APD vs HKIT: Correlation
Air Products (APD) and Hitek Global Inc. - Class A (HKIT) show a negative relationship: their 3-year correlation of weekly returns is -0.29.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APD and HKIT?
Over the past 3 years, APD and HKIT moved with a correlation of -0.29, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.17 versus -0.29 over 3 years. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -1838.4 %².
HKIT is close to the least connected end of APD's tracked universe, ranking #32 of 33. The last year tells two different stories: APD led by 106.4 percentage points, +6.5% for APD against -99.9% for HKIT. Note the risk asymmetry: HKIT runs 8.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 HKIT: side by side
| APD (Air Products) | HKIT (Hitek Global Inc. - Class A) | |
|---|---|---|
| 1-year return | +6.5% | -99.9% |
| 5-year return | +28.2% | n/a |
| Volatility (ann.) | 26.7% | 233.1% |
| Beta vs S&P 500 | 0.64 | 1.70 |
| Max drawdown (3Y) | -30.4% | -100.0% |
| Market cap | $68.0B | – |
| P/E (trailing) | – | 0.0 |
| Dividend yield | 2.35% | 0.00% |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | APD | HKIT |
|---|---|---|
| 2022 | +3.9% | – |
| 2023 | -9.0% | – |
| 2024 | +8.1% | +36.2% |
| 2025 | -12.7% | +55.9% |
| 2026 | +26.1% | -100.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APD and HKIT good diversifiers for each other?
Yes. With a correlation of -0.29, APD and HKIT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between APD and HKIT?
The APD/HKIT correlation stands at -0.29 on a 3-year window (1 year: -0.17, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is HKIT a good diversifier for APD?
Yes. With a correlation of -0.29, APD and HKIT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.29 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-hkit.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/apd-vs-hkit/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: APD correlations · HKIT correlations
