APA vs FANG: Correlation
APA Corporation (APA) and Diamondback Energy (FANG) show a strong relationship: their 3-year correlation of weekly returns is 0.78.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APA and FANG?
Over the past 3 years, APA and FANG moved with a correlation of 0.78, which is strong. Little has changed lately, as the 1-year reading of 0.81 lands near the 3-year figure. Over 5 years the correlation is 0.81, and the annualized covariance of weekly returns is 1107.5 %².
By 3-year correlation, FANG places #10 of the 43 assets tracked against APA. The last year tells two different stories: APA led by 54.5 percentage points, +94.1% for APA against +39.6% for FANG. Stability stands out here, with the rolling one-year correlation confined to 0.67 through 0.88.
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 FANG: side by side
| APA (APA Corporation) | FANG (Diamondback Energy) | |
|---|---|---|
| 1-year return | +94.1% | +39.6% |
| 5-year return | +164.2% | +224.9% |
| Volatility (ann.) | 41.8% | 34.1% |
| Beta vs S&P 500 | 0.38 | 0.32 |
| Max drawdown (3Y) | -67.4% | -42.1% |
| Market cap | $14.8B | $56.1B |
| P/E (trailing) | 8.7 | 38.0 |
| Dividend yield | 2.43% | 2.13% |
| Sector / category | Energy | Energy |
Year-by-year returns
| Year | APA | FANG |
|---|---|---|
| 2022 | +76.4% | +35.3% |
| 2023 | -21.2% | +19.7% |
| 2024 | -33.4% | +10.3% |
| 2025 | +11.5% | -5.6% |
| 2026 | +77.3% | +35.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APA and FANG good diversifiers for each other?
Only partially. A correlation of 0.78 means APA and FANG 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 APA and FANG?
Using weekly returns as of 2026-08-27: 0.78 over 3 years, with 0.81 over the last year and 0.81 over 5 years.
Is FANG a good diversifier for APA?
Only partially. A correlation of 0.78 means APA and FANG share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.78 mean?
A reading of 0.78 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/apa-vs-fang.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/apa-vs-fang/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: APA correlations · FANG correlations
