APD vs SPY: Correlation
How closely do Air Products (APD) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.35, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APD and SPY?
On 3 years of weekly data the APD/SPY correlation comes out at 0.35, moderate. The past 12 months show a weaker link (0.12) than the 3-year average (0.35). The 5-year figure is 0.45, and annualized covariance runs at 133.9 %².
Within APD's tracked universe of 33 assets, SPY comes in at #21 by 3-year correlation. The trailing year gives SPY the advantage: +6.5% versus +20.6%, a 14.1-point spread. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.11 to 0.62. Risk is not evenly split, since APD carries 1.8 times the volatility of the other side.
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.
APD vs SPY: side by side
| APD (Air Products) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +6.5% | +20.6% |
| 5-year return | +28.2% | +82.4% |
| Volatility (ann.) | 26.7% | 14.5% |
| Beta vs S&P 500 | 0.64 | 1.00 |
| Max drawdown (3Y) | -30.4% | -18.8% |
| Market cap | $68.0B | – |
| P/E (trailing) | – | – |
| Dividend yield | 2.35% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Materials | 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 | APD | SPY |
|---|---|---|
| 2022 | +3.9% | -18.2% |
| 2023 | -9.0% | +26.2% |
| 2024 | +8.1% | +24.9% |
| 2025 | -12.7% | +17.7% |
| 2026 | +26.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPY holds APD at a 0.1% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are APD and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.35 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between APD and SPY?
As of 2026-08-27, the correlation of weekly returns between APD and SPY is 0.35 over 3 years, 0.12 over 1 year and 0.45 over 5 years.
Is SPY a good diversifier for APD?
Yes, to a useful degree: a correlation of 0.35 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.35 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: APD correlations · SPY correlations
