AWK vs GOOG: Correlation
How closely do American Water Works (AWK) and Alphabet Inc. (Class C) (GOOG) trade together? Their weekly returns over three years give a correlation of -0.25, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AWK and GOOG?
Across a 3-year window, the weekly returns of AWK and GOOG correlate at -0.25, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.45) runs below the 3-year figure (-0.25). Stretching to 5 years gives 0.04, with an annualized covariance of -161.5 %².
Within AWK's tracked universe of 49 assets, GOOG comes in at #38 by 3-year correlation. Correlation aside, the last 12 months split them widely, with GOOG ahead by 65.7 points (-3.0% versus +62.7%). The relationship is regime-dependent: the rolling one-year correlation swung between -0.50 and 0.32 over the past three years, so this pair behaves very differently depending on the market environment. Note the risk asymmetry: GOOG runs 1.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 GOOG: side by side
| AWK (American Water Works) | GOOG (Alphabet Inc. (Class C)) | |
|---|---|---|
| 1-year return | -3.0% | +62.7% |
| 5-year return | -16.6% | +134.2% |
| Volatility (ann.) | 20.7% | 31.1% |
| Beta vs S&P 500 | -0.11 | 1.20 |
| Max drawdown (3Y) | -18.8% | -29.4% |
| Market cap | $27.2B | $4,130.2B |
| P/E (trailing) | 23.7 | 17.0 |
| Dividend yield | 2.46% | 0.25% |
| Sector / category | Utilities | Communication Services |
Year-by-year returns
| Year | AWK | GOOG |
|---|---|---|
| 2022 | -17.9% | -38.7% |
| 2023 | -11.7% | +58.8% |
| 2024 | -3.5% | +35.6% |
| 2025 | +7.4% | +65.4% |
| 2026 | +6.9% | +7.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AWK and GOOG good diversifiers for each other?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between AWK and GOOG?
As of 2026-08-27, the correlation of weekly returns between AWK and GOOG is -0.25 over 3 years, -0.45 over 1 year and 0.04 over 5 years.
Is GOOG a good diversifier for AWK?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.25 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-goog.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/awk-vs-goog/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AWK correlations · GOOG correlations
