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APO vs AWK: Correlation

How closely do Apollo Global Management (APO) and American Water Works (AWK) trade together? Their weekly returns over three years give a correlation of -0.22, which is negative.

Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology

Correlation (3Y)

-0.22

negative

Correlation (1Y)

-0.42

last 12 months

Correlation (5Y)

0.07

long-run

Ann. covariance

-169.8

%² · weekly, annualized

How correlated are APO and AWK?

Over the past 3 years, APO and AWK moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.42) than the 3-year average (-0.22). Over 5 years the correlation is 0.07, and the annualized covariance of weekly returns is -169.8 %².

Among the 33 assets we track against APO, AWK ranks #24 by 3-year correlation. Their 12-month results are close: -0.1% for APO against -3.0% for AWK. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.50 to 0.35. One caveat on sizing: APO is 1.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.

Rolling one-year correlation of weekly returns over the past three years.

How is this computed?

Pearson correlation on weekly returns: ρ(A,B) = cov(r_A, r_B) / (σ_A · σ_B), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.

APO vs AWK: side by side

	APO (Apollo Global Management)	AWK (American Water Works)
1-year return	-0.1%	-3.0%
5-year return	+149.7%	-16.6%
Volatility (ann.)	36.8%	20.7%
Beta vs S&P 500	1.62	-0.11
Max drawdown (3Y)	-42.8%	-18.8%
Market cap	$78.8B	$27.2B
P/E (trailing)	47.5	23.7
Dividend yield	1.60%	2.46%
Sector / category	Financials	Utilities

Lower P/E: AWK 23.7 vs 47.5Higher yield: AWK 2.46% vs 1.60%Smaller drawdown: AWK -18.8% vs -42.8%Higher 5y return: APO +149.7% vs -16.6%

Both assets over the last year, indexed to 100 at the starting week. ■ APO · ■ AWK

Year-by-year returns

Year	APO	AWK
2022	-9.6%	-17.9%
2023	+49.4%	-11.7%
2024	+79.9%	-3.5%
2025	-11.1%	+7.4%
2026	-6.7%	+6.9%

Calendar-year price returns; the current year is year-to-date as of the data date above.

Are APO and AWK good diversifiers for each other?

Yes. With a correlation of -0.22, APO and AWK have moved largely independently, which makes them a genuinely diversifying pair by historical standards.

FAQ

What is the correlation between APO and AWK?

The APO/AWK correlation stands at -0.22 on a 3-year window (1 year: -0.42, 5 years: 0.07), computed from weekly returns as of 2026-08-27.

Is AWK a good diversifier for APO?

Yes. With a correlation of -0.22, APO and AWK have moved largely independently, which makes them a genuinely diversifying pair by historical standards.

What does a correlation of -0.22 mean?

On the −1 to +1 scale, -0.22 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

JSON API · no key required

$ curl https://www.pairbook.io/api/v1/pairs/apo-vs-awk.json

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Related comparisons

Hubs: APO correlations · AWK correlations