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 rate | 2.45% | 2.25% |
| Distribution Safety Score™ | 100 | 99 |
| Safety-Adjusted Yield | 2.45% | 2.23% |
| 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 | 0.565 |
| 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 | 2.45% | 2.25% |
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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 2.45% vs 2.25% 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 $20.42/month, while AWR would produce $18.75/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 0.565 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 2.45% and AWR (American States Water Company) distributes 2.25% 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 rate for AWK and AWR?
AWK currently distributes 2.45% and AWR 2.25%, based on fund data updated September 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 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 $20.42 per month ($245.00 annually). The same in AWR would produce about $18.75 per month ($225.00 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 September 5, 2026.
Overview
American Water Works (AWK) and American States Water (AWR) are both utility stocks offering quarterly dividends, but they operate in distinctly different markets. AWK is the largest publicly traded water utility in the U.S., serving millions of customers across multiple states through regulated water and wastewater systems. AWR operates primarily in California with a dual business—regulated water and electric utility services plus contracted water and wastewater services on U.S. military bases—making it a smaller, more geographically concentrated play on the same sector.
How they differ
The biggest difference is scale and geographic diversity: AWK operates in multiple states with a much broader customer base, while AWR's revenue is concentrated in California plus military base contracts. AWK's distribution rate sits at 2.45% versus AWR's 2.25%, a modest premium that reflects AWK's larger asset base and different growth trajectory. Both carry low volatility—AWK's beta of 0.577 and AWR's beta of 0.565—typical of regulated utilities, though AWK's slightly higher beta suggests marginally more sensitivity to broader market swings. AWK went public much more recently (04/23/2008) after years as a private company, while AWR has traded publicly since 11/05/1984, giving it a longer public market history.
Who each is best for
- AWK: Fits investors seeking exposure to the largest diversified water utility operator in the country, with geographic diversification across multiple regulated markets and a more liquid, frequently traded stock.
- AWR: Designed for investors comfortable with California-specific regulatory and economic exposure in exchange for exposure to military base contracts, which provide a contracted revenue stream less typical of traditional utilities.
Key risks to know
- Regulatory and rate-setting risk: Both depend on state Public Utility Commission approvals for rate increases; California's regulatory environment (affecting AWR disproportionately) has proven contentious around cost recovery, particularly during droughts and infrastructure investment cycles.
- California concentration for AWR: A significant portion of AWR's revenue derives from a single state plus military contracts; changes in California water policy, drought conditions, or military base budgets could materially affect earnings.
- Utility sector sensitivity to interest rates: Both stocks carry low betas but operate in a sector vulnerable to rising discount rates, which compress the present value of regulated utility cash flows and can pressure share prices even if fundamentals remain stable.
- Capital intensity and infrastructure aging: Water utilities require continuous infrastructure replacement and upgrades; regulatory delays in cost recovery can strain cash flow and dividend growth, particularly for AWR given its smaller scale.
Bottom line
If you want the largest diversified water utility with multi-state exposure and higher trading liquidity, AWK offers that at 2.45% yield. If you're comfortable with California concentration and military base contracts in exchange for a different risk profile, AWR provides 2.25% yield with a smaller footprint. Both carry low systematic risk and are less volatile than the broader market—verify their regulatory and operational outlooks against your income and time-horizon needs. 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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