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AWK vs RELY: Correlation

How closely do American Water Works (AWK) and Remitly Global, Inc. (RELY) 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

Correlation (3Y)
-0.25
negative
Correlation (1Y)
-0.16
last 12 months
Correlation (5Y)
-0.01
long-run
Ann. covariance
-267.1
%² · weekly, annualized

How correlated are AWK and RELY?

Over the past 3 years, AWK and RELY moved with a correlation of -0.25, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.16 over 1 year against -0.25 over 3. Over 5 years the correlation is -0.01, and the annualized covariance of weekly returns is -267.1 %².

Within AWK's tracked universe of 49 assets, RELY comes in at #40 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months RELY outperformed by 44.3 percentage points (-3.0% for AWK against +41.3% for RELY). One caveat on sizing: RELY is 2.5 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 RELY: side by side

AWK (American Water Works)RELY (Remitly Global, Inc.)
1-year return-3.0%+41.3%
5-year return-16.6%-46.4%
Volatility (ann.)20.7%52.6%
Beta vs S&P 500-0.110.90
Max drawdown (3Y)-18.8%-57.9%
Market cap$27.2B$5.5B
P/E (trailing)23.718.6
Dividend yield2.46%0.00%
Sector / categoryUtilitiesUS Listed
Lower P/E: RELY 18.6 vs 23.7Higher yield: AWK 2.46% vs 0.00%Smaller drawdown: AWK -18.8% vs -57.9%Higher 5y return: AWK -16.6% vs -46.4%
-36%0%+37%2025-09-052026-08-27
Both assets over the last year, indexed to 100 at the starting week. ■ AWK · ■ RELY

Year-by-year returns

YearAWKRELY
2022-17.9%-44.5%
2023-11.7%+69.6%
2024-3.5%+16.2%
2025+7.4%-38.9%
2026+6.9%+88.3%

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

Are AWK and RELY 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 RELY?

As of 2026-08-27, the correlation of weekly returns between AWK and RELY is -0.25 over 3 years, -0.16 over 1 year and -0.01 over 5 years.

Is RELY 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?

On the −1 to +1 scale, -0.25 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

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

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

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[![AWK vs RELY correlation](https://www.pairbook.io/api/v1/badge/awk-vs-rely.svg)](https://www.pairbook.io/pair/awk-vs-rely/)

The core API is free. Terms and every endpoint in the API documentation.

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Hubs: AWK correlations · RELY correlations