CWT vs MSEX: Correlation
How closely do California Water Service Group (CWT) and Middlesex Water Company (MSEX) trade together? Their weekly returns over three years give a correlation of 0.74, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CWT and MSEX?
Over the past 3 years, CWT and MSEX moved with a correlation of 0.74, which is strong. Recent behaviour matches the longer record: 0.71 over 1 year against 0.74 over 3. Over 5 years the correlation is 0.74, and the annualized covariance of weekly returns is 516.0 %².
By 3-year correlation, MSEX places #5 of the 15 assets tracked against CWT. Twelve-month performance is nearly a tie, at +9.3% for CWT and +10.1% for MSEX.
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 MSEX: side by side
| CWT (California Water Service Group) | MSEX (Middlesex Water Company) | |
|---|---|---|
| 1-year return | +9.3% | +10.1% |
| 5-year return | -12.2% | -41.5% |
| Volatility (ann.) | 22.3% | 31.5% |
| Beta vs S&P 500 | 0.10 | 0.04 |
| Max drawdown (3Y) | -24.1% | -40.2% |
| Market cap | $3.1B | $1.1B |
| P/E (trailing) | 22.6 | 22.6 |
| Dividend yield | 2.53% | 2.43% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CWT | MSEX |
|---|---|---|
| 2022 | -14.1% | -33.8% |
| 2023 | -12.8% | -15.2% |
| 2024 | -10.6% | -18.0% |
| 2025 | -1.8% | -1.7% |
| 2026 | +18.2% | +17.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CWT and MSEX good diversifiers for each other?
Only partially. A correlation of 0.74 means CWT and MSEX share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between CWT and MSEX?
As of 2026-08-27, the correlation of weekly returns between CWT and MSEX is 0.74 over 3 years, 0.71 over 1 year and 0.74 over 5 years.
Is MSEX a good diversifier for CWT?
Only partially. A correlation of 0.74 means CWT and MSEX share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.74 mean?
On the −1 to +1 scale, 0.74 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/cwt-vs-msex.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cwt-vs-msex/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CWT correlations · MSEX correlations
