Correlation Analysis
Air Products & Chemicals, Inc. vs Eli Lilly & Co.
APD vs LLY
+0.029
Near-zero positive
When one moves up, the other tends to follow.
Air Products & Chemicals, Inc.
↗APD
Since its founding in 1940, Air Products has become one of the leading industrial gas suppliers globally, with operations in 50 countries and 19,000 employees. The company is the world's largest supplier of hydrogen and helium. It has a unique portfolio serving customers across industries, including chemicals, energy, healthcare, metals, and electronics. Air Products generated roughly $12 billion in revenue in fiscal 2025.
Market cap 65.5B · 21,300 employees
Eli Lilly & Co.
↗LLY
Eli Lilly is a drug firm with a focus on neuroscience, cardiometabolic, cancer, and immunology. Lilly's key products include Verzenio for cancer; Mounjaro, Zepbound, Jardiance, Trulicity, Humalog, and Humulin for cardiometabolic; and Taltz and Olumiant for immunology.
Market cap 828.2B · 50,000 employees
Time Series
Relative Performance
Who Moves First
LLY leads APD by 6 days
LLY tends to move before APD.
After testing 13 timing shifts, the strongest relationship was +0.038 (they moved in the same direction).
Do They Crash Together?
Correlation by Market Regime
How these series behave when markets are rising, falling, or diverging. A correlation that holds in drawdowns is very different from one that only works in rallies.
Both Rising
-0.566
12 periods · Return correlation when both series rose
Both Falling
+0.319
6 periods · Return correlation when both series fell
Diverging
-0.508
17 periods · Return correlation when series moved apart
R-Squared
0.1%
Share of variance in one series explained by the other.
Trend Agreement
57.4%
How often both series moved in the same direction period-to-period.
Overlap Quality
1,254
Deep shared window — 1,254 usable pairs.
Significance
n.s.
95% CI: [-0.027, 0.084]
Scatter
XY Regression
Pipeline
Data quality details
Pipeline
Data quality details
Pipeline Summary
1,254 paired data points survived the daily window.
Raw input
1,254
1,254
Normalized
1,254
1,254
Prepared
1,254
1,254
Aligned
1,254
1,254
Invalid removed
0
A: 0 / B: 0
Duplicates removed
0
A: 0 / B: 0
Alignment drops
0
A: 0 / B: 0
Series A
Air Products & Chemicals, Inc.
APD
Market cap 65.5B · 21,300 employees
Stock · 1,254 raw → 1,254 prepared
Series B
Eli Lilly & Co.
LLY
Market cap 828.2B · 50,000 employees
Stock · 1,254 raw → 1,254 prepared
Sign agreement
100.0%
How often both values share the same sign.
Zero crossings
5
Estimated crossover points between normalized spreads.
Slope
0.3135
Linear regression slope.
Intercept
482.7309
Linear regression intercept.
Related Extremes
Highest and Lowest Correlated
APD
Air Products & Chemicals, Inc.
Highest
+0.232
NetFlix Inc
NFLX · 1,254 data points
Lowest
-0.094
Johnson & Johnson
JNJ · 1,254 data points
Saved 7 hours ago · ID: stock-apd-vs-stock-lly-daily