APD vs SPYV: Correlation
How closely do Air Products (APD) and SPDR Portfolio S&P 500 Value ETF (SPYV) trade together? Their weekly returns over three years give a correlation of 0.49, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APD and SPYV?
On 3 years of weekly data the APD/SPYV correlation comes out at 0.49, moderate. The link has loosened recently: the 1-year correlation (0.23) runs below the 3-year figure (0.49). The 5-year figure is 0.54, and annualized covariance runs at 159.2 %².
Within APD's tracked universe of 33 assets, SPYV comes in at #4 by 3-year correlation. Over the last 12 months SPYV came out ahead by 12.0 percentage points (+6.5% against +18.5%). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.23 to 0.73. Risk is not evenly split, since APD carries 2.2 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 SPYV: side by side
| APD (Air Products) | SPYV (SPDR Portfolio S&P 500 Value ETF) | |
|---|---|---|
| 1-year return | +6.5% | +18.5% |
| 5-year return | +28.2% | +73.5% |
| Volatility (ann.) | 26.7% | 12.1% |
| Beta vs S&P 500 | 0.64 | 0.70 |
| Max drawdown (3Y) | -30.4% | -17.5% |
| Market cap | $68.0B | – |
| P/E (trailing) | – | – |
| Dividend yield | 2.35% | 1.69% |
| Expense ratio | – | 0.04% |
| Assets under management | – | $36.2B |
| Sector / category | Materials | ETF · US Style |
SPYV, State Street Investment Management's Large Value fund, carries $36.2B under management, 438 holdings, a 0.04% expense ratio, a 1.69% trailing dividend yield.
Year-by-year returns
| Year | APD | SPYV |
|---|---|---|
| 2022 | +3.9% | -5.3% |
| 2023 | -9.0% | +22.2% |
| 2024 | +8.1% | +12.2% |
| 2025 | -12.7% | +13.2% |
| 2026 | +26.1% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPYV holds APD at a 0.23% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are APD and SPYV good diversifiers for each other?
Reasonably. At 0.49, APD and SPYV keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between APD and SPYV?
The APD/SPYV correlation stands at 0.49 on a 3-year window (1 year: 0.23, 5 years: 0.54), computed from weekly returns as of 2026-08-27.
Is SPYV a good diversifier for APD?
Reasonably. At 0.49, APD and SPYV keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.49 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/apd-vs-spyv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/apd-vs-spyv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: APD correlations · SPYV correlations
