APD vs TCRT: Correlation
Air Products (APD) and Alaunos Therapeutics, Inc. (TCRT) show a negative relationship: their 3-year correlation of weekly returns is -0.21.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APD and TCRT?
On 3 years of weekly data the APD/TCRT correlation comes out at -0.21, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.36) runs below the 3-year figure (-0.21). The 5-year figure is -0.06, and annualized covariance runs at -674.2 %².
Among the 33 assets we track against APD, TCRT ranks #27 by 3-year correlation. The last year tells two different stories: APD led by 18.7 percentage points, +6.5% for APD against -12.2% for TCRT. Note the risk asymmetry: TCRT runs 4.6 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 TCRT: side by side
| APD (Air Products) | TCRT (Alaunos Therapeutics, Inc.) | |
|---|---|---|
| 1-year return | +6.5% | -12.2% |
| 5-year return | +28.2% | -99.3% |
| Volatility (ann.) | 26.7% | 121.9% |
| Beta vs S&P 500 | 0.64 | -1.11 |
| Max drawdown (3Y) | -30.4% | -95.0% |
| Market cap | $68.0B | – |
| P/E (trailing) | – | – |
| Dividend yield | 2.35% | 0.00% |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | APD | TCRT |
|---|---|---|
| 2022 | +3.9% | -40.4% |
| 2023 | -9.0% | -89.2% |
| 2024 | +8.1% | -81.8% |
| 2025 | -12.7% | +69.1% |
| 2026 | +26.1% | -48.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APD and TCRT good diversifiers for each other?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between APD and TCRT?
The APD/TCRT correlation stands at -0.21 on a 3-year window (1 year: -0.36, 5 years: -0.06), computed from weekly returns as of 2026-08-27.
Is TCRT a good diversifier for APD?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.21 mean?
A reading of -0.21 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/apd-vs-tcrt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/apd-vs-tcrt/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: APD correlations · TCRT correlations
