AGG vs APA: Correlation
iShares Core US Aggregate Bond ETF (AGG) and APA Corporation (APA) show a negative relationship: their 3-year correlation of weekly returns is -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AGG and APA?
On 3 years of weekly data the AGG/APA correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.47) runs below the 3-year figure (-0.24). The 5-year figure is -0.14, and annualized covariance runs at -52.6 %².
Among the 34 assets we track against AGG, APA ranks #24 by 3-year correlation. The last year tells two different stories: APA led by 91.8 percentage points, +2.3% for AGG against +94.1% for APA. This link changes with the market regime, having swung between -0.50 and 0.06 on a rolling one-year basis. One caveat on sizing: APA is 7.9 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.
AGG vs APA: side by side
| AGG (iShares Core US Aggregate Bond ETF) | APA (APA Corporation) | |
|---|---|---|
| 1-year return | +2.3% | +94.1% |
| 5-year return | -1.1% | +164.2% |
| Volatility (ann.) | 5.3% | 41.8% |
| Beta vs S&P 500 | 0.07 | 0.38 |
| Max drawdown (3Y) | -4.8% | -67.4% |
| Market cap | – | $14.8B |
| P/E (trailing) | – | 8.7 |
| Dividend yield | 4.05% | 2.43% |
| Expense ratio | 0.03% | – |
| Assets under management | $137.1B | – |
| Sector / category | ETF · Bonds | Energy |
AGG is an Intermediate Core Bond fund from iShares: $137.1B under management, a 0.03% expense ratio, a 4.05% trailing dividend yield.
Year-by-year returns
| Year | AGG | APA |
|---|---|---|
| 2022 | -13.0% | +76.4% |
| 2023 | +5.7% | -21.2% |
| 2024 | +1.3% | -33.4% |
| 2025 | +7.2% | +11.5% |
| 2026 | +0.3% | +77.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AGG and APA good diversifiers for each other?
Yes. With a correlation of -0.24, AGG and APA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AGG and APA?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.47 over the last year and -0.14 over 5 years.
Is APA a good diversifier for AGG?
Yes. With a correlation of -0.24, AGG and APA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/agg-vs-apa.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/agg-vs-apa/)
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Related comparisons
Hubs: AGG correlations · APA correlations
