AWR vs AXGN: Correlation
Measured on weekly returns over the past three years, American States Water Company (AWR) and Axogen, Inc. (AXGN) carry a correlation of -0.29, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AWR and AXGN?
Across a 3-year window, the weekly returns of AWR and AXGN correlate at -0.29, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.41 versus -0.29 over 3 years. Stretching to 5 years gives -0.12, with an annualized covariance of -380.0 %².
Out of 16 assets tracked against AWR, AXGN lands near the bottom at #16. Their recent paths diverged sharply: over the last 12 months AXGN outperformed by 199.0 percentage points (+21.5% for AWR against +220.5% for AXGN). One caveat on sizing: AXGN is 3.0 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.
AWR vs AXGN: side by side
| AWR (American States Water Company) | AXGN (Axogen, Inc.) | |
|---|---|---|
| 1-year return | +21.5% | +220.5% |
| 5-year return | +7.6% | +213.9% |
| Volatility (ann.) | 20.8% | 63.3% |
| Beta vs S&P 500 | 0.04 | 1.11 |
| Max drawdown (3Y) | -21.9% | -53.8% |
| Market cap | $3.5B | $2.8B |
| P/E (trailing) | 24.3 | – |
| Dividend yield | 2.24% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AWR | AXGN |
|---|---|---|
| 2022 | -8.9% | +6.5% |
| 2023 | -11.4% | -31.6% |
| 2024 | -1.2% | +141.3% |
| 2025 | -4.3% | +98.6% |
| 2026 | +25.1% | +58.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AWR and AXGN good diversifiers for each other?
By historical standards, yes. A correlation of -0.29 means the two rarely move for the same reasons.
FAQ
What is the correlation between AWR and AXGN?
Using weekly returns as of 2026-08-27: -0.29 over 3 years, with -0.41 over the last year and -0.12 over 5 years.
Is AXGN a good diversifier for AWR?
By historical standards, yes. A correlation of -0.29 means the two rarely move for the same reasons.
What does a correlation of -0.29 mean?
A reading of -0.29 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/awr-vs-axgn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/awr-vs-axgn/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AWR correlations · AXGN correlations
