Hills Corporation | 4.55% | 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 0.95 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.95 |
Correlation (3Y) Balances recent behavior with more history. | 0.83 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.80 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.78 |
Correlation (All Time) Calculated using the full available price history since Dec 28, 2007 | 0.73 |
Over the past year, NWE and BKH have become more correlated (0.95) than their long-term average of 0.73, meaning their price movements have been converging.
Fundamentals
NWE:
$4.23B
BKH:
$5.42B
NWE:
$2.78
BKH:
$2.08
NWE:
24.73
BKH:
34.24
NWE:
2.51
BKH:
2.33
NWE:
$1.69B
BKH:
$2.29B
NWE:
$1.12B
BKH:
$596.90M
NWE:
$592.99M
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.
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.
| NWE | BKH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.16 | ||
| Sortino ratioReturn per unit of downside risk | +0.25 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.23 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 3.20 | 2.59 | +0.61 |
| Martin ratioReturn relative to average drawdown | 10.17 | 7.72 | +2.45 |
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Drawdowns
NWE vs. BKH - Drawdown Comparison
The maximum NWE drawdown since its inception was -39.96%, 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 | -39.96% | -65.72% | +25.76% |
Max Drawdown (1Y)Largest decline over 1 year | -10.47% | -10.94% | +0.47% |
Max Drawdown (3Y)Largest decline over 3 years | -13.57% | -17.43% | +3.86% |
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 | -6.37% | -6.43% | +0.06% |
Average DrawdownAverage peak-to-trough decline | -10.80% | -16.15% | +5.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.29% | 3.67% | -0.38% |
Volatility
NWE vs. BKH - Volatility Comparison
NorthWestern Corporation (NWE) and Black Hills Corporation (BKH) have volatilities of 6.20% and 6.15%, 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 | 6.20% | 6.15% | +0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 18.37% | 18.00% | +0.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.67% | 22.61% | +1.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.38% | 22.39% | -1.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.93% | 25.59% | -0.66% |
Dividends
NWE vs. BKH - Dividend Comparison
NWE's dividend yield for the trailing twelve months is around 3.87%, which matches BKH's 3.87% 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% |
NWE NorthWestern Corporation | 3.87% | 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 Aug 2026, NorthWestern Corporation reported a gross profit of 313.50M and revenue of 392.60M. Therefore, the gross margin over that period was 79.9%.
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%.
NWE - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 2026, NorthWestern Corporation reported an operating income of 64.25M and revenue of 392.60M, resulting in an operating margin of 16.4%.
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%.
NWE - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 2026, NorthWestern Corporation reported a net income of 24.99M and revenue of 392.60M, resulting in a net margin of 6.4%.
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%.
Frequently Asked Questions
With a correlation of 0.95, 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 (6.20%) compared to BKH (6.15%). In terms of maximum drawdown, NWE dropped -39.96% vs BKH's -65.72%.
NWE currently has the higher Sharpe Ratio (1.42 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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