APD vs CTVA: Correlation
How closely do Air Products (APD) and Corteva (CTVA) trade together? Their weekly returns over three years give a correlation of 0.34, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APD and CTVA?
Across a 3-year window, the weekly returns of APD and CTVA correlate at 0.34, moderate. Little has changed lately, as the 1-year reading of 0.33 lands near the 3-year figure. Stretching to 5 years gives 0.37, with an annualized covariance of 246.0 %².
Within APD's tracked universe of 33 assets, CTVA comes in at #22 by 3-year correlation. Their 12-month results are close: +6.5% for APD against +10.9% for CTVA. This link changes with the market regime, having swung between 0.01 and 0.63 on a rolling one-year basis.
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 CTVA: side by side
| APD (Air Products) | CTVA (Corteva) | |
|---|---|---|
| 1-year return | +6.5% | +10.9% |
| 5-year return | +28.2% | +98.2% |
| Volatility (ann.) | 26.7% | 26.8% |
| Beta vs S&P 500 | 0.64 | 0.43 |
| Max drawdown (3Y) | -30.4% | -20.7% |
| Market cap | $68.0B | $55.0B |
| P/E (trailing) | – | 50.2 |
| Dividend yield | 2.35% | 0.87% |
| Sector / category | Materials | Materials |
Year-by-year returns
| Year | APD | CTVA |
|---|---|---|
| 2022 | +3.9% | +25.6% |
| 2023 | -9.0% | -17.5% |
| 2024 | +8.1% | +20.2% |
| 2025 | -12.7% | +18.9% |
| 2026 | +26.1% | +23.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APD and CTVA good diversifiers for each other?
A fair diversifier. At 0.34, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between APD and CTVA?
The APD/CTVA correlation stands at 0.34 on a 3-year window (1 year: 0.33, 5 years: 0.37), computed from weekly returns as of 2026-08-27.
Is CTVA a good diversifier for APD?
A fair diversifier. At 0.34, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.34 mean?
On the −1 to +1 scale, 0.34 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
$ curl https://www.pairbook.io/api/v1/pairs/apd-vs-ctva.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/apd-vs-ctva/)
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Related comparisons
Hubs: APD correlations · CTVA correlations
