AM vs EXE: Correlation
How closely do Antero Midstream Corporation (AM) and Expand Energy (EXE) trade together? Their weekly returns over three years give a correlation of 0.55, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AM and EXE?
Over the past 3 years, AM and EXE moved with a correlation of 0.55, which is moderate. The past 12 months show a weaker link (0.37) than the 3-year average (0.55). Over 5 years the correlation is 0.61, and the annualized covariance of weekly returns is 349.0 %².
By 3-year correlation, EXE places #7 of the 15 assets tracked against AM. Their recent paths diverged sharply: over the last 12 months AM outperformed by 27.9 percentage points (+33.1% for AM against +5.2% for EXE).
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.
AM vs EXE: side by side
| AM (Antero Midstream Corporation) | EXE (Expand Energy) | |
|---|---|---|
| 1-year return | +33.1% | +5.2% |
| 5-year return | +230.4% | +125.8% |
| Volatility (ann.) | 22.6% | 28.2% |
| Beta vs S&P 500 | 0.24 | 0.31 |
| Max drawdown (3Y) | -14.0% | -28.4% |
| Market cap | $10.7B | $22.7B |
| P/E (trailing) | 27.1 | 8.3 |
| Dividend yield | 3.98% | 3.30% |
| Sector / category | US Listed | Energy |
Year-by-year returns
| Year | AM | EXE |
|---|---|---|
| 2022 | +22.0% | +62.3% |
| 2023 | +25.7% | -14.8% |
| 2024 | +28.5% | +33.2% |
| 2025 | +24.4% | +14.4% |
| 2026 | +30.9% | -9.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AM and EXE good diversifiers for each other?
Only partially. A correlation of 0.55 means AM and EXE share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between AM and EXE?
The AM/EXE correlation stands at 0.55 on a 3-year window (1 year: 0.37, 5 years: 0.61), computed from weekly returns as of 2026-08-27.
Is EXE a good diversifier for AM?
Only partially. A correlation of 0.55 means AM and EXE share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.55 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/am-vs-exe.json
Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: AM correlations · EXE correlations
