APA vs FET: Correlation
APA Corporation (APA) and Forum Energy Technologies, Inc. (FET) show a strong relationship: their 3-year correlation of weekly returns is 0.64.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APA and FET?
Over the past 3 years, APA and FET moved with a correlation of 0.64, which is strong. The link has loosened recently: the 1-year correlation (0.51) runs below the 3-year figure (0.64). Over 5 years the correlation is 0.57, and the annualized covariance of weekly returns is 1316.4 %².
Among the 43 assets we track against APA, FET ranks #22 by 3-year correlation. The last year tells two different stories: FET led by 118.6 percentage points, +94.1% for APA against +212.7% for FET.
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 FET: side by side
| APA (APA Corporation) | FET (Forum Energy Technologies, Inc.) | |
|---|---|---|
| 1-year return | +94.1% | +212.7% |
| 5-year return | +164.2% | +307.0% |
| Volatility (ann.) | 41.8% | 49.1% |
| Beta vs S&P 500 | 0.38 | 0.80 |
| Max drawdown (3Y) | -67.4% | -47.1% |
| Market cap | $14.8B | $0.9B |
| P/E (trailing) | 8.7 | – |
| Dividend yield | 2.43% | 0.00% |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | APA | FET |
|---|---|---|
| 2022 | +76.4% | +83.8% |
| 2023 | -21.2% | -24.8% |
| 2024 | -33.4% | -30.1% |
| 2025 | +11.5% | +138.5% |
| 2026 | +77.3% | +115.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APA and FET good diversifiers for each other?
Only partially. A correlation of 0.64 means APA and FET 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 FET?
As of 2026-08-27, the correlation of weekly returns between APA and FET is 0.64 over 3 years, 0.51 over 1 year and 0.57 over 5 years.
Is FET a good diversifier for APA?
Only partially. A correlation of 0.64 means APA and FET share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.64 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.
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Related comparisons
Hubs: APA correlations · FET correlations
