APD vs SCHD: Correlation
How closely do Air Products (APD) and Schwab US Dividend Equity ETF (SCHD) trade together? Their weekly returns over three years give a correlation of 0.47, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APD and SCHD?
Across a 3-year window, the weekly returns of APD and SCHD correlate at 0.47, moderate. The link has loosened recently: the 1-year correlation (0.27) runs below the 3-year figure (0.47). Stretching to 5 years gives 0.53, with an annualized covariance of 162.2 %².
By 3-year correlation, SCHD places #9 of the 33 assets tracked against APD. Their recent paths diverged sharply: over the last 12 months SCHD outperformed by 23.1 percentage points (+6.5% for APD against +29.6% for SCHD). The rolling one-year correlation moved between 0.28 and 0.72 over the past three years, a moderate range. Risk is not evenly split, since APD carries 2.1 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 SCHD: side by side
| APD (Air Products) | SCHD (Schwab US Dividend Equity ETF) | |
|---|---|---|
| 1-year return | +6.5% | +29.6% |
| 5-year return | +28.2% | +60.9% |
| Volatility (ann.) | 26.7% | 12.9% |
| Beta vs S&P 500 | 0.64 | 0.52 |
| Max drawdown (3Y) | -30.4% | -16.1% |
| Market cap | $68.0B | – |
| P/E (trailing) | – | – |
| Dividend yield | 2.35% | 3.13% |
| Expense ratio | – | 0.06% |
| Assets under management | – | $104.2B |
| Sector / category | Materials | ETF · Dividend |
SCHD, Schwab ETFs's Large Value fund, carries $104.2B under management, 101 holdings, a 0.06% expense ratio, a 3.13% trailing dividend yield.
Year-by-year returns
| Year | APD | SCHD |
|---|---|---|
| 2022 | +3.9% | -3.3% |
| 2023 | -9.0% | +4.5% |
| 2024 | +8.1% | +11.7% |
| 2025 | -12.7% | +4.3% |
| 2026 | +26.1% | +29.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APD and SCHD good diversifiers for each other?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between APD and SCHD?
The APD/SCHD correlation stands at 0.47 on a 3-year window (1 year: 0.27, 5 years: 0.53), computed from weekly returns as of 2026-08-27.
Is SCHD a good diversifier for APD?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.47 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-schd.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/apd-vs-schd/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: APD correlations · SCHD correlations
