APD vs PPG: Correlation
Measured on weekly returns over the past three years, Air Products (APD) and PPG Industries (PPG) carry a correlation of 0.36, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APD and PPG?
On 3 years of weekly data the APD/PPG correlation comes out at 0.36, moderate. Little has changed lately, as the 1-year reading of 0.26 lands near the 3-year figure. The 5-year figure is 0.45, and annualized covariance runs at 246.7 %².
Within APD's tracked universe of 33 assets, PPG comes in at #20 by 3-year correlation. Their 12-month results are close: +6.5% for APD against +3.8% for PPG. Across three years, the rolling one-year figure varied moderately, from 0.20 to 0.65.
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 PPG: side by side
| APD (Air Products) | PPG (PPG Industries) | |
|---|---|---|
| 1-year return | +6.5% | +3.8% |
| 5-year return | +28.2% | -22.0% |
| Volatility (ann.) | 26.7% | 25.5% |
| Beta vs S&P 500 | 0.64 | 0.90 |
| Max drawdown (3Y) | -30.4% | -37.4% |
| Market cap | $68.0B | $25.2B |
| P/E (trailing) | – | 16.4 |
| Dividend yield | 2.35% | 2.48% |
| Sector / category | Materials | Materials |
Year-by-year returns
| Year | APD | PPG |
|---|---|---|
| 2022 | +3.9% | -25.7% |
| 2023 | -9.0% | +21.2% |
| 2024 | +8.1% | -18.5% |
| 2025 | -12.7% | -12.0% |
| 2026 | +26.1% | +12.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APD and PPG good diversifiers for each other?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between APD and PPG?
As of 2026-08-27, the correlation of weekly returns between APD and PPG is 0.36 over 3 years, 0.26 over 1 year and 0.45 over 5 years.
Is PPG a good diversifier for APD?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
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-ppg.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/apd-vs-ppg/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: APD correlations · PPG correlations
