AWK vs CWT: Correlation
Measured on weekly returns over the past three years, American Water Works (AWK) and California Water Service Group (CWT) carry a correlation of 0.76, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AWK and CWT?
Across a 3-year window, the weekly returns of AWK and CWT correlate at 0.76, strong. Recent behaviour matches the longer record: 0.73 over 1 year against 0.76 over 3. Stretching to 5 years gives 0.73, with an annualized covariance of 347.6 %².
CWT is one of the assets that tracks AWK most closely: it ranks #3 out of the 49 assets we track against AWK. On 12-month performance CWT holds a 12.3-point edge, -3.0% 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.
AWK vs CWT: side by side
| AWK (American Water Works) | CWT (California Water Service Group) | |
|---|---|---|
| 1-year return | -3.0% | +9.3% |
| 5-year return | -16.6% | -12.2% |
| Volatility (ann.) | 20.7% | 22.3% |
| Beta vs S&P 500 | -0.11 | 0.10 |
| Max drawdown (3Y) | -18.8% | -24.1% |
| Market cap | $27.2B | $3.1B |
| P/E (trailing) | 23.7 | 22.6 |
| Dividend yield | 2.46% | 2.53% |
| Sector / category | Utilities | US Listed |
Year-by-year returns
| Year | AWK | CWT |
|---|---|---|
| 2022 | -17.9% | -14.1% |
| 2023 | -11.7% | -12.8% |
| 2024 | -3.5% | -10.6% |
| 2025 | +7.4% | -1.8% |
| 2026 | +6.9% | +18.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AWK and CWT good diversifiers for each other?
Only partially. A correlation of 0.76 means AWK and CWT 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 CWT?
The AWK/CWT correlation stands at 0.76 on a 3-year window (1 year: 0.73, 5 years: 0.73), computed from weekly returns as of 2026-08-27.
Is CWT a good diversifier for AWK?
Only partially. A correlation of 0.76 means AWK and CWT share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.76 mean?
A reading of 0.76 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/awk-vs-cwt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/awk-vs-cwt/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AWK correlations · CWT correlations
