APPN vs SPY: Correlation
Measured on weekly returns over the past three years, Appian Corporation (APPN) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.31, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APPN and SPY?
On 3 years of weekly data the APPN/SPY correlation comes out at 0.31, moderate. The past 12 months show a weaker link (0.15) than the 3-year average (0.31). The 5-year figure is 0.46, and annualized covariance runs at 246.3 %².
Among the 13 assets we track against APPN, SPY sits near the bottom by co-movement, at rank #9. Their recent paths diverged sharply: over the last 12 months APPN outperformed by 19.7 percentage points (+40.3% for APPN against +20.6% for SPY). Risk is not evenly split, since APPN carries 3.8 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.
APPN vs SPY: side by side
| APPN (Appian Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +40.3% | +20.6% |
| 5-year return | -61.6% | +82.4% |
| Volatility (ann.) | 55.0% | 14.5% |
| Beta vs S&P 500 | 1.18 | 1.00 |
| Max drawdown (3Y) | -64.0% | -18.8% |
| Market cap | $3.0B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 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 | APPN | SPY |
|---|---|---|
| 2022 | -50.1% | -18.2% |
| 2023 | +15.7% | +26.2% |
| 2024 | -12.4% | +24.9% |
| 2025 | +7.4% | +17.7% |
| 2026 | +16.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APPN and SPY good diversifiers for each other?
Reasonably. At 0.31, APPN and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between APPN and SPY?
As of 2026-08-27, the correlation of weekly returns between APPN and SPY is 0.31 over 3 years, 0.15 over 1 year and 0.46 over 5 years.
Is SPY a good diversifier for APPN?
Reasonably. At 0.31, APPN and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio 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: APPN correlations · SPY correlations
