AXGN vs CWT: Correlation
How closely do Axogen, Inc. (AXGN) and California Water Service Group (CWT) trade together? Their weekly returns over three years give a correlation of -0.28, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AXGN and CWT?
Across a 3-year window, the weekly returns of AXGN and CWT correlate at -0.28, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.40 versus -0.28 over 3 years. Stretching to 5 years gives -0.13, with an annualized covariance of -397.8 %².
Among the 14 assets we track against AXGN, CWT sits near the bottom by co-movement, at rank #11. Their recent paths diverged sharply: over the last 12 months AXGN outperformed by 211.2 percentage points (+220.5% for AXGN against +9.3% for CWT). One caveat on sizing: AXGN is 2.8 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.
AXGN vs CWT: side by side
| AXGN (Axogen, Inc.) | CWT (California Water Service Group) | |
|---|---|---|
| 1-year return | +220.5% | +9.3% |
| 5-year return | +213.9% | -12.2% |
| Volatility (ann.) | 63.3% | 22.3% |
| Beta vs S&P 500 | 1.11 | 0.10 |
| Max drawdown (3Y) | -53.8% | -24.1% |
| Market cap | $2.8B | $3.1B |
| P/E (trailing) | – | 22.6 |
| Dividend yield | 0.00% | 2.53% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AXGN | CWT |
|---|---|---|
| 2022 | +6.5% | -14.1% |
| 2023 | -31.6% | -12.8% |
| 2024 | +141.3% | -10.6% |
| 2025 | +98.6% | -1.8% |
| 2026 | +58.1% | +18.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AXGN and CWT good diversifiers for each other?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
FAQ
What is the correlation between AXGN and CWT?
The AXGN/CWT correlation stands at -0.28 on a 3-year window (1 year: -0.40, 5 years: -0.13), computed from weekly returns as of 2026-08-27.
Is CWT a good diversifier for AXGN?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
What does a correlation of -0.28 mean?
A reading of -0.28 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/axgn-vs-cwt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/axgn-vs-cwt/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AXGN correlations · CWT correlations
