APT vs WALD: Correlation
How closely do Alpha Pro Tech, Ltd. (APT) and Waldencast plc - Class A (WALD) trade together? Their weekly returns over three years give a correlation of 0.38, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APT and WALD?
On 3 years of weekly data the APT/WALD correlation comes out at 0.38, moderate. The past 12 months show a tighter link (0.51) than the 3-year average (0.38). The 5-year figure is 0.30, and annualized covariance runs at 1506.6 %².
Within APT's tracked universe of 12 assets, WALD comes in at #6 by 3-year correlation. Correlation aside, the last 12 months split them widely, with APT ahead by 28.8 points (+12.8% versus -16.0%). Risk is not evenly split, since WALD carries 2.3 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.
APT vs WALD: side by side
| APT (Alpha Pro Tech, Ltd.) | WALD (Waldencast plc - Class A) | |
|---|---|---|
| 1-year return | +12.8% | -16.0% |
| 5-year return | -33.5% | -86.1% |
| Volatility (ann.) | 42.0% | 95.0% |
| Beta vs S&P 500 | 0.65 | 0.48 |
| Max drawdown (3Y) | -39.0% | -93.4% |
| Market cap | $0.1B | $0.2B |
| P/E (trailing) | 14.0 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | APT | WALD |
|---|---|---|
| 2022 | -32.7% | -8.8% |
| 2023 | +31.6% | +20.6% |
| 2024 | +0.0% | -63.3% |
| 2025 | -16.1% | -53.2% |
| 2026 | +23.2% | -27.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APT and WALD good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between APT and WALD?
As of 2026-08-27, the correlation of weekly returns between APT and WALD is 0.38 over 3 years, 0.51 over 1 year and 0.30 over 5 years.
Is WALD a good diversifier for APT?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.38 mean?
On the −1 to +1 scale, 0.38 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/apt-vs-wald.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/apt-vs-wald/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: APT correlations · WALD correlations
