CWT vs DGX: Correlation
California Water Service Group (CWT) and Quest Diagnostics (DGX) show a moderate relationship: their 3-year correlation of weekly returns is 0.41.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CWT and DGX?
Across a 3-year window, the weekly returns of CWT and DGX correlate at 0.41, moderate. Little has changed lately, as the 1-year reading of 0.44 lands near the 3-year figure. Stretching to 5 years gives 0.35, with an annualized covariance of 175.8 %².
By 3-year correlation, DGX places #8 of the 15 assets tracked against CWT. The last year tells two different stories: DGX led by 29.2 percentage points, +9.3% for CWT against +38.5% for DGX.
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.
CWT vs DGX: side by side
| CWT (California Water Service Group) | DGX (Quest Diagnostics) | |
|---|---|---|
| 1-year return | +9.3% | +38.5% |
| 5-year return | -12.2% | +78.8% |
| Volatility (ann.) | 22.3% | 19.1% |
| Beta vs S&P 500 | 0.10 | 0.09 |
| Max drawdown (3Y) | -24.1% | -12.4% |
| Market cap | $3.1B | $27.0B |
| P/E (trailing) | 22.6 | 26.0 |
| Dividend yield | 2.53% | 1.36% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | CWT | DGX |
|---|---|---|
| 2022 | -14.1% | -7.8% |
| 2023 | -12.8% | -10.1% |
| 2024 | -10.6% | +11.8% |
| 2025 | -1.8% | +17.2% |
| 2026 | +18.2% | +42.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CWT and DGX good diversifiers for each other?
Reasonably. At 0.41, CWT and DGX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CWT and DGX?
The CWT/DGX correlation stands at 0.41 on a 3-year window (1 year: 0.44, 5 years: 0.35), computed from weekly returns as of 2026-08-27.
Is DGX a good diversifier for CWT?
Reasonably. At 0.41, CWT and DGX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.41 mean?
A reading of 0.41 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/cwt-vs-dgx.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cwt-vs-dgx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CWT correlations · DGX correlations
