AGX vs PWR: Correlation
How closely do Argan, Inc. (AGX) and Quanta Services (PWR) trade together? Their weekly returns over three years give a correlation of 0.44, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AGX and PWR?
Over the past 3 years, AGX and PWR moved with a correlation of 0.44, which is moderate. Recent behaviour matches the longer record: 0.49 over 1 year against 0.44 over 3. Over 5 years the correlation is 0.38, and the annualized covariance of weekly returns is 824.1 %².
In AGX's tracked universe of 11 assets, PWR sits right near the top at #3. The last year tells two different stories: AGX led by 40.6 percentage points, +103.7% for AGX against +63.1% for PWR. Risk is not evenly split, since AGX carries 1.6 times the volatility of the other side.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
AGX vs PWR: side by side
| AGX (Argan, Inc.) | PWR (Quanta Services) | |
|---|---|---|
| 1-year return | +103.7% | +63.1% |
| 5-year return | +1008.1% | +506.1% |
| Volatility (ann.) | 55.9% | 33.9% |
| Beta vs S&P 500 | 0.92 | 1.29 |
| Max drawdown (3Y) | -43.7% | -33.9% |
| Market cap | $6.4B | $93.5B |
| P/E (trailing) | 40.4 | 70.4 |
| Dividend yield | 0.41% | 0.07% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | AGX | PWR |
|---|---|---|
| 2022 | -2.0% | +24.6% |
| 2023 | +30.2% | +51.7% |
| 2024 | +198.3% | +46.6% |
| 2025 | +130.6% | +33.7% |
| 2026 | +47.2% | +47.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AGX and PWR good diversifiers for each other?
Reasonably. At 0.44, AGX and PWR keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between AGX and PWR?
Using weekly returns as of 2026-08-27: 0.44 over 3 years, with 0.49 over the last year and 0.38 over 5 years.
Is PWR a good diversifier for AGX?
Reasonably. At 0.44, AGX and PWR keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.44 mean?
On the −1 to +1 scale, 0.44 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/agx-vs-pwr.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/agx-vs-pwr/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AGX correlations · PWR correlations
