APD vs ECL: Correlation
Air Products (APD) and Ecolab (ECL) show a moderate relationship: their 3-year correlation of weekly returns is 0.36.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APD and ECL?
On 3 years of weekly data the APD/ECL correlation comes out at 0.36, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.12 versus 0.36 over 3 years. The 5-year figure is 0.38, and annualized covariance runs at 188.0 %².
By 3-year correlation, ECL places #18 of the 33 assets tracked against APD. Twelve-month performance is nearly a tie, at +6.5% for APD and +3.1% for ECL. This link changes with the market regime, having swung between 0.13 and 0.68 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 ECL: side by side
| APD (Air Products) | ECL (Ecolab) | |
|---|---|---|
| 1-year return | +6.5% | +3.1% |
| 5-year return | +28.2% | +34.0% |
| Volatility (ann.) | 26.7% | 19.5% |
| Beta vs S&P 500 | 0.64 | 0.64 |
| Max drawdown (3Y) | -30.4% | -20.1% |
| Market cap | $68.0B | $80.1B |
| P/E (trailing) | – | 39.1 |
| Dividend yield | 2.35% | 0.98% |
| Sector / category | Materials | Materials |
Year-by-year returns
| Year | APD | ECL |
|---|---|---|
| 2022 | +3.9% | -37.1% |
| 2023 | -9.0% | +37.9% |
| 2024 | +8.1% | +19.3% |
| 2025 | -12.7% | +13.2% |
| 2026 | +26.1% | +9.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APD and ECL good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between APD and ECL?
Using weekly returns as of 2026-08-27: 0.36 over 3 years, with 0.12 over the last year and 0.38 over 5 years.
Is ECL a good diversifier for APD?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.36 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-ecl.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/apd-vs-ecl/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: APD correlations · ECL correlations
