NWE vs. BKH
Compare and contrast key facts about NorthWestern Corporation (NWE) and Black Hills Corporation (BKH).
Performance
NWE vs. BKH - Performance Comparison
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NWE vs. BKH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NWE NorthWestern Corporation | 3.20% | 26.40% | 10.51% | -10.12% | 8.49% | 2.10% | -15.15% | 24.50% | 3.52% | 8.74% |
BKH Black Hills Corporation | 0.94% | 23.93% | 13.57% | -19.95% | 3.08% | 18.86% | -19.05% | 28.60% | 7.98% | 0.81% |
Fundamentals
NWE:
$4.09B
BKH:
$5.23B
NWE:
$2.94
BKH:
$3.96
NWE:
22.44
BKH:
17.51
NWE:
2.52
BKH:
2.21
NWE:
1.42
BKH:
1.37
NWE:
$1.61B
BKH:
$2.31B
NWE:
$1.00B
BKH:
$888.70M
NWE:
$587.31M
BKH:
$826.90M
Returns By Period
In the year-to-date period, NWE achieves a 3.20% return, which is significantly higher than BKH's 0.94% return. Both investments have delivered pretty close results over the past 10 years, with NWE having a 4.84% annualized return and BKH not far ahead at 4.99%.
NWE
- 1D
- 0.17%
- 1M
- -4.80%
- YTD
- 3.20%
- 6M
- 14.75%
- 1Y
- 19.07%
- 3Y*
- 9.52%
- 5Y*
- 5.04%
- 10Y*
- 4.84%
BKH
- 1D
- 0.42%
- 1M
- -5.77%
- YTD
- 0.94%
- 6M
- 14.89%
- 1Y
- 19.34%
- 3Y*
- 7.88%
- 5Y*
- 4.93%
- 10Y*
- 4.99%
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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 | 0.95 | 0.99 | -0.04 |
Sortino ratioReturn per unit of downside risk | 1.43 | 1.42 | +0.01 |
Omega ratioGain probability vs. loss probability | 1.17 | 1.18 | -0.01 |
Calmar ratioReturn relative to maximum drawdown | 1.57 | 1.97 | -0.40 |
Martin ratioReturn relative to average drawdown | 3.60 | 4.67 | -1.07 |
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 | 0.95 | 0.99 | -0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.24 | 0.23 | +0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.20 | 0.20 | 0.00 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.38 | 0.44 | -0.05 |
Correlation
The correlation between NWE and BKH is 0.73, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
NWE vs. BKH - Dividend Comparison
NWE's dividend yield for the trailing twelve months is around 4.02%, more than BKH's 3.93% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NWE NorthWestern Corporation | 4.02% | 4.09% | 4.86% | 5.03% | 4.25% | 4.34% | 4.12% | 3.21% | 3.70% | 3.52% | 3.52% | 3.54% |
BKH Black Hills Corporation | 3.93% | 3.90% | 4.44% | 4.63% | 3.43% | 3.25% | 3.53% | 2.61% | 3.07% | 3.01% | 2.74% | 3.49% |
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 | -13.55% | -10.45% | -3.10% |
Max Drawdown (5Y)Largest decline over 5 years | -26.14% | -36.98% | +10.84% |
Max Drawdown (10Y)Largest decline over 10 years | -39.34% | -40.45% | +1.11% |
Current DrawdownCurrent decline from peak | -7.07% | -8.38% | +1.31% |
Average DrawdownAverage peak-to-trough decline | -10.85% | -16.26% | +5.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.93% | 4.41% | +1.52% |
Volatility
NWE vs. BKH - Volatility Comparison
NorthWestern Corporation (NWE) and Black Hills Corporation (BKH) have volatilities of 7.11% and 6.94%, 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 | 7.11% | 6.94% | +0.17% |
Volatility (6M)Calculated over the trailing 6-month period | 14.57% | 14.83% | -0.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.26% | 19.59% | +0.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.72% | 21.80% | -1.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.59% | 25.29% | -0.70% |
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 Apr 2026, NorthWestern Corporation reported a gross profit of 203.17M and revenue of 414.26M. Therefore, the gross margin over that period was 49.0%.
BKH - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Black Hills Corporation reported a gross profit of 262.10M and revenue of 635.50M. Therefore, the gross margin over that period was 41.2%.
NWE - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, NorthWestern Corporation reported an operating income of 60.02M and revenue of 414.26M, resulting in an operating margin of 14.5%.
BKH - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Black Hills Corporation reported an operating income of 171.40M and revenue of 635.50M, resulting in an operating margin of 27.0%.
NWE - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, NorthWestern Corporation reported a net income of 44.69M and revenue of 414.26M, resulting in a net margin of 10.8%.
BKH - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Black Hills Corporation reported a net income of 104.90M and revenue of 635.50M, resulting in a net margin of 16.5%.