AWR vs SPY: Correlation
Measured on weekly returns over the past three years, American States Water Company (AWR) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.03, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AWR and SPY?
On 3 years of weekly data the AWR/SPY correlation comes out at 0.03, near zero, meaning they move largely independently. The past 12 months show a weaker link (-0.22) than the 3-year average (0.03). The 5-year figure is 0.24, and annualized covariance runs at 8.8 %².
Within AWR's tracked universe of 16 assets, SPY comes in at #9 by 3-year correlation. Twelve-month performance is nearly a tie, at +21.5% for AWR and +20.6% for SPY.
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 SPY: side by side
| AWR (American States Water Company) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +21.5% | +20.6% |
| 5-year return | +7.6% | +82.4% |
| Volatility (ann.) | 20.8% | 14.5% |
| Beta vs S&P 500 | 0.04 | 1.00 |
| Max drawdown (3Y) | -21.9% | -18.8% |
| Market cap | $3.5B | – |
| P/E (trailing) | 24.3 | – |
| Dividend yield | 2.24% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
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.
Year-by-year returns
| Year | AWR | SPY |
|---|---|---|
| 2022 | -8.9% | -18.2% |
| 2023 | -11.4% | +26.2% |
| 2024 | -1.2% | +24.9% |
| 2025 | -4.3% | +17.7% |
| 2026 | +25.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AWR and SPY good diversifiers for each other?
Yes. With a correlation of 0.03, AWR and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AWR and SPY?
Using weekly returns as of 2026-08-27: 0.03 over 3 years, with -0.22 over the last year and 0.24 over 5 years.
Is SPY a good diversifier for AWR?
Yes. With a correlation of 0.03, AWR and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.03 mean?
On the −1 to +1 scale, 0.03 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.
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Related comparisons
Hubs: AWR correlations · SPY correlations
