APD vs EQ: Correlation
Measured on weekly returns over the past three years, Air Products (APD) and Equillium, Inc. (EQ) carry a correlation of -0.21, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APD and EQ?
Over the past 3 years, APD and EQ moved with a correlation of -0.21, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.20) sits close to the 3-year figure. Over 5 years the correlation is -0.16, and the annualized covariance of weekly returns is -812.0 %².
By 3-year correlation, EQ places #26 of the 33 assets tracked against APD. Correlation aside, the last 12 months split them widely, with EQ ahead by 21.8 points (+6.5% versus +28.3%). Risk is not evenly split, since EQ carries 5.5 times the volatility of the other side.
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 EQ: side by side
| APD (Air Products) | EQ (Equillium, Inc.) | |
|---|---|---|
| 1-year return | +6.5% | +28.3% |
| 5-year return | +28.2% | -60.0% |
| Volatility (ann.) | 26.7% | 147.8% |
| Beta vs S&P 500 | 0.64 | 0.03 |
| Max drawdown (3Y) | -30.4% | -90.3% |
| Market cap | $68.0B | $0.2B |
| P/E (trailing) | – | – |
| Dividend yield | 2.35% | 0.00% |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | APD | EQ |
|---|---|---|
| 2022 | +3.9% | -71.9% |
| 2023 | -9.0% | -32.1% |
| 2024 | +8.1% | +4.2% |
| 2025 | -12.7% | +106.7% |
| 2026 | +26.1% | +58.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APD and EQ good diversifiers for each other?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between APD and EQ?
As of 2026-08-27, the correlation of weekly returns between APD and EQ is -0.21 over 3 years, -0.20 over 1 year and -0.16 over 5 years.
Is EQ a good diversifier for APD?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.21 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-eq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/apd-vs-eq/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: APD correlations · EQ correlations
