Correlation Analysis
Air Products & Chemicals, Inc. vs Mastercard Incorporated
APD vs MA
+0.178
Weak 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
Mastercard Incorporated
↗MA
Mastercard is the second-largest payment processor in the world, having processed close to $11 trillion in volume during 2025. Mastercard operates in over 200 countries and processes transactions in over 150 currencies.
Market cap 447.2B
Time Series
Relative Performance
Who Moves First
in sync
APD and MA tend to move at the same time.
After testing 13 timing shifts, the strongest relationship was +0.178 (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
-0.223
9 periods · Return correlation when both series rose
Both Falling
+0.837
8 periods · Return correlation when both series fell
Diverging
-0.784
18 periods · Return correlation when series moved apart
R-Squared
3.2%
Share of variance in one series explained by the other.
Trend Agreement
63.0%
How often both series moved in the same direction period-to-period.
Overlap Quality
1,254
Deep shared window — 1,254 usable pairs.
Significance
p < 0.001
95% CI: [0.124, 0.231]
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
Mastercard Incorporated
MA
Market cap 447.2B
Stock · 1,254 raw → 1,254 prepared
Sign agreement
100.0%
How often both values share the same sign.
Zero crossings
1
Estimated crossover points between normalized spreads.
Slope
0.6148
Linear regression slope.
Intercept
262.3960
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 5 hours ago · ID: stock-apd-vs-stock-ma-daily