APA vs OXY: Correlation
Measured on weekly returns over the past three years, APA Corporation (APA) and Occidental Petroleum (OXY) carry a correlation of 0.83, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APA and OXY?
Across a 3-year window, the weekly returns of APA and OXY correlate at 0.83, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.83) sits close to the 3-year figure. Stretching to 5 years gives 0.74, with an annualized covariance of 1060.8 %².
In APA's tracked universe of 43 assets, OXY sits right near the top at #1. Correlation aside, the last 12 months split them widely, with APA ahead by 65.2 points (+94.1% versus +28.9%). Stability stands out here, with the rolling one-year correlation confined to 0.71 through 0.87.
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 OXY: side by side
| APA (APA Corporation) | OXY (Occidental Petroleum) | |
|---|---|---|
| 1-year return | +94.1% | +28.9% |
| 5-year return | +164.2% | +150.8% |
| Volatility (ann.) | 41.8% | 30.6% |
| Beta vs S&P 500 | 0.38 | 0.13 |
| Max drawdown (3Y) | -67.4% | -46.9% |
| Market cap | $14.8B | $59.1B |
| P/E (trailing) | 8.7 | 17.3 |
| Dividend yield | 2.43% | 1.71% |
| Sector / category | Energy | Energy |
Year-by-year returns
| Year | APA | OXY |
|---|---|---|
| 2022 | +76.4% | +119.1% |
| 2023 | -21.2% | -4.1% |
| 2024 | -33.4% | -15.9% |
| 2025 | +11.5% | -14.9% |
| 2026 | +77.3% | +45.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APA and OXY good diversifiers for each other?
No: a correlation of 0.83 means APA and OXY tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between APA and OXY?
As of 2026-08-27, the correlation of weekly returns between APA and OXY is 0.83 over 3 years, 0.83 over 1 year and 0.74 over 5 years.
Is OXY a good diversifier for APA?
No: a correlation of 0.83 means APA and OXY tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.83 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-oxy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/apa-vs-oxy/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: APA correlations · OXY correlations
