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AWK vs DGX: Correlation

Measured on weekly returns over the past three years, American Water Works (AWK) and Quest Diagnostics (DGX) carry a correlation of 0.43, a moderate link.

Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology

Correlation (3Y)
0.43
moderate
Correlation (1Y)
0.59
last 12 months
Correlation (5Y)
0.48
long-run
Ann. covariance
168.5
%² · weekly, annualized

How correlated are AWK and DGX?

On 3 years of weekly data the AWK/DGX correlation comes out at 0.43, moderate. The link has tightened recently: the 1-year correlation (0.59) runs above the 3-year figure (0.43). The 5-year figure is 0.48, and annualized covariance runs at 168.5 %².

Within AWK's tracked universe of 49 assets, DGX comes in at #18 by 3-year correlation. The last year tells two different stories: DGX led by 41.5 percentage points, -3.0% for AWK against +38.5% for DGX. The rolling one-year correlation moved between 0.13 and 0.62 over the past three years, a moderate range.

+1.0+0.50-0.5-1.020232026-08-27
One-year correlation, rolled weekly across the last three years.
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 DGX: side by side

AWK (American Water Works)DGX (Quest Diagnostics)
1-year return-3.0%+38.5%
5-year return-16.6%+78.8%
Volatility (ann.)20.7%19.1%
Beta vs S&P 500-0.110.09
Max drawdown (3Y)-18.8%-12.4%
Market cap$27.2B$27.0B
P/E (trailing)23.726.0
Dividend yield2.46%1.36%
Sector / categoryUtilitiesHealth Care
Lower P/E: AWK 23.7 vs 26.0Higher yield: AWK 2.46% vs 1.36%Smaller drawdown: DGX -12.4% vs -18.8%Higher 5y return: DGX +78.8% vs -16.6%
-13%0%+36%2025-09-052026-08-27
Price paths over the last 12 months, both indexed to 100 at the start (weekly closes). ■ AWK · ■ DGX

Year-by-year returns

YearAWKDGX
2022-17.9%-7.8%
2023-11.7%-10.1%
2024-3.5%+11.8%
2025+7.4%+17.2%
2026+6.9%+42.8%

Calendar-year price returns; the current year is year-to-date as of the data date above.

Are AWK and DGX good diversifiers for each other?

A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.

FAQ

What is the correlation between AWK and DGX?

Using weekly returns as of 2026-08-27: 0.43 over 3 years, with 0.59 over the last year and 0.48 over 5 years.

Is DGX a good diversifier for AWK?

A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.

What does a correlation of 0.43 mean?

A reading of 0.43 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

JSON API · no key required
$ curl https://www.pairbook.io/api/v1/pairs/awk-vs-dgx.json

AWK vs DGX: 3-year weekly correlation 0.43AWK vs DGX0.43

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[![AWK vs DGX correlation](https://www.pairbook.io/api/v1/badge/awk-vs-dgx.svg)](https://www.pairbook.io/pair/awk-vs-dgx/)

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Hubs: AWK correlations · DGX correlations