AAPL vs SPY: Correlation
How closely do Apple Inc. (AAPL) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.57, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AAPL and SPY?
On 3 years of weekly data the AAPL/SPY correlation comes out at 0.57, moderate. The past 12 months show a weaker link (0.41) than the 3-year average (0.57). The 5-year figure is 0.68, and annualized covariance runs at 221.9 %².
In AAPL's tracked universe of 32 assets, SPY sits right near the top at #3. Correlation aside, the last 12 months split them widely, with AAPL ahead by 16.4 points (+37.0% versus +20.6%). Across three years, the rolling one-year figure varied moderately, from 0.40 to 0.78. One caveat on sizing: AAPL is 1.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 SPY: side by side
| AAPL (Apple Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +37.0% | +20.6% |
| 5-year return | +110.6% | +82.4% |
| Volatility (ann.) | 27.2% | 14.5% |
| Beta vs S&P 500 | 1.06 | 1.00 |
| Max drawdown (3Y) | -33.4% | -18.8% |
| Market cap | $4,591.0B | – |
| P/E (trailing) | 36.1 | – |
| Dividend yield | 0.33% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Information Technology | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | AAPL | SPY |
|---|---|---|
| 2022 | -26.4% | -18.2% |
| 2023 | +49.0% | +26.2% |
| 2024 | +30.7% | +24.9% |
| 2025 | +9.1% | +17.7% |
| 2026 | +16.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
AAPL represents 6.96% of SPY's portfolio, so part of any move in SPY is AAPL itself, and the correlation between them is partly mechanical.
Are AAPL and SPY good diversifiers for each other?
To a limited degree. At 0.57 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 SPY?
Using weekly returns as of 2026-08-27: 0.57 over 3 years, with 0.41 over the last year and 0.68 over 5 years.
Is SPY a good diversifier for AAPL?
To a limited degree. At 0.57 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 0.57 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: AAPL correlations · SPY correlations
