APA vs VKI: Correlation
APA Corporation (APA) and Invesco Advantage Municipal Income Trust II (VKI) show a negative relationship: their 3-year correlation of weekly returns is -0.23.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APA and VKI?
Over the past 3 years, APA and VKI moved with a correlation of -0.23, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.52) runs below the 3-year figure (-0.23). Over 5 years the correlation is -0.03, and the annualized covariance of weekly returns is -133.8 %².
Among the 43 assets we track against APA, VKI ranks #38 by 3-year correlation. Correlation aside, the last 12 months split them widely, with APA ahead by 78.4 points (+94.1% versus +15.7%). One caveat on sizing: APA is 3.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 VKI: side by side
| APA (APA Corporation) | VKI (Invesco Advantage Municipal Income Trust II) | |
|---|---|---|
| 1-year return | +94.1% | +15.7% |
| 5-year return | +164.2% | -5.1% |
| Volatility (ann.) | 41.8% | 13.9% |
| Beta vs S&P 500 | 0.38 | 0.32 |
| Max drawdown (3Y) | -67.4% | -12.4% |
| Market cap | $14.8B | $0.4B |
| P/E (trailing) | 8.7 | 35.6 |
| Dividend yield | 2.43% | 7.50% |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | APA | VKI |
|---|---|---|
| 2022 | +76.4% | -25.5% |
| 2023 | -21.2% | +3.1% |
| 2024 | -33.4% | +10.2% |
| 2025 | +11.5% | +12.8% |
| 2026 | +77.3% | +2.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APA and VKI good diversifiers for each other?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between APA and VKI?
The APA/VKI correlation stands at -0.23 on a 3-year window (1 year: -0.52, 5 years: -0.03), computed from weekly returns as of 2026-08-27.
Is VKI a good diversifier for APA?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.23 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-vki.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/apa-vs-vki/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: APA correlations · VKI correlations
