APD vs IFF: Correlation
How closely do Air Products (APD) and International Flavors & Fragrances (IFF) trade together? Their weekly returns over three years give a correlation of 0.36, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APD and IFF?
Across a 3-year window, the weekly returns of APD and IFF correlate at 0.36, moderate. The past 12 months show a weaker link (0.25) than the 3-year average (0.36). Stretching to 5 years gives 0.42, with an annualized covariance of 286.6 %².
Among the 33 assets we track against APD, IFF ranks #19 by 3-year correlation. Correlation aside, the last 12 months split them widely, with IFF ahead by 26.7 points (+6.5% versus +33.2%). On a rolling one-year basis the correlation drifted between 0.16 and 0.61, a moderate band.
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 IFF: side by side
| APD (Air Products) | IFF (International Flavors & Fragrances) | |
|---|---|---|
| 1-year return | +6.5% | +33.2% |
| 5-year return | +28.2% | -34.3% |
| Volatility (ann.) | 26.7% | 29.5% |
| Beta vs S&P 500 | 0.64 | 0.69 |
| Max drawdown (3Y) | -30.4% | -42.6% |
| Market cap | $68.0B | $22.2B |
| P/E (trailing) | – | – |
| Dividend yield | 2.35% | 1.84% |
| Sector / category | Materials | Materials |
Year-by-year returns
| Year | APD | IFF |
|---|---|---|
| 2022 | +3.9% | -28.3% |
| 2023 | -9.0% | -19.5% |
| 2024 | +8.1% | +6.3% |
| 2025 | -12.7% | -18.4% |
| 2026 | +26.1% | +30.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APD and IFF 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 IFF?
Using weekly returns as of 2026-08-27: 0.36 over 3 years, with 0.25 over the last year and 0.42 over 5 years.
Is IFF 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?
On the −1 to +1 scale, 0.36 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-iff.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/apd-vs-iff/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: APD correlations · IFF correlations
