APA vs. SPY
APA (Apache Corporation) is a stock, while SPY (State Street SPDR S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, APA returned -1.22%/yr vs 15.48%/yr for SPY. At a 0.37 correlation, their price movements are largely independent.
Performance
APA vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, APA achieves a 58.80% return, which is significantly higher than SPY's 11.33% return. Over the past 10 years, APA has underperformed SPY with an annualized return of -1.22%, while SPY has yielded a comparatively higher 15.48% annualized return.
APA
- 1D
- -0.29%
- 1M
- -7.86%
- YTD
- 58.80%
- 6M
- 45.42%
- 1Y
- 122.16%
- 3Y*
- 9.00%
- 5Y*
- 13.55%
- 10Y*
- -1.22%
SPY
- 1D
- 0.38%
- 1M
- 4.60%
- YTD
- 11.33%
- 6M
- 11.25%
- 1Y
- 28.50%
- 3Y*
- 22.58%
- 5Y*
- 13.91%
- 10Y*
- 15.48%
APA vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
APA Apache Corporation | 58.80% | 11.54% | -33.44% | -21.24% | 76.44% | 90.76% | -43.71% | 1.12% | -36.39% | -32.13% |
SPY State Street SPDR S&P 500 ETF | 11.33% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Correlation
The correlation between APA and SPY is -0.15, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.29 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 1993 | 0.37 |
The correlation between APA and SPY shifts across timeframes, from -0.15 (1 year) to 0.37 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
APA vs. SPY — Risk / Return Rank
APA
SPY
APA vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Apache Corporation (APA) and State Street SPDR S&P 500 ETF (SPY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| APA | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.25 | ||
| Sortino ratioReturn per unit of downside risk | -0.21 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.44 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 6.31 | 3.22 | +3.08 |
| Martin ratioReturn relative to average drawdown | 15.65 | 14.99 | +0.66 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| APA | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.67 | 2.42 | +0.25 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.28 | 0.82 | -0.54 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.02 | 0.87 | -0.89 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.16 | 0.59 | -0.43 |
Drawdowns
APA vs. SPY - Drawdown Comparison
The maximum APA drawdown since its inception was -96.73%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for APA and SPY.
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Drawdown Indicators
| APA | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.73% | -55.19% | -41.54% |
Max Drawdown (1Y)Largest decline over 1 year | -19.49% | -8.88% | -10.61% |
Max Drawdown (3Y)Largest decline over 3 years | -67.45% | -18.76% | -48.69% |
Max Drawdown (5Y)Largest decline over 5 years | -70.47% | -24.50% | -45.97% |
Max Drawdown (10Y)Largest decline over 10 years | -93.49% | -33.72% | -59.77% |
Current DrawdownCurrent decline from peak | -63.70% | -0.33% | -63.37% |
Average DrawdownAverage peak-to-trough decline | -40.33% | -9.05% | -31.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.84% | 1.91% | +5.93% |
Volatility
APA vs. SPY - Volatility Comparison
Apache Corporation (APA) has a higher volatility of 14.41% compared to State Street SPDR S&P 500 ETF (SPY) at 2.79%. This indicates that APA's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| APA | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.41% | 2.79% | +11.62% |
Volatility (6M)Calculated over the trailing 6-month period | 33.37% | 8.91% | +24.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 46.02% | 11.82% | +34.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 48.48% | 17.05% | +31.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 58.38% | 17.93% | +40.45% |
Dividends
APA vs. SPY - Dividend Comparison
APA's dividend yield for the trailing twelve months is around 2.62%, more than SPY's 0.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
APA Apache Corporation | 2.62% | 4.09% | 4.33% | 2.79% | 1.34% | 0.51% | 2.29% | 3.91% | 3.81% | 2.37% | 1.58% | 2.25% |
SPY State Street SPDR S&P 500 ETF | 0.98% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
APA and SPY have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
APA has higher volatility (14.41%) compared to SPY (2.79%). In terms of maximum drawdown, APA dropped -96.73% vs SPY's -55.19%.
APA currently has the higher Sharpe Ratio (2.67 vs 2.42), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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