APO vs MS: Correlation
Measured on weekly returns over the past three years, Apollo Global Management (APO) and Morgan Stanley (MS) carry a correlation of 0.65, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APO and MS?
On 3 years of weekly data the APO/MS correlation comes out at 0.65, strong. The past 12 months show a weaker link (0.52) than the 3-year average (0.65). The 5-year figure is 0.61, and annualized covariance runs at 682.4 %².
Within APO's tracked universe of 33 assets, MS comes in at #13 by 3-year correlation. The last year tells two different stories: MS led by 47.2 percentage points, -0.1% for APO against +47.1% for MS. The relationship is regime-dependent: the rolling one-year correlation swung between 0.32 and 0.86 over the past three years, so this pair behaves very differently depending on the market environment.
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 MS: side by side
| APO (Apollo Global Management) | MS (Morgan Stanley) | |
|---|---|---|
| 1-year return | -0.1% | +47.1% |
| 5-year return | +149.7% | +142.0% |
| Volatility (ann.) | 36.8% | 28.3% |
| Beta vs S&P 500 | 1.62 | 1.43 |
| Max drawdown (3Y) | -42.8% | -29.2% |
| Market cap | $78.8B | $337.5B |
| P/E (trailing) | 47.5 | 17.4 |
| Dividend yield | 1.60% | 1.94% |
| Sector / category | Financials | Financials |
Year-by-year returns
| Year | APO | MS |
|---|---|---|
| 2022 | -9.6% | -10.3% |
| 2023 | +49.4% | +13.9% |
| 2024 | +79.9% | +39.7% |
| 2025 | -11.1% | +45.2% |
| 2026 | -6.7% | +23.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APO and MS 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 MS?
As of 2026-08-27, the correlation of weekly returns between APO and MS is 0.65 over 3 years, 0.52 over 1 year and 0.61 over 5 years.
Is MS 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?
On the −1 to +1 scale, 0.65 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-ms.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/apo-vs-ms/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: APO correlations · MS correlations
