APLE vs SPY: Correlation
How closely do Apple Hospitality REIT, Inc. (APLE) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.46, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APLE and SPY?
Across a 3-year window, the weekly returns of APLE and SPY correlate at 0.46, moderate. The past 12 months show a weaker link (0.16) than the 3-year average (0.46). Stretching to 5 years gives 0.52, with an annualized covariance of 153.7 %².
Within APLE's tracked universe of 16 assets, SPY comes in at #10 by 3-year correlation. On 12-month performance APLE holds a 13.8-point edge, +34.4% against +20.6%. One caveat on sizing: APLE is 1.6 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.
APLE vs SPY: side by side
| APLE (Apple Hospitality REIT, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +34.4% | +20.6% |
| 5-year return | +50.0% | +82.4% |
| Volatility (ann.) | 22.9% | 14.5% |
| Beta vs S&P 500 | 0.74 | 1.00 |
| Max drawdown (3Y) | -33.0% | -18.8% |
| Market cap | $3.9B | – |
| P/E (trailing) | 22.5 | – |
| Dividend yield | 5.80% | 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 | APLE | SPY |
|---|---|---|
| 2022 | +2.4% | -18.2% |
| 2023 | +12.3% | +26.2% |
| 2024 | -1.3% | +24.9% |
| 2025 | -16.6% | +17.7% |
| 2026 | +44.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APLE and SPY good diversifiers for each other?
Reasonably. At 0.46, APLE and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between APLE and SPY?
The APLE/SPY correlation stands at 0.46 on a 3-year window (1 year: 0.16, 5 years: 0.52), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for APLE?
Reasonably. At 0.46, APLE and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.46 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: APLE correlations · SPY correlations
