HTO vs MSEX: Correlation
H2O America (HTO) and Middlesex Water Company (MSEX) show a strong relationship: their 3-year correlation of weekly returns is 0.71.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HTO and MSEX?
On 3 years of weekly data the HTO/MSEX correlation comes out at 0.71, strong. Little has changed lately, as the 1-year reading of 0.67 lands near the 3-year figure. The 5-year figure is 0.68, and annualized covariance runs at 539.2 %².
Within HTO's tracked universe of 13 assets, MSEX comes in at #4 by 3-year correlation. Correlation aside, the last 12 months split them widely, with HTO ahead by 17.8 points (+27.9% versus +10.1%).
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.
HTO vs MSEX: side by side
| HTO (H2O America) | MSEX (Middlesex Water Company) | |
|---|---|---|
| 1-year return | +27.9% | +10.1% |
| 5-year return | +4.2% | -41.5% |
| Volatility (ann.) | 24.2% | 31.5% |
| Beta vs S&P 500 | 0.14 | 0.04 |
| Max drawdown (3Y) | -32.4% | -40.2% |
| Market cap | $2.6B | $1.1B |
| P/E (trailing) | 22.5 | 22.6 |
| Dividend yield | 2.70% | 2.43% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HTO | MSEX |
|---|---|---|
| 2022 | +13.4% | -33.8% |
| 2023 | -17.8% | -15.2% |
| 2024 | -22.6% | -18.0% |
| 2025 | +2.9% | -1.7% |
| 2026 | +31.8% | +17.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HTO and MSEX good diversifiers for each other?
To a limited degree. At 0.71 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between HTO and MSEX?
The HTO/MSEX correlation stands at 0.71 on a 3-year window (1 year: 0.67, 5 years: 0.68), computed from weekly returns as of 2026-08-27.
Is MSEX a good diversifier for HTO?
To a limited degree. At 0.71 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.71 mean?
On the −1 to +1 scale, 0.71 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/hto-vs-msex.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/hto-vs-msex/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HTO correlations · MSEX correlations
