APEI vs SPY: Correlation
How closely do American Public Education, Inc. (APEI) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.22, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APEI and SPY?
On 3 years of weekly data the APEI/SPY correlation comes out at 0.22, weak. The past 12 months show a weaker link (0.02) than the 3-year average (0.22). The 5-year figure is 0.19, and annualized covariance runs at 156.9 %².
Among the 12 assets we track against APEI, SPY sits near the bottom by co-movement, at rank #8. Correlation aside, the last 12 months split them widely, with APEI ahead by 29.9 points (+50.5% versus +20.6%). One caveat on sizing: APEI is 3.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
APEI vs SPY: side by side
| APEI (American Public Education, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +50.5% | +20.6% |
| 5-year return | +76.0% | +82.4% |
| Volatility (ann.) | 50.5% | 14.5% |
| Beta vs S&P 500 | 0.75 | 1.00 |
| Max drawdown (3Y) | -40.5% | -18.8% |
| Market cap | $0.8B | – |
| P/E (trailing) | 18.6 | – |
| 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 | APEI | SPY |
|---|---|---|
| 2022 | -44.8% | -18.2% |
| 2023 | -21.5% | +26.2% |
| 2024 | +123.5% | +24.9% |
| 2025 | +75.2% | +17.7% |
| 2026 | +22.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APEI and SPY good diversifiers for each other?
Reasonably. At 0.22, APEI and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between APEI and SPY?
Using weekly returns as of 2026-08-27: 0.22 over 3 years, with 0.02 over the last year and 0.19 over 5 years.
Is SPY a good diversifier for APEI?
Reasonably. At 0.22, APEI and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.22 mean?
On the −1 to +1 scale, 0.22 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: APEI correlations · SPY correlations
