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AWK vs KDP: Correlation

Measured on weekly returns over the past three years, American Water Works (AWK) and Keurig Dr Pepper (KDP) carry a correlation of 0.35, a moderate link.

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

Correlation (3Y)
0.35
moderate
Correlation (1Y)
0.25
last 12 months
Correlation (5Y)
0.38
long-run
Ann. covariance
172.7
%² · weekly, annualized

How correlated are AWK and KDP?

Over the past 3 years, AWK and KDP moved with a correlation of 0.35, which is moderate. The relationship has been stable: the 1-year correlation (0.25) sits close to the 3-year figure. Over 5 years the correlation is 0.38, and the annualized covariance of weekly returns is 172.7 %².

Within AWK's tracked universe of 49 assets, KDP comes in at #19 by 3-year correlation. On 12-month performance KDP holds a 13.9-point edge, -3.0% against +10.9%. The rolling one-year correlation moved between 0.18 and 0.57 over the past three years, a moderate range.

+1.0+0.50-0.5-1.020232026-08-27
How the one-year correlation itself moved 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 KDP: side by side

AWK (American Water Works)KDP (Keurig Dr Pepper)
1-year return-3.0%+10.9%
5-year return-16.6%+3.1%
Volatility (ann.)20.7%23.6%
Beta vs S&P 500-0.110.14
Max drawdown (3Y)-18.8%-31.0%
Market cap$27.2B$43.4B
P/E (trailing)23.732.5
Dividend yield2.46%2.86%
Sector / categoryUtilitiesConsumer Staples
Lower P/E: AWK 23.7 vs 32.5Higher yield: KDP 2.86% vs 2.46%Smaller drawdown: AWK -18.8% vs -31.0%Higher 5y return: KDP +3.1% vs -16.6%
-13%0%+20%2025-09-052026-08-27
Twelve months of weekly closes, each series rebased to 100. ■ AWK · ■ KDP

Year-by-year returns

YearAWKKDP
2022-17.9%-1.2%
2023-11.7%-4.2%
2024-3.5%-1.1%
2025+7.4%-10.1%
2026+6.9%+16.6%

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

Are AWK and KDP good diversifiers for each other?

Yes, to a useful degree: a correlation of 0.35 leaves real independence between the two, which historically damped combined volatility.

FAQ

What is the correlation between AWK and KDP?

Using weekly returns as of 2026-08-27: 0.35 over 3 years, with 0.25 over the last year and 0.38 over 5 years.

Is KDP a good diversifier for AWK?

Yes, to a useful degree: a correlation of 0.35 leaves real independence between the two, which historically damped combined volatility.

What does a correlation of 0.35 mean?

A reading of 0.35 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-kdp.json

AWK vs KDP: 3-year weekly correlation 0.35AWK vs KDP0.35

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Hubs: AWK correlations · KDP correlations