APA vs IEF: Correlation
How closely do APA Corporation (APA) and iShares 7-10 Year Treasury Bond ETF (IEF) trade together? Their weekly returns over three years give a correlation of -0.26, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APA and IEF?
Over the past 3 years, APA and IEF moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.49) than the 3-year average (-0.26). Over 5 years the correlation is -0.18, and the annualized covariance of weekly returns is -71.8 %².
Among the 43 assets we track against APA, IEF sits near the bottom by co-movement, at rank #41. The last year tells two different stories: APA led by 93.2 percentage points, +94.1% for APA against +0.9% for IEF. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.51 to 0.06. Note the risk asymmetry: APA runs 6.4 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 IEF: side by side
| APA (APA Corporation) | IEF (iShares 7-10 Year Treasury Bond ETF) | |
|---|---|---|
| 1-year return | +94.1% | +0.9% |
| 5-year return | +164.2% | -7.9% |
| Volatility (ann.) | 41.8% | 6.5% |
| Beta vs S&P 500 | 0.38 | 0.04 |
| Max drawdown (3Y) | -67.4% | -6.9% |
| Market cap | $14.8B | – |
| P/E (trailing) | 8.7 | – |
| Dividend yield | 2.43% | 3.96% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $47.2B |
| Sector / category | Energy | ETF · Bonds |
On the fund side, IEF sits in the Long Government category at iShares, with $47.2B under management, a 0.15% expense ratio, a 3.96% trailing dividend yield.
Year-by-year returns
| Year | APA | IEF |
|---|---|---|
| 2022 | +76.4% | -15.2% |
| 2023 | -21.2% | +3.6% |
| 2024 | -33.4% | -0.6% |
| 2025 | +11.5% | +8.0% |
| 2026 | +77.3% | -0.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APA and IEF good diversifiers for each other?
Yes. With a correlation of -0.26, APA and IEF have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between APA and IEF?
The APA/IEF correlation stands at -0.26 on a 3-year window (1 year: -0.49, 5 years: -0.18), computed from weekly returns as of 2026-08-27.
Is IEF a good diversifier for APA?
Yes. With a correlation of -0.26, APA and IEF have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 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/apa-vs-ief.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/apa-vs-ief/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: APA correlations · IEF correlations
