AM vs WAT: Correlation
How closely do Antero Midstream Corporation (AM) and Waters Corporation (WAT) trade together? Their weekly returns over three years give a correlation of -0.22, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AM and WAT?
Over the past 3 years, AM and WAT moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.56 versus -0.22 over 3 years. Over 5 years the correlation is -0.00, and the annualized covariance of weekly returns is -171.8 %².
Out of 15 assets tracked against AM, WAT lands near the bottom at #12. The trailing year gives WAT the advantage: +33.1% versus +43.0%, a 9.9-point spread. Risk is not evenly split, since WAT 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.
AM vs WAT: side by side
| AM (Antero Midstream Corporation) | WAT (Waters Corporation) | |
|---|---|---|
| 1-year return | +33.1% | +43.0% |
| 5-year return | +230.4% | +2.0% |
| Volatility (ann.) | 22.6% | 35.3% |
| Beta vs S&P 500 | 0.24 | 0.89 |
| Max drawdown (3Y) | -14.0% | -33.4% |
| Market cap | $10.7B | $41.4B |
| P/E (trailing) | 27.1 | 105.3 |
| Dividend yield | 3.98% | 0.00% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | AM | WAT |
|---|---|---|
| 2022 | +22.0% | -8.1% |
| 2023 | +25.7% | -3.9% |
| 2024 | +28.5% | +12.7% |
| 2025 | +24.4% | +2.4% |
| 2026 | +30.9% | +10.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AM and WAT good diversifiers for each other?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
FAQ
What is the correlation between AM and WAT?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.56 over the last year and -0.00 over 5 years.
Is WAT a good diversifier for AM?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
What does a correlation of -0.22 mean?
On the −1 to +1 scale, -0.22 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.
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Related comparisons
Hubs: AM correlations · WAT correlations
