APPF vs BSY: Correlation
Measured on weekly returns over the past three years, AppFolio, Inc. (APPF) and Bentley Systems, Incorporated (BSY) carry a correlation of 0.42, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APPF and BSY?
Across a 3-year window, the weekly returns of APPF and BSY correlate at 0.42, moderate. The past 12 months show a tighter link (0.64) than the 3-year average (0.42). Stretching to 5 years gives 0.45, with an annualized covariance of 517.6 %².
BSY is one of the assets that tracks APPF most closely: it ranks #3 out of the 13 assets we track against APPF. Over the last 12 months APPF came out ahead by 14.9 percentage points (-16.0% against -30.9%).
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.
APPF vs BSY: side by side
| APPF (AppFolio, Inc.) | BSY (Bentley Systems, Incorporated) | |
|---|---|---|
| 1-year return | -16.0% | -30.9% |
| 5-year return | +93.0% | -40.5% |
| Volatility (ann.) | 41.6% | 29.4% |
| Beta vs S&P 500 | 0.64 | 0.71 |
| Max drawdown (3Y) | -55.4% | -51.3% |
| Market cap | $8.2B | $11.4B |
| P/E (trailing) | 50.8 | 40.9 |
| Dividend yield | 0.00% | 0.76% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | APPF | BSY |
|---|---|---|
| 2022 | -13.0% | -23.3% |
| 2023 | +64.4% | +41.8% |
| 2024 | +42.4% | -10.1% |
| 2025 | -5.7% | -17.8% |
| 2026 | -0.3% | -1.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APPF and BSY good diversifiers for each other?
Reasonably. At 0.42, APPF and BSY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between APPF and BSY?
As of 2026-08-27, the correlation of weekly returns between APPF and BSY is 0.42 over 3 years, 0.64 over 1 year and 0.45 over 5 years.
Is BSY a good diversifier for APPF?
Reasonably. At 0.42, APPF and BSY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.42 mean?
On the −1 to +1 scale, 0.42 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/appf-vs-bsy.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/appf-vs-bsy/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: APPF correlations · BSY correlations
