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AWK vs SPY: Correlation

American Water Works (AWK) and SPDR S&P 500 ETF Trust (SPY) show a near-zero relationship: their 3-year correlation of weekly returns is -0.08.

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

Correlation (3Y)
-0.08
near-zero
Correlation (1Y)
-0.41
last 12 months
Correlation (5Y)
0.30
long-run
Ann. covariance
-23.1
%² · weekly, annualized

How correlated are AWK and SPY?

Over the past 3 years, AWK and SPY moved with a correlation of -0.08, which is near zero, meaning they move largely independently. The link has loosened recently: the 1-year correlation (-0.41) runs below the 3-year figure (-0.08). Over 5 years the correlation is 0.30, and the annualized covariance of weekly returns is -23.1 %².

Among the 49 assets we track against AWK, SPY ranks #20 by 3-year correlation. The last year tells two different stories: SPY led by 23.6 percentage points, -3.0% for AWK against +20.6% for SPY. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.45 to 0.65.

+1.0+0.50-0.5-1.020232026-08-27
One-year correlation, rolled weekly across the last 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 SPY: side by side

AWK (American Water Works)SPY (SPDR S&P 500 ETF Trust)
1-year return-3.0%+20.6%
5-year return-16.6%+82.4%
Volatility (ann.)20.7%14.5%
Beta vs S&P 500-0.111.00
Max drawdown (3Y)-18.8%-18.8%
Market cap$27.2B–
P/E (trailing)23.7–
Dividend yield2.46%1.01%
Expense ratio–0.09%
Assets under management–$795.3B
Sector / categoryUtilitiesETF · US Large Cap
Higher yield: AWK 2.46% vs 1.01%Higher 5y return: SPY +82.4% vs -16.6%

SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.

-13%0%+21%2025-09-052026-08-27
Both assets over the last year, indexed to 100 at the starting week. ■ AWK · ■ SPY

Year-by-year returns

YearAWKSPY
2022-17.9%-18.2%
2023-11.7%+26.2%
2024-3.5%+24.9%
2025+7.4%+17.7%
2026+6.9%+13.7%

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

Are AWK and SPY good diversifiers for each other?

Yes: at -0.08, the two have gone their own ways historically, which is what genuine diversification looks like.

FAQ

What is the correlation between AWK and SPY?

The AWK/SPY correlation stands at -0.08 on a 3-year window (1 year: -0.41, 5 years: 0.30), computed from weekly returns as of 2026-08-27.

Is SPY a good diversifier for AWK?

Yes: at -0.08, the two have gone their own ways historically, which is what genuine diversification looks like.

What does a correlation of -0.08 mean?

A reading of -0.08 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.

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AWK vs SPY: 3-year weekly correlation -0.08AWK vs SPY-0.08

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Related comparisons

AWK vs WTRG 0.86 AWK vs AWR 0.78 AWK vs CWT 0.76 AWK vs MSEX 0.69 AWK vs HTO 0.69 AWK vs YORW 0.68 ALAB vs AWK -0.30 AWK vs IBKR -0.28

Hubs: AWK correlations · SPY correlations