SOC vs WAT: Correlation
How closely do Sable Offshore Corp. (SOC) and Waters Corporation (WAT) trade together? Their weekly returns over three years give a correlation of -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SOC and WAT?
On 3 years of weekly data the SOC/WAT correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.34) than the 3-year average (-0.24). The 5-year figure is -0.20, and annualized covariance runs at -869.5 %².
Among the 31 assets we track against SOC, WAT ranks #21 by 3-year correlation. The last year tells two different stories: WAT led by 126.6 percentage points, -83.6% for SOC against +43.0% for WAT. One caveat on sizing: SOC is 2.9 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.
SOC vs WAT: side by side
| SOC (Sable Offshore Corp.) | WAT (Waters Corporation) | |
|---|---|---|
| 1-year return | -83.6% | +43.0% |
| 5-year return | -51.7% | +2.0% |
| Volatility (ann.) | 101.7% | 35.3% |
| Beta vs S&P 500 | 0.03 | 0.89 |
| Max drawdown (3Y) | -90.7% | -33.4% |
| Market cap | $0.9B | $41.4B |
| P/E (trailing) | – | 105.3 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | SOC | WAT |
|---|---|---|
| 2022 | +3.4% | -8.1% |
| 2023 | +13.3% | -3.9% |
| 2024 | +101.1% | +12.7% |
| 2025 | -60.6% | +2.4% |
| 2026 | -48.3% | +10.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SOC and WAT good diversifiers for each other?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
FAQ
What is the correlation between SOC and WAT?
As of 2026-08-27, the correlation of weekly returns between SOC and WAT is -0.24 over 3 years, -0.34 over 1 year and -0.20 over 5 years.
Is WAT a good diversifier for SOC?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 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.
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Related comparisons
Hubs: SOC correlations · WAT correlations
