APA vs SPY: Correlation
APA Corporation (APA) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.13.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APA and SPY?
On 3 years of weekly data the APA/SPY correlation comes out at 0.13, weak. The link has loosened recently: the 1-year correlation (-0.36) runs below the 3-year figure (0.13). The 5-year figure is 0.23, and annualized covariance runs at 79.0 %².
By 3-year correlation, SPY places #32 of the 43 assets tracked against APA. Their recent paths diverged sharply: over the last 12 months APA outperformed by 73.5 percentage points (+94.1% for APA against +20.6% for SPY). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.35 to 0.52. Note the risk asymmetry: APA runs 2.9 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.
APA vs SPY: side by side
| APA (APA Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +94.1% | +20.6% |
| 5-year return | +164.2% | +82.4% |
| Volatility (ann.) | 41.8% | 14.5% |
| Beta vs S&P 500 | 0.38 | 1.00 |
| Max drawdown (3Y) | -67.4% | -18.8% |
| Market cap | $14.8B | – |
| P/E (trailing) | 8.7 | – |
| Dividend yield | 2.43% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Energy | 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 | APA | SPY |
|---|---|---|
| 2022 | +76.4% | -18.2% |
| 2023 | -21.2% | +26.2% |
| 2024 | -33.4% | +24.9% |
| 2025 | +11.5% | +17.7% |
| 2026 | +77.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APA and SPY good diversifiers for each other?
Yes. With a correlation of 0.13, APA and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between APA and SPY?
The APA/SPY correlation stands at 0.13 on a 3-year window (1 year: -0.36, 5 years: 0.23), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for APA?
Yes. With a correlation of 0.13, APA and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.13 mean?
A reading of 0.13 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Hubs: APA correlations · SPY correlations
