APO vs NN: Correlation
Apollo Global Management (APO) and NextNav Inc. (NN) show a moderate relationship: their 3-year correlation of weekly returns is 0.42.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APO and NN?
Over the past 3 years, APO and NN moved with a correlation of 0.42, which is moderate. Little has changed lately, as the 1-year reading of 0.51 lands near the 3-year figure. Over 5 years the correlation is 0.32, and the annualized covariance of weekly returns is 1165.1 %².
By 3-year correlation, NN places #22 of the 33 assets tracked against APO. The trailing year gives APO the advantage: -0.1% versus -11.7%, a 11.6-point spread. Note the risk asymmetry: NN runs 2.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 NN: side by side
| APO (Apollo Global Management) | NN (NextNav Inc.) | |
|---|---|---|
| 1-year return | -0.1% | -11.7% |
| 5-year return | +149.7% | +56.5% |
| Volatility (ann.) | 36.8% | 75.3% |
| Beta vs S&P 500 | 1.62 | 1.45 |
| Max drawdown (3Y) | -42.8% | -47.8% |
| Market cap | $78.8B | $2.7B |
| P/E (trailing) | 47.5 | – |
| Dividend yield | 1.60% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | APO | NN |
|---|---|---|
| 2022 | -9.6% | -66.6% |
| 2023 | +49.4% | +51.9% |
| 2024 | +79.9% | +249.7% |
| 2025 | -11.1% | +6.9% |
| 2026 | -6.7% | -5.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APO and NN good diversifiers for each other?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between APO and NN?
As of 2026-08-27, the correlation of weekly returns between APO and NN is 0.42 over 3 years, 0.51 over 1 year and 0.32 over 5 years.
Is NN a good diversifier for APO?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.42 mean?
A reading of 0.42 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: APO correlations · NN correlations
