APA vs XOM: Correlation
How closely do APA Corporation (APA) and ExxonMobil (XOM) trade together? Their weekly returns over three years give a correlation of 0.73, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APA and XOM?
On 3 years of weekly data the APA/XOM correlation comes out at 0.73, strong. Little has changed lately, as the 1-year reading of 0.73 lands near the 3-year figure. The 5-year figure is 0.76, and annualized covariance runs at 741.0 %².
By 3-year correlation, XOM places #17 of the 43 assets tracked against APA. The last year tells two different stories: APA led by 51.3 percentage points, +94.1% for APA against +42.8% for XOM. The rolling one-year correlation stayed in a tight band between 0.62 and 0.82 over the past three years, which points to a structural rather than episodic relationship. One caveat on sizing: APA is 1.7 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 XOM: side by side
| APA (APA Corporation) | XOM (ExxonMobil) | |
|---|---|---|
| 1-year return | +94.1% | +42.8% |
| 5-year return | +164.2% | +237.9% |
| Volatility (ann.) | 41.8% | 24.3% |
| Beta vs S&P 500 | 0.38 | 0.01 |
| Max drawdown (3Y) | -67.4% | -20.1% |
| Market cap | $14.8B | $643.3B |
| P/E (trailing) | 8.7 | 20.1 |
| Dividend yield | 2.43% | 2.58% |
| Sector / category | Energy | Energy |
Year-by-year returns
| Year | APA | XOM |
|---|---|---|
| 2022 | +76.4% | +87.4% |
| 2023 | -21.2% | -6.3% |
| 2024 | -33.4% | +11.3% |
| 2025 | +11.5% | +16.0% |
| 2026 | +77.3% | +32.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APA and XOM good diversifiers for each other?
Somewhat, no more. With 0.73 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between APA and XOM?
As of 2026-08-27, the correlation of weekly returns between APA and XOM is 0.73 over 3 years, 0.73 over 1 year and 0.76 over 5 years.
Is XOM a good diversifier for APA?
Somewhat, no more. With 0.73 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.73 mean?
On the −1 to +1 scale, 0.73 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
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Related comparisons
Hubs: APA correlations · XOM correlations
