Bring water and sugar to a boil in medium saucepan over medium-high heat, stirring occasionally. Stir in apples and cook over medium heat, stirring frequently, until apples are tender, about 5 minutes.
Stir in cranberries and honey and cook, stirring frequently, until cranberries are tender and begin to pop and mixture thickens slightly, about 8 minutes. Stir in Hellmann's® Real Mayonnaise and allspice and simmer, stirring occasionally, 5 minutes.
Turn into medium bowl and let stand 15 minutes before serving.