APA vs LOCL: Correlation
Measured on weekly returns over the past three years, APA Corporation (APA) and Local Bounti Corporation (LOCL) carry a correlation of -0.20, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APA and LOCL?
Across a 3-year window, the weekly returns of APA and LOCL correlate at -0.20, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.11) than the 3-year average (-0.20). Stretching to 5 years gives -0.11, with an annualized covariance of -1175.6 %².
Among the 43 assets we track against APA, LOCL ranks #34 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months APA outperformed by 152.9 percentage points (+94.1% for APA against -58.8% for LOCL). Note the risk asymmetry: LOCL runs 3.4 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 LOCL: side by side
| APA (APA Corporation) | LOCL (Local Bounti Corporation) | |
|---|---|---|
| 1-year return | +94.1% | -58.8% |
| 5-year return | +164.2% | -99.2% |
| Volatility (ann.) | 41.8% | 142.7% |
| Beta vs S&P 500 | 0.38 | -0.49 |
| Max drawdown (3Y) | -67.4% | -79.4% |
| Market cap | $14.8B | – |
| P/E (trailing) | 8.7 | – |
| Dividend yield | 2.43% | 0.00% |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | APA | LOCL |
|---|---|---|
| 2022 | +76.4% | -78.4% |
| 2023 | -21.2% | -88.5% |
| 2024 | -33.4% | +0.0% |
| 2025 | +11.5% | +3.4% |
| 2026 | +77.3% | -53.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APA and LOCL good diversifiers for each other?
By historical standards, yes. A correlation of -0.20 means the two rarely move for the same reasons.
FAQ
What is the correlation between APA and LOCL?
Using weekly returns as of 2026-08-27: -0.20 over 3 years, with 0.11 over the last year and -0.11 over 5 years.
Is LOCL a good diversifier for APA?
By historical standards, yes. A correlation of -0.20 means the two rarely move for the same reasons.
What does a correlation of -0.20 mean?
On the −1 to +1 scale, -0.20 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/apa-vs-locl.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/apa-vs-locl/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: APA correlations · LOCL correlations
