AR vs EXE: Correlation
Measured on weekly returns over the past three years, Antero Resources Corporation (AR) and Expand Energy (EXE) carry a correlation of 0.79, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AR and EXE?
Over the past 3 years, AR and EXE moved with a correlation of 0.79, which is strong. The relationship has been stable: the 1-year correlation (0.76) sits close to the 3-year figure. Over 5 years the correlation is 0.78, and the annualized covariance of weekly returns is 908.7 %².
Few assets follow AR as closely as EXE, which ranks #3 of 12 tracked partners. Correlation aside, the last 12 months split them widely, with AR ahead by 17.9 points (+23.1% versus +5.2%).
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.
AR vs EXE: side by side
| AR (Antero Resources Corporation) | EXE (Expand Energy) | |
|---|---|---|
| 1-year return | +23.1% | +5.2% |
| 5-year return | +181.4% | +125.8% |
| Volatility (ann.) | 40.6% | 28.2% |
| Beta vs S&P 500 | 0.32 | 0.31 |
| Max drawdown (3Y) | -33.2% | -28.4% |
| Market cap | $11.8B | $22.7B |
| P/E (trailing) | 11.0 | 8.3 |
| Dividend yield | 0.00% | 3.30% |
| Sector / category | US Listed | Energy |
Year-by-year returns
| Year | AR | EXE |
|---|---|---|
| 2022 | +77.1% | +62.3% |
| 2023 | -26.8% | -14.8% |
| 2024 | +54.5% | +33.2% |
| 2025 | -1.7% | +14.4% |
| 2026 | +11.8% | -9.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AR and EXE good diversifiers for each other?
Only partially. A correlation of 0.79 means AR and EXE share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between AR and EXE?
As of 2026-08-27, the correlation of weekly returns between AR and EXE is 0.79 over 3 years, 0.76 over 1 year and 0.78 over 5 years.
Is EXE a good diversifier for AR?
Only partially. A correlation of 0.79 means AR and EXE share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.79 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/ar-vs-exe.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ar-vs-exe/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AR correlations · EXE correlations
