APP vs SPY: Correlation
AppLovin (APP) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.53.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APP and SPY?
On 3 years of weekly data the APP/SPY correlation comes out at 0.53, moderate. The relationship has been stable: the 1-year correlation (0.47) sits close to the 3-year figure. The 5-year figure is 0.53, and annualized covariance runs at 648.1 %².
Among the 44 assets we track against APP, SPY ranks #14 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 53.1 percentage points (-32.5% for APP against +20.6% for SPY). Across three years, the rolling one-year figure varied moderately, from 0.32 to 0.65. One caveat on sizing: APP is 5.8 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.
APP vs SPY: side by side
| APP (AppLovin) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -32.5% | +20.6% |
| 5-year return | +326.5% | +82.4% |
| Volatility (ann.) | 84.3% | 14.5% |
| Beta vs S&P 500 | 3.10 | 1.00 |
| Max drawdown (3Y) | -59.3% | -18.8% |
| Market cap | $105.0B | – |
| P/E (trailing) | 23.7 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Communication Services | 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 | APP | SPY |
|---|---|---|
| 2022 | -88.8% | -18.2% |
| 2023 | +278.4% | +26.2% |
| 2024 | +712.6% | +24.9% |
| 2025 | +108.1% | +17.7% |
| 2026 | -53.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPY holds APP at a 0.13% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are APP and SPY good diversifiers for each other?
Somewhat, no more. With 0.53 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between APP and SPY?
Using weekly returns as of 2026-08-27: 0.53 over 3 years, with 0.47 over the last year and 0.53 over 5 years.
Is SPY a good diversifier for APP?
Somewhat, no more. With 0.53 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.53 mean?
On the −1 to +1 scale, 0.53 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/app-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/app-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: APP correlations · SPY correlations
