APD vs LIN: Correlation
Measured on weekly returns over the past three years, Air Products (APD) and Linde plc (LIN) carry a correlation of 0.42, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APD and LIN?
Across a 3-year window, the weekly returns of APD and LIN correlate at 0.42, moderate. The relationship has been stable: the 1-year correlation (0.38) sits close to the 3-year figure. Stretching to 5 years gives 0.53, with an annualized covariance of 183.8 %².
Within APD's tracked universe of 33 assets, LIN comes in at #16 by 3-year correlation. Their 12-month results are close: +6.5% for APD against +1.9% for LIN. The relationship is regime-dependent: the rolling one-year correlation swung between 0.19 and 0.71 over the past three years, so this pair behaves very differently depending on the market environment. Risk is not evenly split, since APD carries 1.6 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 LIN: side by side
| APD (Air Products) | LIN (Linde plc) | |
|---|---|---|
| 1-year return | +6.5% | +1.9% |
| 5-year return | +28.2% | +64.6% |
| Volatility (ann.) | 26.7% | 16.5% |
| Beta vs S&P 500 | 0.64 | 0.37 |
| Max drawdown (3Y) | -30.4% | -19.2% |
| Market cap | $68.0B | $223.7B |
| P/E (trailing) | – | 31.6 |
| Dividend yield | 2.35% | 1.26% |
| Sector / category | Materials | Materials |
Year-by-year returns
| Year | APD | LIN |
|---|---|---|
| 2022 | +3.9% | -4.4% |
| 2023 | -9.0% | +27.7% |
| 2024 | +8.1% | +3.2% |
| 2025 | -12.7% | +3.2% |
| 2026 | +26.1% | +14.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APD and LIN good diversifiers for each other?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between APD and LIN?
As of 2026-08-27, the correlation of weekly returns between APD and LIN is 0.42 over 3 years, 0.38 over 1 year and 0.53 over 5 years.
Is LIN a good diversifier for APD?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.42 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-lin.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/apd-vs-lin/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: APD correlations · LIN correlations
