APD vs. EMN

Last updated Apr 1, 2026

Compare and contrast key facts about Air Products and Chemicals, Inc. (APD) and Eastman Chemical Company (EMN).

Performance

APD vs. EMN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Air Products and Chemicals, Inc. (APD) and Eastman Chemical Company (EMN). The values are adjusted to include any dividend payments, if applicable.

APD vs. EMN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
APD Air Products and Chemicals, Inc.	18.46%	-12.66%	8.09%	-8.95%	3.91%	13.75%	18.82%	50.02%	0.26%	17.04%
EMN Eastman Chemical Company	21.01%	-26.87%	5.11%	14.66%	-30.38%	23.54%	31.78%	12.01%	-19.10%	26.28%

Fundamentals

Market Cap APD : $64.75B EMN : $8.77B
EPS APD : -$1.50 EMN : $4.10
PS Ratio APD : 5.30 EMN : 1.01
PB Ratio APD : 4.20 EMN : 1.47
Total Revenue (TTM) APD : $12.21B EMN : $8.75B
Gross Profit (TTM) APD : $3.86B EMN : $1.84B
EBITDA (TTM) APD : $1.41B EMN : $1.30B

Returns By Period

In the year-to-date period, APD achieves a 18.46% return, which is significantly lower than EMN's 21.01% return. Over the past 10 years, APD has outperformed EMN with an annualized return of 9.76%, while EMN has yielded a comparatively lower 3.72% annualized return.

APD

• 1D: -0.37%
• 1M: 5.38%
• YTD: 18.46%
• 6M: 8.00%
• 1Y: 1.12%
• 3Y*: 2.79%
• 5Y*: 2.80%
• 10Y*: 9.76%

EMN

• 1D: 5.20%
• 1M: 2.29%
• YTD: 21.01%
• 6M: 24.11%
• 1Y: -9.13%
• 3Y*: 0.65%
• 5Y*: -3.85%
• 10Y*: 3.72%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

APD vs. EMN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

APD

APD Risk / Return Rank: 41
APD Sharpe Ratio Rank: 43
APD Sortino Ratio Rank: 37
APD Omega Ratio Rank: 37
APD Calmar Ratio Rank: 45
APD Martin Ratio Rank: 45

EMN

EMN Risk / Return Rank: 33
EMN Sharpe Ratio Rank: 32
EMN Sortino Ratio Rank: 30
EMN Omega Ratio Rank: 30
EMN Calmar Ratio Rank: 36
EMN Martin Ratio Rank: 36

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

APD vs. EMN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Air Products and Chemicals, Inc. (APD) and Eastman Chemical Company (EMN). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	APD	EMN	Difference
Sharpe ratio Return per unit of total volatility	0.04	-0.21	+0.25
Sortino ratio Return per unit of downside risk	0.26	-0.01	+0.27
Omega ratio Gain probability vs. loss probability	1.03	1.00	+0.04
Calmar ratio Return relative to maximum drawdown	0.09	-0.23	+0.32
Martin ratio Return relative to average drawdown	0.21	-0.39	+0.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

APD vs. EMN - Sharpe Ratio Comparison

The current APD Sharpe Ratio is 0.04, which is higher than the EMN Sharpe Ratio of -0.21. The chart below compares the historical Sharpe Ratios of APD and EMN, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	APD	EMN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.04	-0.21	+0.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.11	-0.12	+0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.38	0.12	+0.26
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.23	+0.19

Correlation

The correlation between APD and EMN is 0.56, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

APD vs. EMN - Dividend Comparison

APD's dividend yield for the trailing twelve months is around 2.46%, less than EMN's 4.38% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
APD Air Products and Chemicals, Inc.	2.46%	2.89%	1.83%	2.56%	2.10%	1.97%	1.96%	1.97%	2.75%	2.32%	2.39%	2.49%
EMN Eastman Chemical Company	4.38%	5.22%	3.57%	3.54%	3.77%	2.34%	2.66%	3.18%	3.15%	2.26%	2.51%	2.46%

Drawdowns

APD vs. EMN - Drawdown Comparison

The maximum APD drawdown since its inception was -60.30%, smaller than the maximum EMN drawdown of -76.11%. Use the drawdown chart below to compare losses from any high point for APD and EMN.

Drawdown Indicators

	APD	EMN	Difference
Max Drawdown Largest peak-to-trough decline	-60.30%	-76.11%	+15.81%
Max Drawdown (1Y) Largest decline over 1 year	-22.39%	-34.67%	+12.28%
Max Drawdown (5Y) Largest decline over 5 years	-31.77%	-49.35%	+17.58%
Max Drawdown (10Y) Largest decline over 10 years	-31.77%	-62.74%	+30.97%
Current Drawdown Current decline from peak	-11.78%	-29.69%	+17.91%
Average Drawdown Average peak-to-trough decline	-11.06%	-19.06%	+8.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.51%	20.37%	-10.86%

Volatility

APD vs. EMN - Volatility Comparison

The current volatility for Air Products and Chemicals, Inc. (APD) is 6.75%, while Eastman Chemical Company (EMN) has a volatility of 12.27%. This indicates that APD experiences smaller price fluctuations and is considered to be less risky than EMN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APD	EMN	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.75%	12.27%	-5.52%
Volatility (6M) Calculated over the trailing 6-month period	20.83%	25.38%	-4.55%
Volatility (1Y) Calculated over the trailing 1-year period	28.28%	42.74%	-14.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.98%	31.98%	-6.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.86%	31.67%	-5.81%

Financials

APD vs. EMN - Profitability Comparison

The chart below illustrates the profitability comparison between Air Products and Chemicals, Inc. and Eastman Chemical Company over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

APD - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Air Products and Chemicals, Inc. reported a gross profit of 995.00M and revenue of 3.10B. Therefore, the gross margin over that period was 32.1%.

EMN - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Eastman Chemical Company reported a gross profit of 338.00M and revenue of 1.97B. Therefore, the gross margin over that period was 17.1%.

APD - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Air Products and Chemicals, Inc. reported an operating income of 734.50M and revenue of 3.10B, resulting in an operating margin of 23.7%.

EMN - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Eastman Chemical Company reported an operating income of 121.00M and revenue of 1.97B, resulting in an operating margin of 6.1%.

APD - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Air Products and Chemicals, Inc. reported a net income of 678.20M and revenue of 3.10B, resulting in a net margin of 21.9%.

EMN - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Eastman Chemical Company reported a net income of 105.00M and revenue of 1.97B, resulting in a net margin of 5.3%.