ALAB vs AWK: Correlation
Measured on weekly returns over the past three years, Astera Labs, Inc. (ALAB) and American Water Works (AWK) carry a correlation of -0.30, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALAB and AWK?
Over the past 3 years, ALAB and AWK moved with a correlation of -0.30, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.36) sits close to the 3-year figure. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -500.3 %².
Among the 18 assets we track against ALAB, AWK sits near the bottom by co-movement, at rank #15. The last year tells two different stories: ALAB led by 72.7 percentage points, +69.7% for ALAB against -3.0% for AWK. One caveat on sizing: ALAB is 4.1 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
ALAB vs AWK: side by side
| ALAB (Astera Labs, Inc.) | AWK (American Water Works) | |
|---|---|---|
| 1-year return | +69.7% | -3.0% |
| 5-year return | n/a | -16.6% |
| Volatility (ann.) | 84.6% | 20.7% |
| Beta vs S&P 500 | 2.90 | -0.11 |
| Max drawdown (3Y) | -63.7% | -18.8% |
| Market cap | $52.8B | $27.2B |
| P/E (trailing) | 142.8 | 23.7 |
| Dividend yield | 0.00% | 2.46% |
| Sector / category | US Listed | Utilities |
Year-by-year returns
| Year | ALAB | AWK |
|---|---|---|
| 2022 | – | -17.9% |
| 2023 | – | -11.7% |
| 2024 | – | -3.5% |
| 2025 | +25.6% | +7.4% |
| 2026 | +82.8% | +6.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALAB and AWK good diversifiers for each other?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ALAB and AWK?
Using weekly returns as of 2026-08-27: -0.30 over 3 years, with -0.36 over the last year and n/a over 5 years.
Is AWK a good diversifier for ALAB?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.30 mean?
A reading of -0.30 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/alab-vs-awk.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/alab-vs-awk/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ALAB correlations · AWK correlations
