AWK vs SPYG: Correlation
American Water Works (AWK) and SPDR Portfolio S&P 500 Growth ETF (SPYG) show a negative relationship: their 3-year correlation of weekly returns is -0.20.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AWK and SPYG?
Across a 3-year window, the weekly returns of AWK and SPYG correlate at -0.20, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.44 versus -0.20 over 3 years. Stretching to 5 years gives 0.20, with an annualized covariance of -78.9 %².
By 3-year correlation, SPYG places #28 of the 49 assets tracked against AWK. Correlation aside, the last 12 months split them widely, with SPYG ahead by 25.4 points (-3.0% versus +22.4%). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.51 to 0.59.
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 SPYG: side by side
| AWK (American Water Works) | SPYG (SPDR Portfolio S&P 500 Growth ETF) | |
|---|---|---|
| 1-year return | -3.0% | +22.4% |
| 5-year return | -16.6% | +85.9% |
| Volatility (ann.) | 20.7% | 18.9% |
| Beta vs S&P 500 | -0.11 | 1.25 |
| Max drawdown (3Y) | -18.8% | -22.1% |
| Market cap | $27.2B | – |
| P/E (trailing) | 23.7 | – |
| Dividend yield | 2.46% | 0.49% |
| Expense ratio | – | 0.04% |
| Assets under management | – | $52.2B |
| Sector / category | Utilities | ETF · US Style |
SPYG is a Large Growth fund from State Street Investment Management: $52.2B under management, 148 holdings, a 0.04% expense ratio, a 0.49% trailing dividend yield.
Year-by-year returns
| Year | AWK | SPYG |
|---|---|---|
| 2022 | -17.9% | -29.4% |
| 2023 | -11.7% | +30.0% |
| 2024 | -3.5% | +36.0% |
| 2025 | +7.4% | +22.1% |
| 2026 | +6.9% | +14.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AWK and SPYG good diversifiers for each other?
By historical standards, yes. A correlation of -0.20 means the two rarely move for the same reasons.
FAQ
What is the correlation between AWK and SPYG?
Using weekly returns as of 2026-08-27: -0.20 over 3 years, with -0.44 over the last year and 0.20 over 5 years.
Is SPYG a good diversifier for AWK?
By historical standards, yes. A correlation of -0.20 means the two rarely move for the same reasons.
What does a correlation of -0.20 mean?
A reading of -0.20 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
$ curl https://www.pairbook.io/api/v1/pairs/awk-vs-spyg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/awk-vs-spyg/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AWK correlations · SPYG correlations
