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AWK vs GOOGL: Correlation

Measured on weekly returns over the past three years, American Water Works (AWK) and Alphabet Inc. (Class A) (GOOGL) carry a correlation of -0.25, a negative link.

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

Correlation (3Y)
-0.25
negative
Correlation (1Y)
-0.44
last 12 months
Correlation (5Y)
0.04
long-run
Ann. covariance
-162.1
%² · weekly, annualized

How correlated are AWK and GOOGL?

Across a 3-year window, the weekly returns of AWK and GOOGL correlate at -0.25, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.44) than the 3-year average (-0.25). Stretching to 5 years gives 0.04, with an annualized covariance of -162.1 %².

By 3-year correlation, GOOGL places #39 of the 49 assets tracked against AWK. Correlation aside, the last 12 months split them widely, with GOOGL ahead by 67.7 points (-3.0% versus +64.7%). This link changes with the market regime, having swung between -0.50 and 0.32 on a rolling one-year basis. Note the risk asymmetry: GOOGL runs 1.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.

+1.0+0.50-0.5-1.020232026-08-27
Rolling one-year correlation of weekly returns over the past 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 GOOGL: side by side

AWK (American Water Works)GOOGL (Alphabet Inc. (Class A))
1-year return-3.0%+64.7%
5-year return-16.6%+137.7%
Volatility (ann.)20.7%31.4%
Beta vs S&P 500-0.111.22
Max drawdown (3Y)-18.8%-29.8%
Market cap$27.2B$4,166.1B
P/E (trailing)23.717.2
Dividend yield2.46%0.25%
Sector / categoryUtilitiesCommunication Services
Lower P/E: GOOGL 17.2 vs 23.7Higher yield: AWK 2.46% vs 0.25%Smaller drawdown: AWK -18.8% vs -29.8%Higher 5y return: GOOGL +137.7% vs -16.6%
-13%0%+71%2025-09-052026-08-27
Twelve months of weekly closes, each series rebased to 100. ■ AWK · ■ GOOGL

Year-by-year returns

YearAWKGOOGL
2022-17.9%-39.1%
2023-11.7%+58.3%
2024-3.5%+36.0%
2025+7.4%+66.0%
2026+6.9%+9.0%

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

Are AWK and GOOGL good diversifiers for each other?

By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.

FAQ

What is the correlation between AWK and GOOGL?

As of 2026-08-27, the correlation of weekly returns between AWK and GOOGL is -0.25 over 3 years, -0.44 over 1 year and 0.04 over 5 years.

Is GOOGL a good diversifier for AWK?

By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.

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

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

AWK vs GOOGL: 3-year weekly correlation -0.25AWK vs GOOGL-0.25

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Hubs: AWK correlations · GOOGL correlations