HTO vs PWR: Correlation
Measured on weekly returns over the past three years, H2O America (HTO) and Quanta Services (PWR) carry a correlation of -0.16, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HTO and PWR?
Over the past 3 years, HTO and PWR moved with a correlation of -0.16, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.29 versus -0.16 over 3 years. Over 5 years the correlation is -0.05, and the annualized covariance of weekly returns is -134.5 %².
Among the 13 assets we track against HTO, PWR sits near the bottom by co-movement, at rank #10. Their recent paths diverged sharply: over the last 12 months PWR outperformed by 35.2 percentage points (+27.9% for HTO against +63.1% for PWR).
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 PWR: side by side
| HTO (H2O America) | PWR (Quanta Services) | |
|---|---|---|
| 1-year return | +27.9% | +63.1% |
| 5-year return | +4.2% | +506.1% |
| Volatility (ann.) | 24.2% | 33.9% |
| Beta vs S&P 500 | 0.14 | 1.29 |
| Max drawdown (3Y) | -32.4% | -33.9% |
| Market cap | $2.6B | $93.5B |
| P/E (trailing) | 22.5 | 70.4 |
| Dividend yield | 2.70% | 0.07% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | HTO | PWR |
|---|---|---|
| 2022 | +13.4% | +24.6% |
| 2023 | -17.8% | +51.7% |
| 2024 | -22.6% | +46.6% |
| 2025 | +2.9% | +33.7% |
| 2026 | +31.8% | +47.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HTO and PWR good diversifiers for each other?
Yes. With a correlation of -0.16, HTO and PWR have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HTO and PWR?
The HTO/PWR correlation stands at -0.16 on a 3-year window (1 year: -0.29, 5 years: -0.05), computed from weekly returns as of 2026-08-27.
Is PWR a good diversifier for HTO?
Yes. With a correlation of -0.16, HTO and PWR have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.16 mean?
On the −1 to +1 scale, -0.16 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-pwr.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/hto-vs-pwr/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HTO correlations · PWR correlations
