APD vs BALL: Correlation
How closely do Air Products (APD) and Ball Corporation (BALL) trade together? Their weekly returns over three years give a correlation of 0.37, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APD and BALL?
Over the past 3 years, APD and BALL moved with a correlation of 0.37, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.25 versus 0.37 over 3 years. Over 5 years the correlation is 0.35, and the annualized covariance of weekly returns is 267.0 %².
Within APD's tracked universe of 33 assets, BALL comes in at #17 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months BALL outperformed by 16.4 percentage points (+6.5% for APD against +22.9% for BALL). On a rolling one-year basis the correlation drifted between 0.27 and 0.59, a moderate band.
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.
APD vs BALL: side by side
| APD (Air Products) | BALL (Ball Corporation) | |
|---|---|---|
| 1-year return | +6.5% | +22.9% |
| 5-year return | +28.2% | -29.3% |
| Volatility (ann.) | 26.7% | 26.9% |
| Beta vs S&P 500 | 0.64 | 0.43 |
| Max drawdown (3Y) | -30.4% | -35.6% |
| Market cap | $68.0B | $16.8B |
| P/E (trailing) | – | 18.4 |
| Dividend yield | 2.35% | 1.25% |
| Sector / category | Materials | Materials |
Year-by-year returns
| Year | APD | BALL |
|---|---|---|
| 2022 | +3.9% | -46.2% |
| 2023 | -9.0% | +14.1% |
| 2024 | +8.1% | -3.0% |
| 2025 | -12.7% | -2.4% |
| 2026 | +26.1% | +20.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APD and BALL good diversifiers for each other?
Reasonably. At 0.37, APD and BALL keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between APD and BALL?
As of 2026-08-27, the correlation of weekly returns between APD and BALL is 0.37 over 3 years, 0.25 over 1 year and 0.35 over 5 years.
Is BALL a good diversifier for APD?
Reasonably. At 0.37, APD and BALL keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.37 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/apd-vs-ball.json
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The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: APD correlations · BALL correlations
