APA vs SLB: Correlation
APA Corporation (APA) and Schlumberger (SLB) show a strong relationship: their 3-year correlation of weekly returns is 0.67.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APA and SLB?
Across a 3-year window, the weekly returns of APA and SLB correlate at 0.67, strong. The link has loosened recently: the 1-year correlation (0.52) runs below the 3-year figure (0.67). Stretching to 5 years gives 0.72, with an annualized covariance of 982.7 %².
By 3-year correlation, SLB places #21 of the 43 assets tracked against APA. The last year tells two different stories: APA led by 37.0 percentage points, +94.1% for APA against +57.1% for SLB. The rolling one-year correlation moved between 0.54 and 0.83 over the past three years, a moderate range.
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 SLB: side by side
| APA (APA Corporation) | SLB (Schlumberger) | |
|---|---|---|
| 1-year return | +94.1% | +57.1% |
| 5-year return | +164.2% | +117.1% |
| Volatility (ann.) | 41.8% | 35.1% |
| Beta vs S&P 500 | 0.38 | 0.57 |
| Max drawdown (3Y) | -67.4% | -46.6% |
| Market cap | $14.8B | $81.6B |
| P/E (trailing) | 8.7 | 26.2 |
| Dividend yield | 2.43% | 2.16% |
| Sector / category | Energy | Energy |
Year-by-year returns
| Year | APA | SLB |
|---|---|---|
| 2022 | +76.4% | +81.2% |
| 2023 | -21.2% | -0.8% |
| 2024 | -33.4% | -24.5% |
| 2025 | +11.5% | +3.3% |
| 2026 | +77.3% | +44.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APA and SLB good diversifiers for each other?
Only partially. A correlation of 0.67 means APA and SLB 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 SLB?
As of 2026-08-27, the correlation of weekly returns between APA and SLB is 0.67 over 3 years, 0.52 over 1 year and 0.72 over 5 years.
Is SLB a good diversifier for APA?
Only partially. A correlation of 0.67 means APA and SLB share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.67 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-slb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/apa-vs-slb/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: APA correlations · SLB correlations
