APO vs ARES: Correlation
How closely do Apollo Global Management (APO) and Ares Management (ARES) trade together? Their weekly returns over three years give a correlation of 0.78, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APO and ARES?
Across a 3-year window, the weekly returns of APO and ARES correlate at 0.78, strong. Recent behaviour matches the longer record: 0.77 over 1 year against 0.78 over 3. Stretching to 5 years gives 0.76, with an annualized covariance of 1018.4 %².
Few assets follow APO as closely as ARES, which ranks #2 of 33 tracked partners. Correlation aside, the last 12 months split them widely, with APO ahead by 17.6 points (-0.1% versus -17.7%). On a rolling one-year basis the correlation drifted between 0.60 and 0.86, a moderate band.
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.
APO vs ARES: side by side
| APO (Apollo Global Management) | ARES (Ares Management) | |
|---|---|---|
| 1-year return | -0.1% | -17.7% |
| 5-year return | +149.7% | +118.7% |
| Volatility (ann.) | 36.8% | 35.5% |
| Beta vs S&P 500 | 1.62 | 1.55 |
| Max drawdown (3Y) | -42.8% | -50.0% |
| Market cap | $78.8B | $47.0B |
| P/E (trailing) | 47.5 | 65.0 |
| Dividend yield | 1.60% | 3.48% |
| Sector / category | Financials | Financials |
Year-by-year returns
| Year | APO | ARES |
|---|---|---|
| 2022 | -9.6% | -12.8% |
| 2023 | +49.4% | +79.5% |
| 2024 | +79.9% | +52.7% |
| 2025 | -11.1% | -6.2% |
| 2026 | -6.7% | -9.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APO and ARES good diversifiers for each other?
Only partially. A correlation of 0.78 means APO and ARES share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between APO and ARES?
The APO/ARES correlation stands at 0.78 on a 3-year window (1 year: 0.77, 5 years: 0.76), computed from weekly returns as of 2026-08-27.
Is ARES a good diversifier for APO?
Only partially. A correlation of 0.78 means APO and ARES share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.78 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/apo-vs-ares.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/apo-vs-ares/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: APO correlations · ARES correlations
