APOG vs SPY: Correlation
Apogee Enterprises, Inc. (APOG) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.31.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APOG and SPY?
On 3 years of weekly data the APOG/SPY correlation comes out at 0.31, moderate. The link has loosened recently: the 1-year correlation (0.08) runs below the 3-year figure (0.31). The 5-year figure is 0.41, and annualized covariance runs at 183.5 %².
By 3-year correlation, SPY places #9 of the 15 assets tracked against APOG. The last year tells two different stories: SPY led by 26.3 percentage points, -5.7% for APOG against +20.6% for SPY. Note the risk asymmetry: APOG runs 2.9 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.
APOG vs SPY: side by side
| APOG (Apogee Enterprises, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -5.7% | +20.6% |
| 5-year return | +5.1% | +82.4% |
| Volatility (ann.) | 41.4% | 14.5% |
| Beta vs S&P 500 | 0.88 | 1.00 |
| Max drawdown (3Y) | -62.5% | -18.8% |
| Market cap | $0.8B | – |
| P/E (trailing) | 12.7 | – |
| Dividend yield | 2.59% | 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 | APOG | SPY |
|---|---|---|
| 2022 | -5.7% | -18.2% |
| 2023 | +22.8% | +26.2% |
| 2024 | +35.8% | +24.9% |
| 2025 | -47.8% | +17.7% |
| 2026 | +14.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APOG and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between APOG and SPY?
Using weekly returns as of 2026-08-27: 0.31 over 3 years, with 0.08 over the last year and 0.41 over 5 years.
Is SPY a good diversifier for APOG?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.31 mean?
On the −1 to +1 scale, 0.31 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: APOG correlations · SPY correlations
