AP vs SPY: Correlation
Ampco-Pittsburgh Corporation (AP) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AP and SPY?
Over the past 3 years, AP and SPY moved with a correlation of 0.25, which is weak. The relationship has been stable: the 1-year correlation (0.33) sits close to the 3-year figure. Over 5 years the correlation is 0.24, and the annualized covariance of weekly returns is 339.5 %².
Out of 14 assets tracked against AP, SPY lands near the bottom at #10. Correlation aside, the last 12 months split them widely, with AP ahead by 212.0 points (+232.6% versus +20.6%). Note the risk asymmetry: AP runs 6.5 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.
AP vs SPY: side by side
| AP (Ampco-Pittsburgh Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +232.6% | +20.6% |
| 5-year return | +90.5% | +82.4% |
| Volatility (ann.) | 94.5% | 14.5% |
| Beta vs S&P 500 | 1.63 | 1.00 |
| Max drawdown (3Y) | -77.6% | -18.8% |
| Market cap | $0.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | 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 | AP | SPY |
|---|---|---|
| 2022 | -49.8% | -18.2% |
| 2023 | +8.8% | +26.2% |
| 2024 | -23.4% | +24.9% |
| 2025 | +155.0% | +17.7% |
| 2026 | +72.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AP and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.25 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between AP and SPY?
Using weekly returns as of 2026-08-27: 0.25 over 3 years, with 0.33 over the last year and 0.24 over 5 years.
Is SPY a good diversifier for AP?
Yes, to a useful degree: a correlation of 0.25 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.25 mean?
On the −1 to +1 scale, 0.25 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: AP correlations · SPY correlations
