AWR vs CWT: Correlation
How closely do American States Water Company (AWR) and California Water Service Group (CWT) trade together? Their weekly returns over three years give a correlation of 0.88, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AWR and CWT?
Over the past 3 years, AWR and CWT moved with a correlation of 0.88, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.89) sits close to the 3-year figure. Over 5 years the correlation is 0.91, and the annualized covariance of weekly returns is 408.9 %².
Few assets follow AWR as closely as CWT, which ranks #1 of 16 tracked partners. The trailing year gives AWR the advantage: +21.5% versus +9.3%, a 12.2-point spread.
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 CWT: side by side
| AWR (American States Water Company) | CWT (California Water Service Group) | |
|---|---|---|
| 1-year return | +21.5% | +9.3% |
| 5-year return | +7.6% | -12.2% |
| Volatility (ann.) | 20.8% | 22.3% |
| Beta vs S&P 500 | 0.04 | 0.10 |
| Max drawdown (3Y) | -21.9% | -24.1% |
| Market cap | $3.5B | $3.1B |
| P/E (trailing) | 24.3 | 22.6 |
| Dividend yield | 2.24% | 2.53% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AWR | CWT |
|---|---|---|
| 2022 | -8.9% | -14.1% |
| 2023 | -11.4% | -12.8% |
| 2024 | -1.2% | -10.6% |
| 2025 | -4.3% | -1.8% |
| 2026 | +25.1% | +18.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AWR and CWT good diversifiers for each other?
No: a correlation of 0.88 means AWR and CWT tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between AWR and CWT?
Using weekly returns as of 2026-08-27: 0.88 over 3 years, with 0.89 over the last year and 0.91 over 5 years.
Is CWT a good diversifier for AWR?
No: a correlation of 0.88 means AWR and CWT tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.88 mean?
A reading of 0.88 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-cwt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/awr-vs-cwt/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AWR correlations · CWT correlations
