APG vs SPY: Correlation
How closely do APi Group Corporation (APG) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.61, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APG and SPY?
On 3 years of weekly data the APG/SPY correlation comes out at 0.61, strong. The relationship has been stable: the 1-year correlation (0.52) sits close to the 3-year figure. The 5-year figure is 0.66, and annualized covariance runs at 238.1 %².
Within APG's tracked universe of 12 assets, SPY comes in at #7 by 3-year correlation. On 12-month performance SPY holds a 7.1-point edge, +13.5% against +20.6%. Note the risk asymmetry: APG 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.
APG vs SPY: side by side
| APG (APi Group Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +13.5% | +20.6% |
| 5-year return | +165.2% | +82.4% |
| Volatility (ann.) | 27.2% | 14.5% |
| Beta vs S&P 500 | 1.14 | 1.00 |
| Max drawdown (3Y) | -22.2% | -18.8% |
| Market cap | $17.8B | – |
| P/E (trailing) | – | – |
| 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 | APG | SPY |
|---|---|---|
| 2022 | -27.0% | -18.2% |
| 2023 | +83.9% | +26.2% |
| 2024 | +4.0% | +24.9% |
| 2025 | +59.5% | +17.7% |
| 2026 | +7.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APG and SPY good diversifiers for each other?
Only partially. A correlation of 0.61 means APG and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between APG and SPY?
Using weekly returns as of 2026-08-27: 0.61 over 3 years, with 0.52 over the last year and 0.66 over 5 years.
Is SPY a good diversifier for APG?
Only partially. A correlation of 0.61 means APG and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.61 mean?
A reading of 0.61 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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Related comparisons
Hubs: APG correlations · SPY correlations
