APA vs TLT: Correlation
APA Corporation (APA) and iShares 20+ Year Treasury Bond ETF (TLT) show a negative relationship: their 3-year correlation of weekly returns is -0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APA and TLT?
On 3 years of weekly data the APA/TLT correlation comes out at -0.26, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.46) runs below the 3-year figure (-0.26). The 5-year figure is -0.23, and annualized covariance runs at -146.5 %².
Out of 43 assets tracked against APA, TLT lands near the bottom at #43. Correlation aside, the last 12 months split them widely, with APA ahead by 93.8 points (+94.1% versus +0.3%). The relationship is regime-dependent: the rolling one-year correlation swung between -0.49 and 0.04 over the past three years, so this pair behaves very differently depending on the market environment. Risk is not evenly split, since APA carries 3.1 times the volatility of the other side.
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 TLT: side by side
| APA (APA Corporation) | TLT (iShares 20+ Year Treasury Bond ETF) | |
|---|---|---|
| 1-year return | +94.1% | +0.3% |
| 5-year return | +164.2% | -34.0% |
| Volatility (ann.) | 41.8% | 13.5% |
| Beta vs S&P 500 | 0.38 | 0.11 |
| Max drawdown (3Y) | -67.4% | -14.8% |
| Market cap | $14.8B | – |
| P/E (trailing) | 8.7 | – |
| Dividend yield | 2.43% | 4.75% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $41.5B |
| Sector / category | Energy | ETF · Bonds |
On the fund side, TLT sits in the Long Government category at iShares, with $41.5B under management, a 0.15% expense ratio, a 4.75% trailing dividend yield.
Year-by-year returns
| Year | APA | TLT |
|---|---|---|
| 2022 | +76.4% | -31.2% |
| 2023 | -21.2% | +2.8% |
| 2024 | -33.4% | -8.1% |
| 2025 | +11.5% | +4.2% |
| 2026 | +77.3% | -2.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APA and TLT good diversifiers for each other?
Yes. With a correlation of -0.26, APA and TLT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between APA and TLT?
The APA/TLT correlation stands at -0.26 on a 3-year window (1 year: -0.46, 5 years: -0.23), computed from weekly returns as of 2026-08-27.
Is TLT a good diversifier for APA?
Yes. With a correlation of -0.26, APA and TLT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 mean?
A reading of -0.26 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-tlt.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/apa-vs-tlt/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: APA correlations · TLT correlations
