AWR vs TGEN: Correlation
Measured on weekly returns over the past three years, American States Water Company (AWR) and Tecogen Inc. (TGEN) carry a correlation of -0.26, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AWR and TGEN?
On 3 years of weekly data the AWR/TGEN correlation comes out at -0.26, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.29) sits close to the 3-year figure. The 5-year figure is -0.12, and annualized covariance runs at -579.3 %².
TGEN is close to the least connected end of AWR's tracked universe, ranking #13 of 16. Their recent paths diverged sharply: over the last 12 months AWR outperformed by 81.3 percentage points (+21.5% for AWR against -59.8% for TGEN). Risk is not evenly split, since TGEN carries 5.1 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 TGEN: side by side
| AWR (American States Water Company) | TGEN (Tecogen Inc.) | |
|---|---|---|
| 1-year return | +21.5% | -59.8% |
| 5-year return | +7.6% | +76.1% |
| Volatility (ann.) | 20.8% | 106.2% |
| Beta vs S&P 500 | 0.04 | 1.92 |
| Max drawdown (3Y) | -21.9% | -83.4% |
| Market cap | $3.5B | $0.1B |
| P/E (trailing) | 24.3 | – |
| Dividend yield | 2.24% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AWR | TGEN |
|---|---|---|
| 2022 | -8.9% | +4.2% |
| 2023 | -11.4% | -35.2% |
| 2024 | -1.2% | +80.9% |
| 2025 | -4.3% | +237.2% |
| 2026 | +25.1% | -35.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AWR and TGEN good diversifiers for each other?
Yes. With a correlation of -0.26, AWR and TGEN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AWR and TGEN?
Using weekly returns as of 2026-08-27: -0.26 over 3 years, with -0.29 over the last year and -0.12 over 5 years.
Is TGEN a good diversifier for AWR?
Yes. With a correlation of -0.26, AWR and TGEN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 mean?
A reading of -0.26 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-tgen.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/awr-vs-tgen/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AWR correlations · TGEN correlations
