APLM vs SPY: Correlation
How closely do Apollomics Inc. - Class A (APLM) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.06, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APLM and SPY?
Across a 3-year window, the weekly returns of APLM and SPY correlate at 0.06, near zero, meaning they move largely independently. The relationship has been stable: the 1-year correlation (0.11) sits close to the 3-year figure. Stretching to 5 years gives 0.08, with an annualized covariance of 149.7 %².
Out of 12 assets tracked against APLM, SPY lands near the bottom at #8. Their recent paths diverged sharply: over the last 12 months APLM outperformed by 301.6 percentage points (+322.2% for APLM against +20.6% for SPY). One caveat on sizing: APLM is 11.0 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.
APLM vs SPY: side by side
| APLM (Apollomics Inc. - Class A) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +322.2% | +20.6% |
| 5-year return | -97.3% | +82.4% |
| Volatility (ann.) | 159.8% | 14.5% |
| Beta vs S&P 500 | 0.72 | 1.00 |
| Max drawdown (3Y) | -99.2% | -18.8% |
| Market cap | $0.1B | – |
| 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 | APLM | SPY |
|---|---|---|
| 2022 | +4.3% | -18.2% |
| 2023 | -90.7% | +26.2% |
| 2024 | -89.9% | +24.9% |
| 2025 | +91.7% | +17.7% |
| 2026 | +40.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APLM and SPY good diversifiers for each other?
Yes: at 0.06, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between APLM and SPY?
The APLM/SPY correlation stands at 0.06 on a 3-year window (1 year: 0.11, 5 years: 0.08), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for APLM?
Yes: at 0.06, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.06 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: APLM correlations · SPY correlations
