APO vs CG: Correlation
How closely do Apollo Global Management (APO) and The Carlyle Group Inc. (CG) trade together? Their weekly returns over three years give a correlation of 0.65, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APO and CG?
Across a 3-year window, the weekly returns of APO and CG correlate at 0.65, strong. Recent behaviour matches the longer record: 0.60 over 1 year against 0.65 over 3. Stretching to 5 years gives 0.68, with an annualized covariance of 886.2 %².
Among the 33 assets we track against APO, CG ranks #11 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months APO outperformed by 21.7 percentage points (-0.1% for APO against -21.8% for CG).
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 CG: side by side
| APO (Apollo Global Management) | CG (The Carlyle Group Inc.) | |
|---|---|---|
| 1-year return | -0.1% | -21.8% |
| 5-year return | +149.7% | +18.0% |
| Volatility (ann.) | 36.8% | 36.8% |
| Beta vs S&P 500 | 1.62 | 1.68 |
| Max drawdown (3Y) | -42.8% | -40.4% |
| Market cap | $78.8B | $17.5B |
| P/E (trailing) | 47.5 | 50.8 |
| Dividend yield | 1.60% | 2.86% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | APO | CG |
|---|---|---|
| 2022 | -9.6% | -43.8% |
| 2023 | +49.4% | +42.6% |
| 2024 | +79.9% | +28.1% |
| 2025 | -11.1% | +20.2% |
| 2026 | -6.7% | -14.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APO and CG good diversifiers for each other?
Somewhat, no more. With 0.65 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between APO and CG?
As of 2026-08-27, the correlation of weekly returns between APO and CG is 0.65 over 3 years, 0.60 over 1 year and 0.68 over 5 years.
Is CG a good diversifier for APO?
Somewhat, no more. With 0.65 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.65 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-cg.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/apo-vs-cg/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: APO correlations · CG correlations
