AAPL vs SPXX: Correlation
Apple Inc. (AAPL) and Nuveen S&P 500 Dynamic Overwrite Fund (SPXX) show a moderate relationship: their 3-year correlation of weekly returns is 0.53.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AAPL and SPXX?
Across a 3-year window, the weekly returns of AAPL and SPXX correlate at 0.53, moderate. The past 12 months show a weaker link (0.35) than the 3-year average (0.53). Stretching to 5 years gives 0.55, with an annualized covariance of 204.5 %².
Within AAPL's tracked universe of 32 assets, SPXX comes in at #10 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months AAPL outperformed by 22.1 percentage points (+37.0% for AAPL against +14.9% for SPXX). Note the risk asymmetry: AAPL runs 1.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
AAPL vs SPXX: side by side
| AAPL (Apple Inc.) | SPXX (Nuveen S&P 500 Dynamic Overwrite Fund) | |
|---|---|---|
| 1-year return | +37.0% | +14.9% |
| 5-year return | +110.6% | +52.8% |
| Volatility (ann.) | 27.2% | 14.3% |
| Beta vs S&P 500 | 1.06 | 0.87 |
| Max drawdown (3Y) | -33.4% | -17.6% |
| Market cap | $4,591.0B | $0.3B |
| P/E (trailing) | 36.1 | 8.6 |
| Dividend yield | 0.33% | 7.07% |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | AAPL | SPXX |
|---|---|---|
| 2022 | -26.4% | -6.9% |
| 2023 | +49.0% | +0.9% |
| 2024 | +30.7% | +27.1% |
| 2025 | +9.1% | +9.8% |
| 2026 | +16.0% | +11.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AAPL and SPXX good diversifiers for each other?
To a limited degree. At 0.53 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between AAPL and SPXX?
Using weekly returns as of 2026-08-27: 0.53 over 3 years, with 0.35 over the last year and 0.55 over 5 years.
Is SPXX a good diversifier for AAPL?
To a limited degree. At 0.53 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.53 mean?
A reading of 0.53 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/aapl-vs-spxx.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/aapl-vs-spxx/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AAPL correlations · SPXX correlations
