APP vs SPYG: Correlation
How closely do AppLovin (APP) and SPDR Portfolio S&P 500 Growth ETF (SPYG) trade together? Their weekly returns over three years give a correlation of 0.56, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APP and SPYG?
Over the past 3 years, APP and SPYG moved with a correlation of 0.56, which is moderate. The relationship has been stable: the 1-year correlation (0.52) sits close to the 3-year figure. Over 5 years the correlation is 0.57, and the annualized covariance of weekly returns is 888.5 %².
Among the 44 assets we track against APP, SPYG ranks #5 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPYG ahead by 54.9 points (-32.5% versus +22.4%). Across three years, the rolling one-year figure varied moderately, from 0.31 to 0.72. Risk is not evenly split, since APP carries 4.5 times the volatility of the other side.
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 SPYG: side by side
| APP (AppLovin) | SPYG (SPDR Portfolio S&P 500 Growth ETF) | |
|---|---|---|
| 1-year return | -32.5% | +22.4% |
| 5-year return | +326.5% | +85.9% |
| Volatility (ann.) | 84.3% | 18.9% |
| Beta vs S&P 500 | 3.10 | 1.25 |
| Max drawdown (3Y) | -59.3% | -22.1% |
| Market cap | $105.0B | – |
| P/E (trailing) | 23.7 | – |
| Dividend yield | 0.00% | 0.49% |
| Expense ratio | – | 0.04% |
| Assets under management | – | $52.2B |
| Sector / category | Communication Services | ETF · US Style |
SPYG is a Large Growth fund from State Street Investment Management: $52.2B under management, 148 holdings, a 0.04% expense ratio, a 0.49% trailing dividend yield.
Year-by-year returns
| Year | APP | SPYG |
|---|---|---|
| 2022 | -88.8% | -29.4% |
| 2023 | +278.4% | +30.0% |
| 2024 | +712.6% | +36.0% |
| 2025 | +108.1% | +22.1% |
| 2026 | -53.6% | +14.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
APP represents 0.23% of SPYG's portfolio, so part of any move in SPYG is APP itself, and the correlation between them is partly mechanical.
Are APP and SPYG good diversifiers for each other?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between APP and SPYG?
As of 2026-08-27, the correlation of weekly returns between APP and SPYG is 0.56 over 3 years, 0.52 over 1 year and 0.57 over 5 years.
Is SPYG a good diversifier for APP?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.56 mean?
On the −1 to +1 scale, 0.56 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-spyg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/app-vs-spyg/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: APP correlations · SPYG correlations
