APO vs SPY: Correlation
Measured on weekly returns over the past three years, Apollo Global Management (APO) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.64, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APO and SPY?
Across a 3-year window, the weekly returns of APO and SPY correlate at 0.64, strong. The past 12 months show a weaker link (0.35) than the 3-year average (0.64). Stretching to 5 years gives 0.64, with an annualized covariance of 339.0 %².
Within APO's tracked universe of 33 assets, SPY comes in at #15 by 3-year correlation. The last year tells two different stories: SPY led by 20.7 percentage points, -0.1% for APO against +20.6% for SPY. This link changes with the market regime, having swung between 0.35 and 0.86 on a rolling one-year basis. Note the risk asymmetry: APO runs 2.5 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.
APO vs SPY: side by side
| APO (Apollo Global Management) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -0.1% | +20.6% |
| 5-year return | +149.7% | +82.4% |
| Volatility (ann.) | 36.8% | 14.5% |
| Beta vs S&P 500 | 1.62 | 1.00 |
| Max drawdown (3Y) | -42.8% | -18.8% |
| Market cap | $78.8B | – |
| P/E (trailing) | 47.5 | – |
| Dividend yield | 1.60% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Financials | 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 | APO | SPY |
|---|---|---|
| 2022 | -9.6% | -18.2% |
| 2023 | +49.4% | +26.2% |
| 2024 | +79.9% | +24.9% |
| 2025 | -11.1% | +17.7% |
| 2026 | -6.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.09% of SPY is APO itself, so the fund partly moves with the stock by construction.
Are APO and SPY good diversifiers for each other?
To a limited degree. At 0.64 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between APO and SPY?
Using weekly returns as of 2026-08-27: 0.64 over 3 years, with 0.35 over the last year and 0.64 over 5 years.
Is SPY a good diversifier for APO?
To a limited degree. At 0.64 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.64 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: APO correlations · SPY correlations
