SLX vs. APD

Last updated Jun 4, 2026

SLX (VanEck Vectors Steel ETF) is Materials fund tracking the NYSE Arca Steel Index, while APD (Air Products and Chemicals, Inc.) is a stock. Over the past 10 years, SLX returned 19.73%/yr vs 9.67%/yr for APD. A 0.55 correlation means they provide meaningful diversification when combined.

Performance

SLX vs. APD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Vectors Steel ETF (SLX) and Air Products and Chemicals, Inc. (APD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SLX achieves a 32.29% return, which is significantly higher than APD's 15.83% return. Over the past 10 years, SLX has outperformed APD with an annualized return of 19.73%, while APD has yielded a comparatively lower 9.67% annualized return.

SLX

• 1D: -1.15%
• 1M: 9.68%
• YTD: 32.29%
• 6M: 36.55%
• 1Y: 77.34%
• 3Y*: 26.67%
• 5Y*: 16.14%
• 10Y*: 19.73%

APD

• 1D: 1.07%
• 1M: -5.39%
• YTD: 15.83%
• 6M: 9.90%
• 1Y: 2.31%
• 3Y*: 2.76%
• 5Y*: 0.97%
• 10Y*: 9.67%

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

SLX vs. APD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SLX VanEck Vectors Steel ETF	32.29%	47.45%	-17.94%	31.25%	14.28%	27.69%	20.57%	12.01%	-19.27%	24.59%
APD Air Products and Chemicals, Inc.	15.83%	-12.66%	8.09%	-8.95%	3.91%	13.75%	18.82%	50.02%	0.26%	17.04%

Correlation

The correlation between SLX and APD is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (10Y) Calculated over the trailing 10-year period	0.46
Correlation (All Time) Calculated using the full available price history since Oct 18, 2006	0.55

Over the past year, the correlation between SLX and APD has dropped to 0.35 - well below their long-term average of 0.55, suggesting their price drivers have been diverging.

Return for Risk

SLX vs. APD — Risk / Return Rank

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

SLX

SLX Risk / Return Rank: 86
SLX Sharpe Ratio Rank: 91
SLX Sortino Ratio Rank: 88
SLX Omega Ratio Rank: 84
SLX Calmar Ratio Rank: 85
SLX Martin Ratio Rank: 82

APD

APD Risk / Return Rank: 40
APD Sharpe Ratio Rank: 44
APD Sortino Ratio Rank: 36
APD Omega Ratio Rank: 37
APD Calmar Ratio Rank: 43
APD Martin Ratio Rank: 43

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.

SLX vs. APD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors Steel ETF (SLX) and Air Products and Chemicals, Inc. (APD). 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.

	SLX	APD	Difference
Sharpe ratio: Return per unit of total volatility	3.25	0.09	+3.16
Sortino ratio: Return per unit of downside risk	4.05	0.32	+3.73
Omega ratio: Gain probability vs. loss probability	1.52	1.04	+0.48
Calmar ratio: Return relative to maximum drawdown	4.76	0.10	+4.65
Martin ratio: Return relative to average drawdown	16.63	0.26	+16.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SLX vs. APD - Sharpe Ratio Comparison

The current SLX Sharpe Ratio is 3.25, which is higher than the APD Sharpe Ratio of 0.09. The chart below compares the historical Sharpe Ratios of SLX and APD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SLX	APD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.25	0.09	+3.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	0.04	+0.55
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	0.37	+0.26
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	0.42	-0.19

Drawdowns

SLX vs. APD - Drawdown Comparison

The maximum SLX drawdown since its inception was -82.14%, which is greater than APD's maximum drawdown of -60.30%. Use the drawdown chart below to compare losses from any high point for SLX and APD.

Drawdown Indicators

	SLX	APD	Difference
Max Drawdown Largest peak-to-trough decline	-82.14%	-60.30%	-21.84%
Max Drawdown (1Y) Largest decline over 1 year	-16.35%	-22.39%	+6.04%
Max Drawdown (3Y) Largest decline over 3 years	-27.39%	-30.43%	+3.04%
Max Drawdown (5Y) Largest decline over 5 years	-33.62%	-31.77%	-1.85%
Max Drawdown (10Y) Largest decline over 10 years	-61.64%	-31.77%	-29.87%
Current Drawdown Current decline from peak	-1.15%	-13.74%	+12.59%
Average Drawdown Average peak-to-trough decline	-38.73%	-11.05%	-27.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.67%	8.85%	-4.18%

Volatility

SLX vs. APD - Volatility Comparison

VanEck Vectors Steel ETF (SLX) has a higher volatility of 7.87% compared to Air Products and Chemicals, Inc. (APD) at 5.77%. This indicates that SLX's price experiences larger fluctuations and is considered to be riskier than APD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SLX	APD	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.87%	5.77%	+2.10%
Volatility (6M) Calculated over the trailing 6-month period	17.92%	18.94%	-1.02%
Volatility (1Y) Calculated over the trailing 1-year period	23.92%	24.65%	-0.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.72%	25.99%	+1.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.02%	25.90%	+5.12%

Dividends

SLX vs. APD - Dividend Comparison

SLX's dividend yield for the trailing twelve months is around 1.17%, less than APD's 2.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
APD Air Products and Chemicals, Inc.	2.54%	2.89%	1.83%	2.56%	2.10%	1.97%	1.96%	1.97%	2.75%	2.32%	2.39%	2.49%
SLX VanEck Vectors Steel ETF	1.17%	1.55%	3.56%	2.80%	4.97%	7.07%	1.87%	3.44%	6.26%	2.50%	1.06%	5.35%

Frequently Asked Questions

Can I hold both SLX and APD in my portfolio?

SLX and APD have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SLX or APD?

SLX has higher volatility (7.87%) compared to APD (5.77%). In terms of maximum drawdown, SLX dropped -82.14% vs APD's -60.30%.

Which has better risk-adjusted returns?

SLX currently has the higher Sharpe Ratio (3.25 vs 0.09), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.