ARTNA vs CWT: Correlation
Measured on weekly returns over the past three years, Artesian Resources Corporation - Class A Non-Voting (ARTNA) and California Water Service Group (CWT) carry a correlation of 0.72, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARTNA and CWT?
Across a 3-year window, the weekly returns of ARTNA and CWT correlate at 0.72, strong. The relationship has been stable: the 1-year correlation (0.68) sits close to the 3-year figure. Stretching to 5 years gives 0.63, with an annualized covariance of 368.0 %².
Few assets follow ARTNA as closely as CWT, which ranks #3 of 12 tracked partners. Neither side won the trailing year by much: +10.6% against +9.3%.
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.
ARTNA vs CWT: side by side
| ARTNA (Artesian Resources Corporation - Class A Non-Voting) | CWT (California Water Service Group) | |
|---|---|---|
| 1-year return | +10.6% | +9.3% |
| 5-year return | +4.6% | -12.2% |
| Volatility (ann.) | 22.9% | 22.3% |
| Beta vs S&P 500 | 0.27 | 0.10 |
| Max drawdown (3Y) | -34.3% | -24.1% |
| Market cap | $0.4B | $3.1B |
| P/E (trailing) | 15.6 | 22.6 |
| Dividend yield | 3.54% | 2.53% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ARTNA | CWT |
|---|---|---|
| 2022 | +29.3% | -14.1% |
| 2023 | -27.6% | -12.8% |
| 2024 | -21.2% | -10.6% |
| 2025 | +3.8% | -1.8% |
| 2026 | +15.0% | +18.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARTNA and CWT good diversifiers for each other?
Somewhat, no more. With 0.72 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ARTNA and CWT?
As of 2026-08-27, the correlation of weekly returns between ARTNA and CWT is 0.72 over 3 years, 0.68 over 1 year and 0.63 over 5 years.
Is CWT a good diversifier for ARTNA?
Somewhat, no more. With 0.72 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.72 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/artna-vs-cwt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/artna-vs-cwt/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ARTNA correlations · CWT correlations
