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AWK vs MSEX: Correlation

Measured on weekly returns over the past three years, American Water Works (AWK) and Middlesex Water Company (MSEX) carry a correlation of 0.69, a strong link.

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

Correlation (3Y)
0.69
strong
Correlation (1Y)
0.62
last 12 months
Correlation (5Y)
0.68
long-run
Ann. covariance
450.0
%² · weekly, annualized

How correlated are AWK and MSEX?

Across a 3-year window, the weekly returns of AWK and MSEX correlate at 0.69, strong. The relationship has been stable: the 1-year correlation (0.62) sits close to the 3-year figure. Stretching to 5 years gives 0.68, with an annualized covariance of 450.0 %².

Among the 49 assets we track against AWK, MSEX ranks #5 by 3-year correlation. On 12-month performance MSEX holds a 13.1-point edge, -3.0% against +10.1%. Risk is not evenly split, since MSEX carries 1.5 times the volatility of the other side.

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 MSEX: side by side

AWK (American Water Works)MSEX (Middlesex Water Company)
1-year return-3.0%+10.1%
5-year return-16.6%-41.5%
Volatility (ann.)20.7%31.5%
Beta vs S&P 500-0.110.04
Max drawdown (3Y)-18.8%-40.2%
Market cap$27.2B$1.1B
P/E (trailing)23.722.6
Dividend yield2.46%2.43%
Sector / categoryUtilitiesUS Listed
Lower P/E: MSEX 22.6 vs 23.7Higher yield: AWK 2.46% vs 2.43%Smaller drawdown: AWK -18.8% vs -40.2%Higher 5y return: AWK -16.6% vs -41.5%
-13%0%+11%2025-09-052026-08-27
Both assets over the last year, indexed to 100 at the starting week. ■ AWK · ■ MSEX

Year-by-year returns

YearAWKMSEX
2022-17.9%-33.8%
2023-11.7%-15.2%
2024-3.5%-18.0%
2025+7.4%-1.7%
2026+6.9%+17.0%

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

Are AWK and MSEX good diversifiers for each other?

Only partially. A correlation of 0.69 means AWK and MSEX share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.

FAQ

What is the correlation between AWK and MSEX?

Using weekly returns as of 2026-08-27: 0.69 over 3 years, with 0.62 over the last year and 0.68 over 5 years.

Is MSEX a good diversifier for AWK?

Only partially. A correlation of 0.69 means AWK and MSEX share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.

What does a correlation of 0.69 mean?

On the −1 to +1 scale, 0.69 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

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AWK vs MSEX: 3-year weekly correlation 0.69AWK vs MSEX0.69

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Hubs: AWK correlations · MSEX correlations