AWK vs HQY: Correlation
American Water Works (AWK) and HealthEquity, Inc. (HQY) show a negative relationship: their 3-year correlation of weekly returns is -0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AWK and HQY?
Across a 3-year window, the weekly returns of AWK and HQY correlate at -0.26, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.11) runs above the 3-year figure (-0.26). Stretching to 5 years gives -0.18, with an annualized covariance of -173.3 %².
Among the 49 assets we track against AWK, HQY ranks #43 by 3-year correlation. On 12-month performance HQY holds a 9.1-point edge, -3.0% against +6.1%. One caveat on sizing: HQY is 1.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 HQY: side by side
| AWK (American Water Works) | HQY (HealthEquity, Inc.) | |
|---|---|---|
| 1-year return | -3.0% | +6.1% |
| 5-year return | -16.6% | +45.4% |
| Volatility (ann.) | 20.7% | 32.9% |
| Beta vs S&P 500 | -0.11 | 0.63 |
| Max drawdown (3Y) | -18.8% | -36.1% |
| Market cap | $27.2B | $7.7B |
| P/E (trailing) | 23.7 | 39.1 |
| Dividend yield | 2.46% | 0.00% |
| Sector / category | Utilities | US Listed |
Year-by-year returns
| Year | AWK | HQY |
|---|---|---|
| 2022 | -17.9% | +39.3% |
| 2023 | -11.7% | +7.6% |
| 2024 | -3.5% | +44.7% |
| 2025 | +7.4% | -4.5% |
| 2026 | +6.9% | +1.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AWK and HQY good diversifiers for each other?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between AWK and HQY?
As of 2026-08-27, the correlation of weekly returns between AWK and HQY is -0.26 over 3 years, -0.11 over 1 year and -0.18 over 5 years.
Is HQY a good diversifier for AWK?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.26 mean?
On the −1 to +1 scale, -0.26 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-hqy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/awk-vs-hqy/)
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Related comparisons
Hubs: AWK correlations · HQY correlations
