Using a valence double-zeta polarization basis, full configuration-interaction (FCI) calculations are carried out on water at its equilibrium geometry and at geometries where the OH bond lengths are stretched until dissociation. At the same geometries and with the same basis set configuration interaction calculations at excitation levels up to hextuples, multireference singles doubles configuration interaction calculations, coupled cluster calculations at excitation levels up to quadruples, Moller-Plesset perturbation theory calculations through order fifteen, and complete active space second-order perturbation theory calculations are also carried out. The static correlation contribution increase with increasing bond length. The calculations show that the coupled cluster approach has a remarkable ability to describe even relatively large static correlation contributions. The single reference perturbation expansion breaks down for larger OH bond length, while the multireference approach preserves the accuracy for the whole potential curve. At the equilibrium geometry, FCI calculations have also been carried out for the lowest state of (2)A(1), B-2(1), and B-2(2) symmetry of H2O+, and the results compared with state of the art correlation results for total energies and ionization potentials (IP’s). Differential energies (IP’s) are obtained more accurately than absolute (total) energies in the size extensive coupled cluster and perturbation approaches. For the nonsize extensive configuration interaction method errors an obtained of the same size for differential and absolute energies.