AWK vs CPK: Correlation
How closely do American Water Works (AWK) and Chesapeake Utilities Corporation (CPK) trade together? Their weekly returns over three years give a correlation of 0.62, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AWK and CPK?
Across a 3-year window, the weekly returns of AWK and CPK correlate at 0.62, strong. The past 12 months show a weaker link (0.41) than the 3-year average (0.62). Stretching to 5 years gives 0.61, with an annualized covariance of 261.9 %².
Within AWK's tracked universe of 49 assets, CPK comes in at #10 by 3-year correlation. Over the last 12 months CPK came out ahead by 13.1 percentage points (-3.0% against +10.1%).
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 CPK: side by side
| AWK (American Water Works) | CPK (Chesapeake Utilities Corporation) | |
|---|---|---|
| 1-year return | -3.0% | +10.1% |
| 5-year return | -16.6% | +13.6% |
| Volatility (ann.) | 20.7% | 20.5% |
| Beta vs S&P 500 | -0.11 | 0.12 |
| Max drawdown (3Y) | -18.8% | -22.0% |
| Market cap | $27.2B | $3.2B |
| P/E (trailing) | 23.7 | 21.4 |
| Dividend yield | 2.46% | 2.08% |
| Sector / category | Utilities | US Listed |
Year-by-year returns
| Year | AWK | CPK |
|---|---|---|
| 2022 | -17.9% | -17.6% |
| 2023 | -11.7% | -8.8% |
| 2024 | -3.5% | +17.4% |
| 2025 | +7.4% | +5.1% |
| 2026 | +6.9% | +8.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AWK and CPK good diversifiers for each other?
Only partially. A correlation of 0.62 means AWK and CPK share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between AWK and CPK?
Using weekly returns as of 2026-08-27: 0.62 over 3 years, with 0.41 over the last year and 0.61 over 5 years.
Is CPK a good diversifier for AWK?
Only partially. A correlation of 0.62 means AWK and CPK share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.62 mean?
On the −1 to +1 scale, 0.62 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/awk-vs-cpk.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/awk-vs-cpk/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AWK correlations · CPK correlations
