NWE vs. FTS

Last updated Jun 4, 2026

NWE (NorthWestern Corporation) and FTS (Fortis Inc) are both stocks. Both are in the Utilities sector — NWE in Utilities - Diversified, FTS in Utilities - Regulated Electric. Over the past 10 years, NWE returned 5.81%/yr vs 9.80%/yr for FTS. At a 0.47 correlation, their price movements are largely independent.

Performance

NWE vs. FTS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NorthWestern Corporation (NWE) and Fortis Inc (FTS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NWE achieves a 8.24% return, which is significantly higher than FTS's 7.06% return. Over the past 10 years, NWE has underperformed FTS with an annualized return of 5.81%, while FTS has yielded a comparatively higher 9.80% 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%

FTS

• 1D: -0.11%
• 1M: -3.07%
• YTD: 7.06%
• 6M: 8.84%
• 1Y: 16.85%
• 3Y*: 12.98%
• 5Y*: 7.89%
• 10Y*: 9.80%

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

NWE vs. FTS - 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%
FTS Fortis Inc	7.06%	29.62%	5.81%	7.38%	-13.69%	22.73%	1.91%	29.00%	-5.86%	24.45%

Correlation

The correlation between NWE and FTS is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (10Y) Calculated over the trailing 10-year period	0.47
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.47

The correlation between NWE and FTS has been stable across timeframes, ranging from 0.47 to 0.53 - a consistent structural relationship.

Fundamentals

Market Cap NWE : $4.25B FTS : $27.81B
EPS NWE : $2.72 FTS : $3.40
PE Ratio NWE : 25.42 FTS : 16.10
PS Ratio NWE : 2.59 FTS : 2.37
PB Ratio NWE : 1.46 FTS : 1.22
Total Revenue (TTM) NWE : $1.64B FTS : $12.22B
Gross Profit (TTM) NWE : $1.15B FTS : $7.44B
EBITDA (TTM) NWE : $510.42M FTS : $5.80B

Return for Risk

NWE vs. FTS — Risk / Return Rank

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

NWE

NWE Risk / Return Rank: 83
NWE Sharpe Ratio Rank: 83
NWE Sortino Ratio Rank: 80
NWE Omega Ratio Rank: 78
NWE Calmar Ratio Rank: 84
NWE Martin Ratio Rank: 89

FTS

FTS Risk / Return Rank: 76
FTS Sharpe Ratio Rank: 77
FTS Sortino Ratio Rank: 73
FTS Omega Ratio Rank: 70
FTS Calmar Ratio Rank: 80
FTS 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.

NWE vs. FTS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NorthWestern Corporation (NWE) and Fortis Inc (FTS). 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	FTS	Difference
Sharpe ratio Return per unit of total volatility	1.60	1.28	+0.32
Sortino ratio Return per unit of downside risk	2.33	1.90	+0.42
Omega ratio Gain probability vs. loss probability	1.29	1.23	+0.06
Calmar ratio Return relative to maximum drawdown	3.39	2.72	+0.67
Martin ratio Return relative to average drawdown	11.34	6.92	+4.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NWE vs. FTS - Sharpe Ratio Comparison

The current NWE Sharpe Ratio is 1.60, which is comparable to the FTS Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of NWE and FTS, 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

	NWE	FTS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.60	1.28	+0.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.31	0.49	-0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.24	0.52	-0.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.60	-0.21

Drawdowns

NWE vs. FTS - Drawdown Comparison

The maximum NWE drawdown since its inception was -39.34%, which is greater than FTS's maximum drawdown of -34.36%. Use the drawdown chart below to compare losses from any high point for NWE and FTS.

Drawdown Indicators

	NWE	FTS	Difference
Max Drawdown Largest peak-to-trough decline	-39.34%	-34.36%	-4.98%
Max Drawdown (1Y) Largest decline over 1 year	-10.09%	-6.23%	-3.86%
Max Drawdown (3Y) Largest decline over 3 years	-19.73%	-14.46%	-5.27%
Max Drawdown (5Y) Largest decline over 5 years	-21.97%	-29.96%	+7.99%
Max Drawdown (10Y) Largest decline over 10 years	-39.34%	-34.36%	-4.98%
Current Drawdown Current decline from peak	-5.73%	-5.83%	+0.10%
Average Drawdown Average peak-to-trough decline	-10.77%	-6.84%	-3.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.14%	2.50%	+0.64%

Volatility

NWE vs. FTS - Volatility Comparison

NorthWestern Corporation (NWE) has a higher volatility of 6.68% compared to Fortis Inc (FTS) at 4.68%. This indicates that NWE's price experiences larger fluctuations and is considered to be riskier than FTS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NWE	FTS	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.68%	4.68%	+2.00%
Volatility (6M) Calculated over the trailing 6-month period	16.06%	10.39%	+5.67%
Volatility (1Y) Calculated over the trailing 1-year period	21.39%	13.29%	+8.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.05%	16.28%	+4.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.72%	18.93%	+5.79%

Dividends

NWE vs. FTS - Dividend Comparison

NWE's dividend yield for the trailing twelve months is around 3.83%, more than FTS's 3.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FTS Fortis Inc	3.36%	3.42%	4.62%	4.50%	4.48%	3.40%	3.54%	3.31%	3.35%	4.43%	4.94%	0.00%
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. FTS - Profitability Comparison

The chart below illustrates the profitability comparison between NorthWestern Corporation and Fortis Inc over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

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%.

FTS - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Fortis Inc reported a gross profit of 935.41M and revenue of 3.39B. Therefore, the gross margin over that period was 27.6%.

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%.

FTS - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Fortis Inc reported an operating income of 935.41M and revenue of 3.39B, resulting in an operating margin of 27.6%.

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%.

FTS - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Fortis Inc reported a net income of 524.35M and revenue of 3.39B, resulting in a net margin of 15.5%.

Frequently Asked Questions

Can I hold both NWE and FTS in my portfolio?

NWE and FTS have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NWE or FTS?

NWE has higher volatility (6.68%) compared to FTS (4.68%). In terms of maximum drawdown, NWE dropped -39.34% vs FTS's -34.36%.

Which has better risk-adjusted returns?

NWE currently has the higher Sharpe Ratio (1.60 vs 1.28), 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.