APO vs KKR: Correlation
Measured on weekly returns over the past three years, Apollo Global Management (APO) and KKR & Co. (KKR) carry a correlation of 0.82, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APO and KKR?
Across a 3-year window, the weekly returns of APO and KKR correlate at 0.82, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.83) sits close to the 3-year figure. Stretching to 5 years gives 0.79, with an annualized covariance of 1142.4 %².
In APO's tracked universe of 33 assets, KKR sits right near the top at #1. Their recent paths diverged sharply: over the last 12 months APO outperformed by 21.5 percentage points (-0.1% for APO against -21.6% for KKR). The rolling one-year correlation moved between 0.63 and 0.88 over the past three years, a moderate range.
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 KKR: side by side
| APO (Apollo Global Management) | KKR (KKR & Co.) | |
|---|---|---|
| 1-year return | -0.1% | -21.6% |
| 5-year return | +149.7% | +77.3% |
| Volatility (ann.) | 36.8% | 37.8% |
| Beta vs S&P 500 | 1.62 | 1.76 |
| Max drawdown (3Y) | -42.8% | -49.4% |
| Market cap | $78.8B | $101.0B |
| P/E (trailing) | 47.5 | 34.7 |
| Dividend yield | 1.60% | 0.70% |
| Sector / category | Financials | Financials |
Year-by-year returns
| Year | APO | KKR |
|---|---|---|
| 2022 | -9.6% | -37.0% |
| 2023 | +49.4% | +80.5% |
| 2024 | +79.9% | +79.6% |
| 2025 | -11.1% | -13.3% |
| 2026 | -6.7% | -13.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APO and KKR good diversifiers for each other?
No. With a correlation of 0.82, APO and KKR move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between APO and KKR?
The APO/KKR correlation stands at 0.82 on a 3-year window (1 year: 0.83, 5 years: 0.79), computed from weekly returns as of 2026-08-27.
Is KKR a good diversifier for APO?
No. With a correlation of 0.82, APO and KKR move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.82 mean?
A reading of 0.82 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
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Related comparisons
Hubs: APO correlations · KKR correlations
