# How Air Products and Chemicals (APD) compares with the whole market and its popular alternatives

> Source: EasyCompare research, https://easycompare.io/research/apd
> Data as of October 20, 2026. Total returns include reinvested dividends. Past performance does not predict future results; nothing here is investment advice.

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on APD alone. It places APD (Air Products and Chemicals, Inc.) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where APD stands in the market, and of the alternatives worth a closer look.

Period covered: APD's full trading record, from October 1986 through September 2026. All returns include reinvested dividends. Data as of October 20, 2026.

## Key findings

- **Right now:** Not every peer went the same way. Over the past 6 months, ASH (Ashland) rose 25.3% and PPG (PPG Industries) fell 4.1%. Over the past 6 months, APD rose 3.5% against 9.1% for the S&P 500 and 11.2% for the Nasdaq 100.
- **Stock or market?:** APD rose 2.7% over the past 3 months, in line with the chemicals ETF XLB (State Street Materials Select Sector SPDR ETF), which rose 2.9%. The S&P 500 rose 3.9%. Last month cut against the tape: APD rose 9.0% while the S&P 500 fell 0.6%.
- **Past 1 to 3 years:** APD has outpaced the market, rising 22.2% over the past year against 15.8% for the S&P 500 and 17.9% for the Nasdaq 100. That said, it finished behind the S&P 500 in both 2024 and 2025.
- **Long term:** APD turned $10,000 into $28,800 over the past decade, against $42,100 in the S&P 500. Even so, over the past decade, only LIN (Linde) and SHW (Sherwin-Williams) of its chemical peers outpaced APD.
- **In a crash:** In the 2015 China and oil sell-off, APD fell 20.6%, against 12.8% for the S&P 500. That was more than LIN (Linde, 16.6%) but less than SHW (Sherwin-Williams, 23.2%).
- **Diversification:** Against the S&P 500, APD has a correlation of 0.44 over 5 years, more closely than 61% of stocks worth at least $300 million. Next to an index fund it is some diversification, but not a hedge. APD fell in 17 of the 22 months the S&P 500 fell over the past 5 years: it usually fell with it.
- **Better options**
  - **Popular alternatives:** ECL (Ecolab) and LIN (Linde) earned more than APD with less volatility over the past 5 years. ECL returned 6.7% a year at 24.1% volatility, against 3.2% a year at 26.4%.
  - **Nearby categories and themes:** SHEL (Shell, integrated oil & gas) earned more than APD with less volatility over the past 5 years: 21.0% a year at 24.8% volatility, against 3.2% a year at 26.4%.
  - **Whole market:** 812 of the 3,633 stocks and funds worth at least $500 million earned more than APD with less volatility over the past 5 years, among them VTI (Vanguard Morningstar Total Stock Market ETF), VOO (Vanguard S&P 500 ETF) and BRK-B (Berkshire Hathaway).

## How much would $10,000 in APD have grown?

This chart tracks a hypothetical $10,000 investment in APD over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of APD over the same span and APD's popular alternatives, among those that traded for the entire period.

- $10,000 invested in APD at the end of September 1997 would have grown to $141,485 by September 2026, more than the $132,907 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of APD, and VLO finished highest, at $1,019,941.

## APD at a glance

This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout.

- APD's deepest decline since it began trading in 1986 was 60.3%, from June to November 2008. It took about three years from the low to climb back to its old high.
- Over 29 full calendar years, APD's best was 2009, when it returned 65.5%, and its worst was 2008, when it lost 47.8%. It lost money in eight of those years.
- APD is 6.3% below its all-time high.

- Type: Stock, Materials (Chemicals - Specialty)
- Trading since: October 17, 1986
- Market value: $67B
- Volatility (5 years): 26.4%; Sharpe ratio: 0.25
- Worst decline ever: −60.3%, from June 5, 2008 to November 20, 2008; back at its high by July 7, 2011

| Period | APD total return |
| --- | --- |
| 1 month | +9.0% |
| 3 months | +2.7% |
| 6 months | +3.5% |
| year to date | +23.1% |
| 1 year | +22.2% |
| 3 years | +17.4% |
| 5 years | +16.9% |
| 10 years | +188% |

## APD against the whole market

Where APD ranks among every stock and fund, and what across the market has done better.

### How does APD rank among all stocks?

This section ranks APD on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history.

- APD's worst decline of the past 10 years ranks in the top 2% of the 2,187 stocks worth at least $300 million, where the top fell the least.

| Measure | APD | Rank |
| --- | --- | --- |
| 1-year return | +22.2% | 1,179 of 3,287 (top 36%) |
| 3-year return | +17.4% | 2,057 of 3,017 (top 69%) |
| 5-year return | +16.9% | 1,500 of 2,893 (top 52%) |
| 10-year return | +188% | 916 of 2,202 (top 42%) |
| Volatility, 5 years | 26.4% | 437 of 2,893 (top 16%) |
| Sharpe ratio, 5 years | 0.25 | 1,695 of 2,893 (top 59%) |
| Worst decline, past 10 years | −31.8% | 34 of 2,187 (top 2%) |

### What has beaten APD on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer).

- 183 stocks and 629 ETFs worth at least $500 million sit in the green region: each earned more than APD over the past 5 years with smaller price swings. That is 22% of the 3,633 screened.
- Among those with at least half APD's swings, CAH has the best return for its risk: 42.1% a year at 24.7% volatility, 6% less than APD's 26.4%, and a Sharpe ratio (return above cash per unit of volatility) of 1.55 against 0.25 for APD.
- Among APD's popular alternatives, LIN and ECL are in the region. LIN earned 11.5% a year against 3.2% a year for APD, at 20.9% volatility, 21% less than APD's 26.4%.

### Is there a better investment than APD?

The table below lists investments that beat APD over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes.

- Among APD's popular alternatives, ECL and LIN earned more than APD with less volatility over the past 5 years. ECL returned 6.7% a year at 24.1% volatility, against 3.2% a year at 26.4%.
- Looking beyond its popular alternatives, SHEL (integrated oil & gas) earned more than APD with less volatility over the past 5 years: 21.0% a year at 24.8% volatility, against 3.2% a year at 26.4%.
- Across the whole market, 812 of the 3,633 stocks and funds worth at least $500 million earned more than APD with less volatility over the past 5 years, among them VTI, VOO and BRK-B.

The 15 strongest of 812 investments that beat APD over the past 5 years, out of 3,633 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 10Y return | Correlation with APD | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| APD: Air Products and Chemicals, Inc. (this page) |  | +3.2% | 26.4% | 0.25 | −31.8% | +188% |  |  |
| PTLC: Pacer Trendpilot US Large Cap ETF | Broad Market | +9.5% | 11.8% | 0.83 | −26.6% | +188% | 0.37 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [AMGN](https://easycompare.io/research/amgn): Amgen Inc. | Biotechnology | +19.6% | 24.9% | 0.85 | −24.9% | +266% | 0.37 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [MRK](https://easycompare.io/research/mrk): Merck & Co., Inc. | Pharmaceuticals | +16.3% | 24.8% | 0.74 | −43.4% | +241% | 0.28 | Higher return, lower volatility; Higher return in most periods; Smaller losses in recent crashes |
| FJAN: FT Vest U.S. Equity Buffer ETF - January | Multi-Asset | +11.1% | 10.5% | 1.05 | −13.6% | — | 0.35 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| POCT: Innovator U.S. Equity Power Buffer ETF | Broad Market | +10.0% | 8.0% | 1.23 | −18.8% | — | 0.41 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| CHT: Chunghwa Telecom Co., Ltd. | Integrated Telecommunications | +7.7% | 13.3% | 0.63 | −23.8% | +101% | 0.17 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| AVLV: Avantis U.S. Large Cap Value ETF | US Large-Cap Value | +14.0% | 16.9% | 0.86 | −19.5% | — | 0.57 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| DFUS: Dimensional U.S. Equity ETF | US Total Market | +12.3% | 17.3% | 0.76 | −24.6% | — | 0.44 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| BUFR: FT Vest Laddered Buffer ETF | Buffered Equity | +9.9% | 10.5% | 0.96 | −13.7% | — | 0.45 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [RY](https://easycompare.io/research/ry): Royal Bank of Canada | Banks | +17.3% | 18.2% | 0.97 | −40.0% | +352% | 0.40 | Higher return, lower volatility; Higher return in most periods |
| XLP: State Street Consumer Staples Select Sector SPDR ETF | Consumer Staples | +7.2% | 13.8% | 0.57 | −24.5% | +121% | 0.49 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [CAH](https://easycompare.io/research/cah): Cardinal Health, Inc. | Health Care Distribution | +42.1% | 24.7% | 1.55 | −46.1% | +349% | 0.12 | Higher return, lower volatility; Higher return in most periods |
| JAVA: JPMorgan Active Value ETF | US Large-Cap Value | +11.5% | 14.5% | 0.82 | −16.5% | — |  | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| ACT: Enact Holdings Inc. | Insurance | +20.5% | 24.3% | 0.89 | −20.2% | — | 0.43 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| BKLC: BNY Mellon US Large Cap Core Equity ETF | US Large-Cap Equity | +13.8% | 17.3% | 0.84 | −26.2% | — | 0.42 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |

## APD against its popular alternatives

The investments people most often weigh against APD, compared period by period and year by year.

### How do APD's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings.

- Only LIN and ECL were both more rewarding and calmer than APD over the past 5 years, earning a higher annual return with lower volatility.
- 12 of the 20 popular alternatives earned less than APD over the past 5 years while swinging more, the weaker corner of the map.
- Over the past 5 years, APD returned 3.2% a year, less than the S&P 500's 12.7%, with higher volatility (26.4% against 17.1%).

### Has APD consistently beaten its popular alternatives?

This section compares APD with the investments people most often weigh against it, checking each one over eight periods from one month to ten years.

- Three of the 20 popular alternatives, VLO, TSM and BE, outperformed APD in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- VLO and TSM outperformed APD in every long-term period and in all but one short-term period, the most consistent record in the group.
- LIN outperformed APD over all three long-term periods but in only one of the five short-term ones, so APD has had the better of it lately.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of APD | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| APD: Air Products and Chemicals, Inc. (this page) | +22.2% | +17.4% | +16.9% | +188% |  |  | 0.25 |
| [VLO](https://easycompare.io/research/vlo): Valero Energy Corporation | +176% | +259% | +524% | +1,061% | 5/5 short-term, 3/3 long-term | all-weather | 1.18 |
| [TSM](https://easycompare.io/research/tsm): Taiwan Semiconductor Manufacturing Company Limited | +44.3% | +382% | +293% | +1,505% | 4/5 short-term, 3/3 long-term | all-weather | 0.91 |
| [BE](https://easycompare.io/research/be): Bloom Energy Corporation | +104% | +1,869% | +965% | — | 3/5 short-term, 2/3 long-term | consistent | 0.96 |
| CF: CF Industries Holdings, Inc. | +43.4% | +52.2% | +117% | +516% | 2/5 short-term, 3/3 long-term |  | 0.60 |
| [LIN](https://easycompare.io/research/lin): Linde plc | +12.7% | +42.4% | +72.6% | +394% | 1/5 short-term, 3/3 long-term |  | 0.63 |
| [ECL](https://easycompare.io/research/ecl): Ecolab Inc. | +4.0% | +85.8% | +38.1% | +176% | 2/5 short-term, 2/3 long-term |  | 0.39 |
| [SHW](https://easycompare.io/research/shw): The Sherwin-Williams Company | +2.4% | +45.2% | +16.5% | +300% | 1/5 short-term, 2/3 long-term |  | 0.25 |
| DD: DuPont de Nemours, Inc. | +33.2% | +53.7% | +59.2% | +65.8% | 1/5 short-term, 2/3 long-term |  | 0.46 |
| RPM: RPM International Inc. | −8.7% | +13.5% | +28.5% | +153% | 0/5 short-term, 1/3 long-term |  | 0.32 |
| ASH: Ashland Inc. | +47.6% | +0.5% | −18.2% | +53.4% | 3/5 short-term, 0/3 long-term |  | 0.03 |
| LYB: LyondellBasell Industries N.V. | +49.0% | −15.5% | −9.4% | +38.3% | 3/5 short-term, 0/3 long-term |  | 0.11 |
| DOW: Dow Inc. | +48.8% | −25.6% | −32.7% | — | 2/5 short-term, 0/3 long-term |  | -0.06 |
| CE: Celanese Corporation | +16.1% | −57.5% | −69.2% | −19.8% | 1/5 short-term, 0/3 long-term |  | -0.28 |
| PPG: PPG Industries, Inc. | +9.1% | −6.6% | −24.7% | +41.7% | 0/5 short-term, 0/3 long-term |  | -0.06 |
| WLK: Westlake Corporation | −14.6% | −42.3% | −32.8% | +37.7% | 0/5 short-term, 0/3 long-term |  | -0.03 |
| EMN: Eastman Chemical Company | +8.3% | +0.8% | −28.8% | +33.5% | 0/5 short-term, 0/3 long-term |  | -0.05 |
| OLN: Olin Corporation | −32.5% | −64.4% | −67.5% | −8.0% | 0/5 short-term, 0/3 long-term |  | -0.27 |
| PLUG: Plug Power Inc. | −58.8% | −77.0% | −95.7% | −9.7% | 0/5 short-term, 0/3 long-term |  | -0.21 |
| APTV: Aptiv PLC | −46.0% | −51.0% | −73.3% | −10.6% | 0/5 short-term, 0/3 long-term |  | -0.43 |
| HUN: Huntsman Corporation | +5.8% | −58.8% | −69.0% | −29.2% | 0/5 short-term, 0/3 long-term |  | -0.35 |

### How did APD do year by year?

This table shows each investment's total return in every full calendar year since 1997, along with where APD ranked among its popular alternatives each year.

- APD finished ahead of the S&P 500 in 13 of its 29 full calendar years, and behind it in each of the last three.
- Ranked against its popular alternatives each year, APD finished in the top quarter in six of 29 years and in the bottom quarter in three. In 2025, it ranked 12 of 21.
- Among its popular alternatives, CF came out ahead of APD most often, in 13 of the 20 years both traded.

| Year | APD | SPY |
| --- | --- | --- |
| 2025 | −12.7% | +17.7% |
| 2024 | +8.1% | +24.9% |
| 2023 | −8.9% | +26.2% |
| 2022 | +3.9% | −18.2% |
| 2021 | +13.8% | +28.7% |
| 2020 | +18.8% | +18.3% |
| 2019 | +50.0% | +31.2% |
| 2018 | +0.3% | −4.6% |
| 2017 | +17.1% | +21.7% |
| 2016 | +22.5% | +12.0% |

## Risk and diversification

How APD has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

### What were APD's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high.

- In all four of APD's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: APD fell 50.0% from May 1999 to March 2000, while the S&P 500 rose 1.8%.
- The slowest recovery came after APD fell 60.3% from June to November 2008; it did not regain that peak until July 2011, three years later.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −60.3% | June 5, 2008 | November 20, 2008 | July 7, 2011 | −45.8% | 2008 financial crisis |
| −50.0% | May 3, 1999 | March 7, 2000 | May 17, 2001 | +1.8% |  |
| −41.5% | August 10, 1987 | December 4, 1987 | January 8, 1990 | — |  |
| −33.4% | May 13, 1998 | September 30, 1998 | April 19, 1999 | −8.7% |  |
| −31.8% | December 13, 2022 | February 7, 2024 | October 7, 2024 | +26.4% | 2023 regional bank crisis |

### How did APD do in stock market crashes?

This section measures how far APD, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000.

- Among its popular alternatives, LIN held up best, falling less than APD in six of the ten crashes they both traded through.
- APD fell further than the S&P 500 in four of the ten crashes it has traded through. The clearest case was the 2015 China and oil sell-off, when APD fell 20.6% and the S&P 500 fell 12.8%.

| Crash | Dates | APD fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | −30.0% | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −60.3% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | −1.8% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −19.0% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −20.6% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −6.2% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −12.5% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −30.9% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −28.3% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −3.1% | −3.4% |

### How closely does APD move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell.

- LIN took just 73% of the S&P 500's losses, against 95% for APD, while still keeping 90% of its gains.
- Over the past 10 years, APD captured 81% of the S&P 500's gains in rising months and 95% of its losses in falling months, with a beta of 0.76. Its share of the market's losses was larger than its share of the gains.
- Six of the 18 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than APD's 0.85, led by TSM, CF and VLO.

Measured over the past 10 years of monthly returns against SPY.

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| APD: Air Products and Chemicals, Inc. (this page) | 81.0% | 95.0% | 0.76 |
| [VLO](https://easycompare.io/research/vlo): Valero Energy Corporation | 142% | 114% | 1.31 |
| [TSM](https://easycompare.io/research/tsm): Taiwan Semiconductor Manufacturing Company Limited | 138% | 75.0% | 1.15 |
| CF: CF Industries Holdings, Inc. | 102% | 78.0% | 0.82 |
| [LIN](https://easycompare.io/research/lin): Linde plc | 90.0% | 73.0% | 0.76 |
| [ECL](https://easycompare.io/research/ecl): Ecolab Inc. | 75.0% | 86.0% | 0.94 |
| [SHW](https://easycompare.io/research/shw): The Sherwin-Williams Company | 114% | 132% | 1.09 |
| DD: DuPont de Nemours, Inc. | 96.0% | 151% | 1.28 |
| RPM: RPM International Inc. | 90.0% | 122% | 1.01 |
| ASH: Ashland Inc. | 70.0% | 114% | 0.82 |
| LYB: LyondellBasell Industries N.V. | 80.0% | 141% | 0.91 |
| CE: Celanese Corporation | 71.0% | 154% | 1.01 |
| PPG: PPG Industries, Inc. | 80.0% | 143% | 1.11 |
| WLK: Westlake Corporation | 84.0% | 142% | 1.05 |
| EMN: Eastman Chemical Company | 94.0% | 162% | 1.29 |
| OLN: Olin Corporation | 92.0% | 177% | 1.31 |
| PLUG: Plug Power Inc. | 114% | 210% | 1.86 |
| APTV: Aptiv PLC | 106% | 219% | 1.80 |
| HUN: Huntsman Corporation | 68.0% | 155% | 1.03 |

### What diversifies APD?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions).

- Moving a fifth of the money in APD into DXJ would have cut the portfolio's volatility by 18% over the past 5 years and raised its annual return (+4.1% for APD alone, +9.0% for the mix).
- Among large ETFs, LVHI, DXJ and EWP have moved largely independently of APD over the past 5 years, with correlations of 0.47 or lower, and each still earned a positive 5-year return.
- CAH made money in five of the eight calendar years in which APD lost money.

| Investment | Correlation with APD | 5Y return | Volatility | Sharpe | Rose in APD's 8 down years |
| --- | --- | --- | --- | --- | --- |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | 0.47 | +119% | 11.1% | 1.48 | 2 of 8 |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.14 | +225% | 19.1% | 1.34 | 3 of 8 |
| EWP: iShares MSCI Spain ETF | 0.43 | +140% | 20.3% | 0.97 | 3 of 8 |
| [SMH](https://easycompare.io/research/smh): VanEck Semiconductor ETF | 0.17 | +323% | 36.9% | 0.97 | 3 of 8 |
| DBEF: Xtrackers MSCI EAFE Hedged Equity ETF | 0.46 | +85.0% | 13.8% | 0.96 | 3 of 8 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.17 | +126% | 18.9% | 0.96 | 4 of 8 |
| SPMO: Invesco S&P 500 Momentum ETF | 0.30 | +136% | 20.8% | 0.93 | 2 of 8 |
| [XLE](https://easycompare.io/research/xle): State Street Energy Select Sector SPDR ETF | 0.38 | +177% | 25.5% | 0.93 | 3 of 8 |

## Common questions

### What was APD's worst drawdown?

APD's deepest decline since it began trading in 1986 was 60.3%, from June to November 2008. It took about three years from the low to climb back to its old high.

### What were APD's best and worst years?

Over 29 full calendar years, APD's best year was 2009, when it returned 65.5%. Its worst was 2008, with a return of -47.8%.

### Is there a better investment than APD?

Among APD's popular alternatives, ECL and LIN earned more than APD with less volatility over the past 5 years. ECL returned 6.7% a year at 24.1% volatility, against 3.2% a year at 26.4%. Looking beyond its popular alternatives, SHEL (integrated oil & gas) earned more than APD with less volatility over the past 5 years: 21.0% a year at 24.8% volatility, against 3.2% a year at 26.4%.

### Is APD more volatile than the S&P 500?

Yes. APD's volatility over the past 5 years was 26.4%, 1.5 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, APD's return lands within 26.4% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

### What is APD's Sharpe ratio?

APD's Sharpe ratio over the past 5 years was 0.25, against 0.79 for the S&P 500, so APD earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

### How correlated is APD with the S&P 500?

Over the past 5 years, APD's monthly returns had a correlation of 0.44 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against APD instead: the lower it is, the more that option would diversify a APD holding.

### What are the best alternatives to APD?

Of the 20 popular alternatives we compared, three outperformed APD in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: VLO, TSM and BE.

### Did APD outperform the S&P 500?

APD finished ahead of the S&P 500 (SPY) in 13 of 29 full calendar years. In 2025, it returned -12.7%, against +17.7% for the index.

### How did APD do in stock market crashes?

APD fell less than the S&P 500 (SPY) in three of the ten major crashes it has traded through, and further in four. The clearest case was the 2015 China and oil sell-off, when APD fell 20.6% and the S&P 500 fell 12.8%.

### What diversifies APD?

These had a low correlation with APD over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.47), DXJ (correlation 0.14) and EWP (correlation 0.43); among large stocks, CAH (correlation 0.12), CLS (correlation 0.14) and FIX (correlation 0.22). A correlation near zero means the two have moved largely independently.

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## Explore further

- Full page with charts: https://easycompare.io/research/apd
- All research pages: https://easycompare.io/llms.txt
- Compare the entire market against APD live: https://betterthanspy.com/?b=APD&utm_source=easycompare&utm_medium=research