APO vs IEF: Correlation
Measured on weekly returns over the past three years, Apollo Global Management (APO) and iShares 7-10 Year Treasury Bond ETF (IEF) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APO and IEF?
Across a 3-year window, the weekly returns of APO and IEF correlate at -0.22, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.23) sits close to the 3-year figure. Stretching to 5 years gives -0.09, with an annualized covariance of -51.7 %².
Among the 33 assets we track against APO, IEF ranks #25 by 3-year correlation. Their 12-month results are close: -0.1% for APO against +0.9% for IEF. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.58 to 0.16. Risk is not evenly split, since APO carries 5.7 times the volatility of the other side.
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 IEF: side by side
| APO (Apollo Global Management) | IEF (iShares 7-10 Year Treasury Bond ETF) | |
|---|---|---|
| 1-year return | -0.1% | +0.9% |
| 5-year return | +149.7% | -7.9% |
| Volatility (ann.) | 36.8% | 6.5% |
| Beta vs S&P 500 | 1.62 | 0.04 |
| Max drawdown (3Y) | -42.8% | -6.9% |
| Market cap | $78.8B | – |
| P/E (trailing) | 47.5 | – |
| Dividend yield | 1.60% | 3.96% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $47.2B |
| Sector / category | Financials | ETF · Bonds |
On the fund side, IEF sits in the Long Government category at iShares, with $47.2B under management, a 0.15% expense ratio, a 3.96% trailing dividend yield.
Year-by-year returns
| Year | APO | IEF |
|---|---|---|
| 2022 | -9.6% | -15.2% |
| 2023 | +49.4% | +3.6% |
| 2024 | +79.9% | -0.6% |
| 2025 | -11.1% | +8.0% |
| 2026 | -6.7% | -0.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APO and IEF good diversifiers for each other?
Yes. With a correlation of -0.22, APO and IEF have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between APO and IEF?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.23 over the last year and -0.09 over 5 years.
Is IEF a good diversifier for APO?
Yes. With a correlation of -0.22, APO and IEF 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
$ curl https://www.pairbook.io/api/v1/pairs/apo-vs-ief.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/apo-vs-ief/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: APO correlations · IEF correlations
