AP vs TG: Correlation
How closely do Ampco-Pittsburgh Corporation (AP) and Tredegar Corporation (TG) trade together? Their weekly returns over three years give a correlation of 0.44, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AP and TG?
On 3 years of weekly data the AP/TG correlation comes out at 0.44, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.56 versus 0.44 over 3 years. The 5-year figure is 0.37, and annualized covariance runs at 1951.9 %².
In AP's tracked universe of 14 assets, TG sits right near the top at #3. Their recent paths diverged sharply: over the last 12 months AP outperformed by 233.1 percentage points (+232.6% for AP against -0.5% for TG). Risk is not evenly split, since AP carries 2.0 times the volatility of the other side.
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.
AP vs TG: side by side
| AP (Ampco-Pittsburgh Corporation) | TG (Tredegar Corporation) | |
|---|---|---|
| 1-year return | +232.6% | -0.5% |
| 5-year return | +90.5% | -35.5% |
| Volatility (ann.) | 94.5% | 47.3% |
| Beta vs S&P 500 | 1.63 | 1.03 |
| Max drawdown (3Y) | -77.6% | -33.4% |
| Market cap | $0.2B | $0.3B |
| P/E (trailing) | – | 8.2 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AP | TG |
|---|---|---|
| 2022 | -49.8% | -9.6% |
| 2023 | +8.8% | -45.2% |
| 2024 | -23.4% | +42.0% |
| 2025 | +155.0% | -6.5% |
| 2026 | +72.2% | +6.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AP and TG good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between AP and TG?
Using weekly returns as of 2026-08-27: 0.44 over 3 years, with 0.56 over the last year and 0.37 over 5 years.
Is TG a good diversifier for AP?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.44 mean?
A reading of 0.44 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: AP correlations · TG correlations
