NWN vs. CBSH

Last updated Jun 3, 2026

NWN (Northwest Natural Holding Company) and CBSH (Commerce Bancshares, Inc.) are both stocks. NWN operates in Utilities - Regulated Gas (Utilities), while CBSH operates in Banks - Regional (Financial Services). Over the past 10 years, NWN returned 2.23%/yr vs 7.71%/yr for CBSH. At a 0.28 correlation, their price movements are largely independent.

Performance

NWN vs. CBSH - Performance Comparison

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

Returns By Period

In the year-to-date period, NWN achieves a 6.08% return, which is significantly higher than CBSH's -0.08% return. Over the past 10 years, NWN has underperformed CBSH with an annualized return of 2.23%, while CBSH has yielded a comparatively higher 7.71% annualized return.

NWN

• 1D: 1.61%
• 1M: -8.04%
• YTD: 6.08%
• 6M: 2.70%
• 1Y: 24.58%
• 3Y*: 8.89%
• 5Y*: 2.30%
• 10Y*: 2.23%

CBSH

• 1D: 1.11%
• 1M: -0.02%
• YTD: -0.08%
• 6M: 3.38%
• 1Y: -10.78%
• 3Y*: 7.86%
• 5Y*: -1.27%
• 10Y*: 7.71%

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

NWN vs. CBSH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NWN Northwest Natural Holding Company	6.08%	23.75%	6.77%	-14.45%	1.49%	10.26%	-35.52%	25.46%	4.48%	2.82%
CBSH Commerce Bancshares, Inc.	-0.08%	-10.16%	24.71%	-15.91%	5.56%	11.44%	3.71%	28.74%	7.52%	3.07%

Correlation

The correlation between NWN and CBSH is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (10Y) Calculated over the trailing 10-year period	0.30
Correlation (All Time) Calculated using the full available price history since Mar 27, 1990	0.28

The correlation between NWN and CBSH shifts across timeframes, from 0.20 (1 year) to 0.37 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

EPS NWN : $4.01 CBSH : $4.20
PE Ratio NWN : 12.13 CBSH : 12.38
PEG Ratio NWN : 3.18 CBSH : 4.98
PS Ratio NWN : 1.16 CBSH : 3.40
Total Revenue (TTM) NWN : $1.29B CBSH : $2.10B
Gross Profit (TTM) NWN : $288.00M CBSH : $1.31B
EBITDA (TTM) NWN : $426.96M CBSH : $614.94M

Return for Risk

NWN vs. CBSH — Risk / Return Rank

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

NWN

NWN Risk / Return Rank: 73
NWN Sharpe Ratio Rank: 76
NWN Sortino Ratio Rank: 68
NWN Omega Ratio Rank: 71
NWN Calmar Ratio Rank: 71
NWN Martin Ratio Rank: 77

CBSH

CBSH Risk / Return Rank: 20
CBSH Sharpe Ratio Rank: 18
CBSH Sortino Ratio Rank: 18
CBSH Omega Ratio Rank: 18
CBSH Calmar Ratio Rank: 23
CBSH Martin Ratio Rank: 24

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.

NWN vs. CBSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northwest Natural Holding Company (NWN) and Commerce Bancshares, Inc. (CBSH). 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.

	NWN	CBSH	Difference
Sharpe ratio Return per unit of total volatility	1.24	-0.52	+1.76
Sortino ratio Return per unit of downside risk	1.68	-0.56	+2.24
Omega ratio Gain probability vs. loss probability	1.24	0.93	+0.31
Calmar ratio Return relative to maximum drawdown	1.77	-0.50	+2.27
Martin ratio Return relative to average drawdown	5.76	-0.81	+6.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NWN vs. CBSH - Sharpe Ratio Comparison

The current NWN Sharpe Ratio is 1.24, which is higher than the CBSH Sharpe Ratio of -0.52. The chart below compares the historical Sharpe Ratios of NWN and CBSH, 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

	NWN	CBSH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.24	-0.52	+1.76
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.10	-0.05	+0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.08	0.29	-0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.49	-0.18

Drawdowns

NWN vs. CBSH - Drawdown Comparison

The maximum NWN drawdown since its inception was -46.27%, roughly equal to the maximum CBSH drawdown of -44.70%. Use the drawdown chart below to compare losses from any high point for NWN and CBSH.

Drawdown Indicators

	NWN	CBSH	Difference
Max Drawdown Largest peak-to-trough decline	-46.27%	-44.70%	-1.57%
Max Drawdown (1Y) Largest decline over 1 year	-13.46%	-23.44%	+9.98%
Max Drawdown (3Y) Largest decline over 3 years	-18.39%	-27.63%	+9.24%
Max Drawdown (5Y) Largest decline over 5 years	-32.09%	-38.02%	+5.93%
Max Drawdown (10Y) Largest decline over 10 years	-46.27%	-38.23%	-8.04%
Current Drawdown Current decline from peak	-17.57%	-20.73%	+3.16%
Average Drawdown Average peak-to-trough decline	-12.13%	-9.23%	-2.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.14%	14.37%	-10.23%

Volatility

NWN vs. CBSH - Volatility Comparison

Northwest Natural Holding Company (NWN) has a higher volatility of 10.25% compared to Commerce Bancshares, Inc. (CBSH) at 4.53%. This indicates that NWN's price experiences larger fluctuations and is considered to be riskier than CBSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NWN	CBSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.25%	4.53%	+5.72%
Volatility (6M) Calculated over the trailing 6-month period	15.83%	13.88%	+1.95%
Volatility (1Y) Calculated over the trailing 1-year period	19.93%	20.96%	-1.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.84%	24.29%	-1.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.14%	26.47%	+1.67%

Dividends

NWN vs. CBSH - Dividend Comparison

NWN's dividend yield for the trailing twelve months is around 4.05%, more than CBSH's 2.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CBSH Commerce Bancshares, Inc.	2.06%	2.03%	1.67%	1.95%	1.50%	1.47%	2.00%	1.48%	1.61%	1.55%	2.93%	2.04%
NWN Northwest Natural Holding Company	4.05%	4.20%	4.94%	4.99%	4.06%	3.94%	4.16%	2.58%	3.13%	3.16%	3.13%	3.68%

Financials

NWN vs. CBSH - Profitability Comparison

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

NWN - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Northwest Natural Holding Company reported a gross profit of 0.00 and revenue of 490.40M. Therefore, the gross margin over that period was 0.0%.

CBSH - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Commerce Bancshares, Inc. reported a gross profit of 0.00 and revenue of 475.69M. Therefore, the gross margin over that period was 0.0%.

NWN - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Northwest Natural Holding Company reported an operating income of 162.87M and revenue of 490.40M, resulting in an operating margin of 33.2%.

CBSH - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Commerce Bancshares, Inc. reported an operating income of 0.00 and revenue of 475.69M, resulting in an operating margin of 0.0%.

NWN - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Northwest Natural Holding Company reported a net income of 97.49M and revenue of 490.40M, resulting in a net margin of 19.9%.

CBSH - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Commerce Bancshares, Inc. reported a net income of 141.62M and revenue of 475.69M, resulting in a net margin of 29.8%.

Frequently Asked Questions

Can I hold both NWN and CBSH in my portfolio?

NWN and CBSH have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NWN or CBSH?

NWN has higher volatility (10.25%) compared to CBSH (4.53%). In terms of maximum drawdown, NWN dropped -46.27% vs CBSH's -44.70%.

Which has better risk-adjusted returns?

NWN currently has the higher Sharpe Ratio (1.24 vs -0.52), 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.