APA vs PBT: Correlation
Measured on weekly returns over the past three years, APA Corporation (APA) and Permian Basin Royalty Trust (PBT) carry a correlation of 0.48, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APA and PBT?
Over the past 3 years, APA and PBT moved with a correlation of 0.48, which is moderate. The relationship has been stable: the 1-year correlation (0.56) sits close to the 3-year figure. Over 5 years the correlation is 0.48, and the annualized covariance of weekly returns is 797.7 %².
Within APA's tracked universe of 43 assets, PBT comes in at #28 by 3-year correlation. On 12-month performance PBT holds a 14.3-point edge, +94.1% against +108.4%.
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 PBT: side by side
| APA (APA Corporation) | PBT (Permian Basin Royalty Trust) | |
|---|---|---|
| 1-year return | +94.1% | +108.4% |
| 5-year return | +164.2% | +669.6% |
| Volatility (ann.) | 41.8% | 39.6% |
| Beta vs S&P 500 | 0.38 | 0.48 |
| Max drawdown (3Y) | -67.4% | -57.6% |
| Market cap | $14.8B | $1.6B |
| P/E (trailing) | 8.7 | 96.2 |
| Dividend yield | 2.43% | 0.81% |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | APA | PBT |
|---|---|---|
| 2022 | +76.4% | +166.2% |
| 2023 | -21.2% | -42.8% |
| 2024 | -33.4% | -16.9% |
| 2025 | +11.5% | +56.6% |
| 2026 | +77.3% | +100.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APA and PBT good diversifiers for each other?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between APA and PBT?
Using weekly returns as of 2026-08-27: 0.48 over 3 years, with 0.56 over the last year and 0.48 over 5 years.
Is PBT a good diversifier for APA?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.48 mean?
A reading of 0.48 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-pbt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/apa-vs-pbt/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: APA correlations · PBT correlations
