AWR vs MSEX: Correlation
American States Water Company (AWR) and Middlesex Water Company (MSEX) show a strong relationship: their 3-year correlation of weekly returns is 0.77.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AWR and MSEX?
Over the past 3 years, AWR and MSEX moved with a correlation of 0.77, which is strong. Little has changed lately, as the 1-year reading of 0.76 lands near the 3-year figure. Over 5 years the correlation is 0.77, and the annualized covariance of weekly returns is 505.2 %².
Among the 16 assets we track against AWR, MSEX ranks #6 by 3-year correlation. Over the last 12 months AWR came out ahead by 11.4 percentage points (+21.5% against +10.1%). Risk is not evenly split, since MSEX carries 1.5 times the volatility of the other side.
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 MSEX: side by side
| AWR (American States Water Company) | MSEX (Middlesex Water Company) | |
|---|---|---|
| 1-year return | +21.5% | +10.1% |
| 5-year return | +7.6% | -41.5% |
| Volatility (ann.) | 20.8% | 31.5% |
| Beta vs S&P 500 | 0.04 | 0.04 |
| Max drawdown (3Y) | -21.9% | -40.2% |
| Market cap | $3.5B | $1.1B |
| P/E (trailing) | 24.3 | 22.6 |
| Dividend yield | 2.24% | 2.43% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AWR | MSEX |
|---|---|---|
| 2022 | -8.9% | -33.8% |
| 2023 | -11.4% | -15.2% |
| 2024 | -1.2% | -18.0% |
| 2025 | -4.3% | -1.7% |
| 2026 | +25.1% | +17.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AWR and MSEX good diversifiers for each other?
Somewhat, no more. With 0.77 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between AWR and MSEX?
The AWR/MSEX correlation stands at 0.77 on a 3-year window (1 year: 0.76, 5 years: 0.77), computed from weekly returns as of 2026-08-27.
Is MSEX a good diversifier for AWR?
Somewhat, no more. With 0.77 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.77 mean?
On the −1 to +1 scale, 0.77 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
$ curl https://www.pairbook.io/api/v1/pairs/awr-vs-msex.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/awr-vs-msex/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AWR correlations · MSEX correlations
