AWK vs AWR: Correlation
American Water Works (AWK) and American States Water Company (AWR) show a strong relationship: their 3-year correlation of weekly returns is 0.78.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AWK and AWR?
Across a 3-year window, the weekly returns of AWK and AWR correlate at 0.78, strong. Little has changed lately, as the 1-year reading of 0.79 lands near the 3-year figure. Stretching to 5 years gives 0.77, with an annualized covariance of 336.9 %².
In AWK's tracked universe of 49 assets, AWR sits right near the top at #2. The last year tells two different stories: AWR led by 24.5 percentage points, -3.0% for AWK against +21.5% for AWR.
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.
AWK vs AWR: side by side
| AWK (American Water Works) | AWR (American States Water Company) | |
|---|---|---|
| 1-year return | -3.0% | +21.5% |
| 5-year return | -16.6% | +7.6% |
| Volatility (ann.) | 20.7% | 20.8% |
| Beta vs S&P 500 | -0.11 | 0.04 |
| Max drawdown (3Y) | -18.8% | -21.9% |
| Market cap | $27.2B | $3.5B |
| P/E (trailing) | 23.7 | 24.3 |
| Dividend yield | 2.46% | 2.24% |
| Sector / category | Utilities | US Listed |
Year-by-year returns
| Year | AWK | AWR |
|---|---|---|
| 2022 | -17.9% | -8.9% |
| 2023 | -11.7% | -11.4% |
| 2024 | -3.5% | -1.2% |
| 2025 | +7.4% | -4.3% |
| 2026 | +6.9% | +25.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AWK and AWR good diversifiers for each other?
Somewhat, no more. With 0.78 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between AWK and AWR?
The AWK/AWR correlation stands at 0.78 on a 3-year window (1 year: 0.79, 5 years: 0.77), computed from weekly returns as of 2026-08-27.
Is AWR a good diversifier for AWK?
Somewhat, no more. With 0.78 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.78 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/awk-vs-awr.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/awk-vs-awr/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AWK correlations · AWR correlations
