APA vs SM: Correlation
Measured on weekly returns over the past three years, APA Corporation (APA) and SM Energy Company (SM) carry a correlation of 0.76, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APA and SM?
Over the past 3 years, APA and SM moved with a correlation of 0.76, which is strong. Recent behaviour matches the longer record: 0.72 over 1 year against 0.76 over 3. Over 5 years the correlation is 0.79, and the annualized covariance of weekly returns is 1522.1 %².
Within APA's tracked universe of 43 assets, SM comes in at #15 by 3-year correlation. The last year tells two different stories: APA led by 58.0 percentage points, +94.1% for APA against +36.1% for SM.
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 SM: side by side
| APA (APA Corporation) | SM (SM Energy Company) | |
|---|---|---|
| 1-year return | +94.1% | +36.1% |
| 5-year return | +164.2% | +114.6% |
| Volatility (ann.) | 41.8% | 47.6% |
| Beta vs S&P 500 | 0.38 | 0.44 |
| Max drawdown (3Y) | -67.4% | -64.9% |
| Market cap | $14.8B | $8.8B |
| P/E (trailing) | 8.7 | 6.3 |
| Dividend yield | 2.43% | 2.32% |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | APA | SM |
|---|---|---|
| 2022 | +76.4% | +18.6% |
| 2023 | -21.2% | +13.1% |
| 2024 | -33.4% | +1.8% |
| 2025 | +11.5% | -49.7% |
| 2026 | +77.3% | +99.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APA and SM good diversifiers for each other?
To a limited degree. At 0.76 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between APA and SM?
Using weekly returns as of 2026-08-27: 0.76 over 3 years, with 0.72 over the last year and 0.79 over 5 years.
Is SM a good diversifier for APA?
To a limited degree. At 0.76 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.76 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-sm.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/apa-vs-sm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: APA correlations · SM correlations
