APAM vs SPY: Correlation
Artisan Partners Asset Management Inc. (APAM) and SPDR S&P 500 ETF Trust (SPY) show a strong relationship: their 3-year correlation of weekly returns is 0.61.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APAM and SPY?
On 3 years of weekly data the APAM/SPY correlation comes out at 0.61, strong. The past 12 months show a weaker link (0.42) than the 3-year average (0.61). The 5-year figure is 0.68, and annualized covariance runs at 238.8 %².
Within APAM's tracked universe of 17 assets, SPY comes in at #10 by 3-year correlation. The last year tells two different stories: SPY led by 19.4 percentage points, +1.2% for APAM against +20.6% for SPY. Note the risk asymmetry: APAM 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.
APAM vs SPY: side by side
| APAM (Artisan Partners Asset Management Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +1.2% | +20.6% |
| 5-year return | +28.1% | +82.4% |
| Volatility (ann.) | 27.0% | 14.5% |
| Beta vs S&P 500 | 1.14 | 1.00 |
| Max drawdown (3Y) | -28.9% | -18.8% |
| Market cap | $3.1B | – |
| P/E (trailing) | 10.4 | – |
| Dividend yield | 7.95% | 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 | APAM | SPY |
|---|---|---|
| 2022 | -31.3% | -18.2% |
| 2023 | +60.3% | +26.2% |
| 2024 | +4.8% | +24.9% |
| 2025 | +2.7% | +17.7% |
| 2026 | +15.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APAM and SPY good diversifiers for each other?
Somewhat, no more. With 0.61 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between APAM and SPY?
The APAM/SPY correlation stands at 0.61 on a 3-year window (1 year: 0.42, 5 years: 0.68), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for APAM?
Somewhat, no more. With 0.61 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.61 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: APAM correlations · SPY correlations
