ARTNA vs MSEX: Correlation
How closely do Artesian Resources Corporation - Class A Non-Voting (ARTNA) and Middlesex Water Company (MSEX) trade together? Their weekly returns over three years give a correlation of 0.70, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARTNA and MSEX?
Over the past 3 years, ARTNA and MSEX moved with a correlation of 0.70, which is strong. The relationship has been stable: the 1-year correlation (0.70) sits close to the 3-year figure. Over 5 years the correlation is 0.59, and the annualized covariance of weekly returns is 502.6 %².
Among the 12 assets we track against ARTNA, MSEX ranks #4 by 3-year correlation. Their 12-month results are close: +10.6% for ARTNA against +10.1% for MSEX.
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 MSEX: side by side
| ARTNA (Artesian Resources Corporation - Class A Non-Voting) | MSEX (Middlesex Water Company) | |
|---|---|---|
| 1-year return | +10.6% | +10.1% |
| 5-year return | +4.6% | -41.5% |
| Volatility (ann.) | 22.9% | 31.5% |
| Beta vs S&P 500 | 0.27 | 0.04 |
| Max drawdown (3Y) | -34.3% | -40.2% |
| Market cap | $0.4B | $1.1B |
| P/E (trailing) | 15.6 | 22.6 |
| Dividend yield | 3.54% | 2.43% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ARTNA | MSEX |
|---|---|---|
| 2022 | +29.3% | -33.8% |
| 2023 | -27.6% | -15.2% |
| 2024 | -21.2% | -18.0% |
| 2025 | +3.8% | -1.7% |
| 2026 | +15.0% | +17.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARTNA and MSEX good diversifiers for each other?
Somewhat, no more. With 0.70 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ARTNA and MSEX?
Using weekly returns as of 2026-08-27: 0.70 over 3 years, with 0.70 over the last year and 0.59 over 5 years.
Is MSEX a good diversifier for ARTNA?
Somewhat, no more. With 0.70 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.70 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-msex.json
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Related comparisons
Hubs: ARTNA correlations · MSEX correlations
