APD vs VTV: Correlation
Air Products (APD) and Vanguard Value ETF (VTV) show a moderate relationship: their 3-year correlation of weekly returns is 0.49.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APD and VTV?
On 3 years of weekly data the APD/VTV correlation comes out at 0.49, moderate. The past 12 months show a weaker link (0.24) than the 3-year average (0.49). The 5-year figure is 0.54, and annualized covariance runs at 154.6 %².
Within APD's tracked universe of 33 assets, VTV comes in at #5 by 3-year correlation. Correlation aside, the last 12 months split them widely, with VTV ahead by 19.2 points (+6.5% versus +25.7%). On a rolling one-year basis the correlation drifted between 0.25 and 0.74, a moderate band. One caveat on sizing: APD is 2.2 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 VTV: side by side
| APD (Air Products) | VTV (Vanguard Value ETF) | |
|---|---|---|
| 1-year return | +6.5% | +25.7% |
| 5-year return | +28.2% | +79.1% |
| Volatility (ann.) | 26.7% | 11.9% |
| Beta vs S&P 500 | 0.64 | 0.65 |
| Max drawdown (3Y) | -30.4% | -14.5% |
| Market cap | $68.0B | – |
| P/E (trailing) | – | – |
| Dividend yield | 2.35% | 1.86% |
| Expense ratio | – | 0.03% |
| Assets under management | – | $256.4B |
| Sector / category | Materials | ETF · US Style |
On the fund side, VTV sits in the Large Value category at Vanguard, with $256.4B under management, 308 holdings, a 0.03% expense ratio, a 1.86% trailing dividend yield.
Year-by-year returns
| Year | APD | VTV |
|---|---|---|
| 2022 | +3.9% | -2.1% |
| 2023 | -9.0% | +9.3% |
| 2024 | +8.1% | +16.0% |
| 2025 | -12.7% | +15.3% |
| 2026 | +26.1% | +19.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.24% of VTV is APD itself, so the fund partly moves with the stock by construction.
Are APD and VTV good diversifiers for each other?
Reasonably. At 0.49, APD and VTV keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between APD and VTV?
Using weekly returns as of 2026-08-27: 0.49 over 3 years, with 0.24 over the last year and 0.54 over 5 years.
Is VTV a good diversifier for APD?
Reasonably. At 0.49, APD and VTV keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.49 mean?
On the −1 to +1 scale, 0.49 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-vtv.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/apd-vs-vtv/)
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Related comparisons
Hubs: APD correlations · VTV correlations
