APD vs EMN: Correlation
How closely do Air Products (APD) and Eastman Chemical Company (EMN) trade together? Their weekly returns over three years give a correlation of 0.44, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APD and EMN?
On 3 years of weekly data the APD/EMN correlation comes out at 0.44, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.27 versus 0.44 over 3 years. The 5-year figure is 0.49, and annualized covariance runs at 362.9 %².
Among the 33 assets we track against APD, EMN ranks #12 by 3-year correlation. Their 12-month results are close: +6.5% for APD against +10.8% for EMN.
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 EMN: side by side
| APD (Air Products) | EMN (Eastman Chemical Company) | |
|---|---|---|
| 1-year return | +6.5% | +10.8% |
| 5-year return | +28.2% | -22.9% |
| Volatility (ann.) | 26.7% | 30.5% |
| Beta vs S&P 500 | 0.64 | 0.95 |
| Max drawdown (3Y) | -30.4% | -48.4% |
| Market cap | $68.0B | $8.3B |
| P/E (trailing) | – | 18.9 |
| Dividend yield | 2.35% | 4.59% |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | APD | EMN |
|---|---|---|
| 2022 | +3.9% | -30.4% |
| 2023 | -9.0% | +14.7% |
| 2024 | +8.1% | +5.1% |
| 2025 | -12.7% | -26.9% |
| 2026 | +26.1% | +16.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APD and EMN good diversifiers for each other?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between APD and EMN?
Using weekly returns as of 2026-08-27: 0.44 over 3 years, with 0.27 over the last year and 0.49 over 5 years.
Is EMN a good diversifier for APD?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.44 mean?
A reading of 0.44 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/apd-vs-emn.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/apd-vs-emn/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: APD correlations · EMN correlations
