Stock Comparison
AWR vs AWK: A Dividend King, or the National Water Book?
A head-to-head of two US water utilities covering dividend streak, footprint, and size.
Data updated September 4, 2026
Visual comparison
Key metrics
Projected income on $10K
Projections assume the current yield and share price remain constant. Actual results will vary.
Total returns
AWK has lagged AWR over the trailing twelve months, posting a 2.73% total return against 23.65%. The lead holds up over 10 years too: AWR has compounded at 10.49% a year, against 8.50% for AWK. Figures are total returns: price change plus every distribution reinvested.
| Symbol | YTD | 1Y | 3Y | 5Y | 10Y | Since Apr 2008 | Volatility | Sharpe | Sortino | Max drawdown |
|---|---|---|---|---|---|---|---|---|---|---|
| AWK | 10.20% | 2.73% | 3.54% | -3.28% | 8.50% | 13.77% | 22.8% | -0.04 | -0.06 | -18.8% |
| AWR | 24.96% | 23.65% | 5.12% | 1.12% | 10.49% | 11.52% | 20.9% | 0.02 | 0.03 | -20.5% |
Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 4, 2026. YTD and 1Y are cumulative; windows of one year or longer are annualized. “Since Apr 2008” measures every fund from April 23, 2008 — the youngest fund's first trading day — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the trailing 3 years. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the trailing 3 years) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.
Side-by-side snapshot
| Metric |  AWK |  AWR |
|---|---|---|
| Full name | American Water Works Co. Inc. | American States Water Company |
| Issuer | — | — |
| Last Close | $140.70 as of September 4, 2026 | $88.53 as of September 4, 2026 |
| Distribution yield | 2.47% | 2.28% |
| Distribution Safety Score™ | 100 | 99 |
| Safety-Adjusted Yield | 2.47% | 2.26% |
| Expense ratio | — | — |
| AUM | — | — |
| Distribution frequency | Quarterly | Quarterly |
| Underlying index | — | — |
| Objective | — | Provides regulated water and electric utility services primarily in California, alongside contracted water and wastewater services on U.S. military bases. |
| Asset class | Equity | Equity |
| Inception date | N/A | N/A |
| Beta | 0.577 | 0.56 |
| Last dividend | $0.895 | $0.5455 |
| Ex-dividend date | 08/11/2026 | 08/17/2026 |
Bottom lineAWK and AWR are nearly interchangeable — both offer very similar utilities exposure with very similar cost and risk. Neither charges a fund expense ratio, so the decision rests on business fundamentals, payout history, and valuation.
AWR vs AWK: streak versus national scale
Both are US water utilities that pay quarterly. AWR is the Dividend King; AWK is the larger national system.
| AWK | AWR | |
|---|---|---|
| Business | US water utility | US water utility |
| Payout | Quarterly dividend | Quarterly dividend |
| Distribution yield | 2.47% | 2.28% |
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Quick verdict
AWK (American Water Works Co. Inc.) and AWR (American States Water Company) are both quarterly-pay dividend-paying stocks, but they take different approaches.
AWK offers the higher yield at 2.47% vs 2.28% for AWR. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.
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Deep dive
Yield & income
On a $10,000 investment, AWK would generate roughly $20.58/month, while AWR would produce $19.00/month, at current distribution rates. Both pay quarterly distributions.
Strategy & risk
AWK is a stock built around utilities exposure, while AWR is a stock built around water utilities exposure. Beta is 0.577 for AWK and 0.56 for AWR — effectively similar market sensitivity.
Security details
AWK (American Water Works Co. Inc.) is a stock. AWR (American States Water Company) is a stock.
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Frequently asked questions
What is the difference between AWR and AWK for dividends?
Both are US water utilities that pay a quarterly dividend. AWK (American Water Works Co. Inc.) distributes 2.47% and AWR (American States Water Company) distributes 2.28% as of September 2026. AWR is the longer streak; AWK is the larger national book. Compare footprint and payout history, not a one-date yield gap.
What is the current distribution yield for AWK and AWR?
AWK currently distributes 2.47% and AWR 2.28%, based on fund data updated September 2026. Distribution yield moves with both the payout and the share price, so check the as-of date before relying on either figure.
Is AWK or AWR better for dividend income?
It depends on your goals. AWK currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.
What is the difference between AWK and AWR?
AWK (American Water Works Co. Inc.) is a stock built around utilities exposure, while AWR (American States Water Company) is a stock built around water utilities exposure. They are issued by — and — respectively.
Can I hold both AWK and AWR?
Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.
Is AWK or AWR safer?
By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — they are effectively tied: AWK scores 100, AWR scores 99. Neither has a clear safety edge on that measure. No score makes an investment risk-free — treat this as a screening signal, not a guarantee.
How much income does $10,000 in AWK vs AWR generate?
At current rates, $10,000 in AWK would generate roughly $20.58 per month ($247.00 annually). The same in AWR would produce about $19.00 per month ($228.00 annually).
Which has performed better historically, AWK or AWR?
AWK has lagged AWR over the trailing twelve months, posting a 2.73% total return against 23.65%. The lead holds up over 10 years too: AWR has compounded at 10.49% a year, against 8.50% for AWK. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
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AWK vs AWR — at a glance
Generated August 29, 2026.
Overview
AWK and AWR are both water utility stocks paying modest quarterly dividends, but they operate at fundamentally different scales and geographies. AWK is the largest publicly traded water utility in the U.S., serving municipal customers across 14 states with a diversified regulated business model. AWR is a smaller, California-focused utility that blends regulated water and electric service to municipal and military customers—a narrower but defensible niche.
How they differ
The biggest difference is scope: AWK operates a national footprint across 14 states; AWR is concentrated in California with the addition of military-base water contracts that operate under a different regulatory framework. This shows up in scale—AWK trades at $140.70 versus AWR at $88.53—but more importantly in business diversification and exposure to state-level regulation. Second, AWK yields 2.47% while AWR yields 2.28%, a modest gap that reflects AWK's larger, more liquid franchise. Third, both stocks carry similar defensive characteristics (AWK's beta is 0.577, AWR's is 0.56), meaning they move less than the broader market and fit a defensive equity allocation—but AWR's military-contract revenue stream introduces a structural stability that isn't present in pure municipal-utility models.
Who each is best for
- AWK: Fits investors seeking broad exposure to U.S. regulated water utility growth with minimal geographic concentration risk and willing to accept a 2.47% yield for scale and liquidity in a defensive utility holding.
- AWR: Fits investors comfortable with California-specific regulatory exposure and attracted to the dual revenue streams of municipal utility service plus long-term military-base contracts, accepting a slightly lower 2.28% yield for that specialized niche.
Key risks to know
- Regulatory risk: Both stocks depend on rate-setting decisions by state and local regulators. AWR's dual exposure to California Public Utilities Commission oversight and military contracting adds a second layer of administrative approval; AWK's multi-state footprint diversifies this risk across different jurisdictions.
- Capital intensity: Water utilities require sustained infrastructure investment to replace aging pipes and meet water quality standards. Both stocks' modest yields reflect this reality; distributions leave room for reinvestment, but rising construction costs or delays in rate recovery could pressure dividend growth.
- Geographic and demand concentration: AWR's California focus means exposure to a single state's water availability, population growth, and economic cycles. AWK's national presence reduces this concentration, though California operations (if present) would still face identical droughts and regulatory pressures as AWR.
- Military-contract renewal risk (AWR-specific): A meaningful portion of AWR's revenue comes from long-term military-base water and wastewater contracts. Renewal and pricing renegotiations carry execution risk distinct from municipal utility operations.
Bottom line
If you value geographic diversification and the scale benefits that come with it, AWK's national footprint and modestly higher yield reflect a larger, more liquid franchise. If you're comfortable with California-specific regulation and see value in the structural stability of military-base contract revenue, AWR's specialized model may fit your allocation. Both carry low market sensitivity and suit investors seeking defensive income; the choice hinges on tolerance for state concentration versus appetite for a dual-revenue-stream business model.
AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.
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