Stock Comparison
AWK vs AWR: A Dividend King, or the National Water Book?
A head-to-head of two US water utilities covering dividend streak, footprint, and size.
Updated October 16, 2026
How these figures are calculated: methodology.
Visual comparison
Key metrics
Projected income on $10K
Projections assume the current yield and share price remain constant. Actual results will vary.
Total returns
100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.
AWK has lagged AWR over the trailing twelve months, posting a -3.20% total return against 13.84%. The lead holds up over 10 years too: AWR has compounded at 10.24% a year, against 8.65% for AWK. Figures are total returns: price change plus every distribution reinvested.
| Symbol | YTD cumulative | 1Y cumulative | 3Y annualized | 5Y annualized | 10Y annualized | Since Apr 2008 | Volatility | Sharpe | Sortino | Max drawdown |
|---|---|---|---|---|---|---|---|---|---|---|
| AWK | 5.55% | -3.20% | 6.55% | -2.60% | 8.65% | 13.43% | 22.4% | 0.10 | 0.14 | -18.8% |
| AWR | 17.43% | 13.84% | 4.05% | 0.70% | 10.24% | 11.09% | 20.9% | -0.01 | -0.01 | -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 October 16, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since Apr 2008” measures every fund from April 23, 2008 — the start of shared available history — 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 | $134.94 as of October 16, 2026 | $83.45 as of October 16, 2026 |
| Distribution rate | 2.65% | 2.61% |
| Trailing 12-month yield | 2.55% | 2.47% |
| Distribution Safety Score™ | 98 | 97 |
| Safety-Adjusted Yield | 2.60% | 2.53% |
| 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 | 0.569 | 0.554 |
| 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 rate | 2.65% | 2.61% |
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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 2.65% vs 2.61% 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 $66.25 cash per distribution, while AWR would produce $65.25 cash per distribution, 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 0.569 for AWK and 0.554 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 2.65% and AWR (American States Water Company) distributes 2.61% as of October 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 rate for AWK and AWR?
AWK currently distributes 2.65% and AWR 2.61%, based on fund data updated October 2026. Distribution rate 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 98, AWR scores 97. 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 $66.25 cash per distribution ($265.00 annually). The same in AWR would produce about $65.25 cash per distribution ($261.00 annually).
Which has performed better historically, AWK or AWR?
AWK has lagged AWR over the trailing twelve months, posting a -3.20% total return against 13.84%. The lead holds up over 10 years too: AWR has compounded at 10.24% a year, against 8.65% 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 October 17, 2026.
Overview
American Water Works (AWK) and American States Water (AWR) are both publicly traded water utility stocks offering modest quarterly dividends. AWK is the larger of the two — a diversified water and wastewater operator serving over 14 million people across 14 U.S. states. AWR operates more regionally, concentrating its water and electric utility business in California while also running contracted operations on U.S. military bases, a revenue stream not present in AWK's portfolio.
How they differ
The biggest structural difference is scale and geographic footprint. AWK operates as a broad national water utility; AWR's exposure is anchored to California regulation plus military-base contracts, a narrower but more specialized operating model. On yield, the two are nearly identical — 2.65% for AWK versus 2.61% for AWR — so dividend income is roughly equivalent on a percentage basis. Both stocks show similar defensiveness, with AWK's beta of 0.569 and AWR's beta of 0.554 well below the market average, reflecting utilities' characteristically stable cash flows and lower volatility. The price points differ substantially: AWK trades at $134.94, while AWR is priced at $83.45.
Who each is best for
- AWK: Fits investors seeking broad exposure to water utility operations across multiple states with less concentration risk on a single regulatory jurisdiction.
- AWR: Fits investors comfortable with California regulatory environment and military-base contract revenue, preferring a smaller, more tightly focused water utility footprint.
Key risks to know
- Regulatory and rate risk: Both companies depend on rate-setting by state public utility commissions. AWK's multi-state presence diversifies this risk; AWR's California concentration means earnings are more sensitive to a single regulator's decisions on rate recovery and capital spending allowances.
- Military base contract concentration: AWR derives meaningful revenue from U.S. military base operations. Changes in defense budgets, base closures, or renegotiated contract terms could affect its earnings stability in ways AWK does not face.
- Low beta and defensive positioning: Both stocks' low betas suggest limited upside if equity markets rally sharply, which may disappoint investors seeking capital appreciation alongside income.
- Utility dividend sustainability: Both dividends depend on regulated returns and rate increases keeping pace with inflation and capital needs; prolonged regulatory delays or denial of rate requests could pressure payouts.
Bottom line
If you want broad geographic diversification within water utilities and lower single-jurisdiction regulatory risk, AWK's national footprint and size stand out. If you're willing to accept California-centric operations and military contract exposure in exchange for a smaller, potentially nimbler utility, AWR may appeal. Both offer comparable yields and defensive characteristics; the choice hinges on your comfort with regulatory concentration and AWR's unique military revenue stream. Past performance does not predict future results.
AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.
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The metrics behind this comparison, explained in the Academy.
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These comparisons follow the Dividend Vision methodology.