APA vs CVX: Correlation
APA Corporation (APA) and Chevron Corporation (CVX) show a strong relationship: their 3-year correlation of weekly returns is 0.71.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APA and CVX?
Across a 3-year window, the weekly returns of APA and CVX correlate at 0.71, strong. The relationship has been stable: the 1-year correlation (0.71) sits close to the 3-year figure. Stretching to 5 years gives 0.76, with an annualized covariance of 705.6 %².
Within APA's tracked universe of 43 assets, CVX comes in at #18 by 3-year correlation. The last year tells two different stories: APA led by 63.7 percentage points, +94.1% for APA against +30.4% for CVX. On a rolling one-year basis the correlation drifted between 0.58 and 0.85, a moderate band. Risk is not evenly split, since APA carries 1.8 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.
APA vs CVX: side by side
| APA (APA Corporation) | CVX (Chevron Corporation) | |
|---|---|---|
| 1-year return | +94.1% | +30.4% |
| 5-year return | +164.2% | +148.1% |
| Volatility (ann.) | 41.8% | 23.8% |
| Beta vs S&P 500 | 0.38 | 0.22 |
| Max drawdown (3Y) | -67.4% | -20.8% |
| Market cap | $14.8B | $391.9B |
| P/E (trailing) | 8.7 | 19.3 |
| Dividend yield | 2.43% | 3.49% |
| Sector / category | Energy | Energy |
Year-by-year returns
| Year | APA | CVX |
|---|---|---|
| 2022 | +76.4% | +58.5% |
| 2023 | -21.2% | -13.6% |
| 2024 | -33.4% | +1.3% |
| 2025 | +11.5% | +10.1% |
| 2026 | +77.3% | +34.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APA and CVX good diversifiers for each other?
To a limited degree. At 0.71 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between APA and CVX?
Using weekly returns as of 2026-08-27: 0.71 over 3 years, with 0.71 over the last year and 0.76 over 5 years.
Is CVX a good diversifier for APA?
To a limited degree. At 0.71 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.71 mean?
A reading of 0.71 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: APA correlations · CVX correlations
