APO vs OWL: Correlation
How closely do Apollo Global Management (APO) and Blue Owl Capital Inc. (OWL) trade together? Their weekly returns over three years give a correlation of 0.73, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APO and OWL?
Across a 3-year window, the weekly returns of APO and OWL correlate at 0.73, strong. Lately the two have drifted apart, with the 1-year correlation at 0.60 versus 0.73 over 3 years. Stretching to 5 years gives 0.69, with an annualized covariance of 1127.1 %².
Few assets follow APO as closely as OWL, which ranks #3 of 33 tracked partners. The last year tells two different stories: APO led by 30.1 percentage points, -0.1% for APO against -30.2% for OWL.
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 OWL: side by side
| APO (Apollo Global Management) | OWL (Blue Owl Capital Inc.) | |
|---|---|---|
| 1-year return | -0.1% | -30.2% |
| 5-year return | +149.7% | +8.2% |
| Volatility (ann.) | 36.8% | 41.9% |
| Beta vs S&P 500 | 1.62 | 1.77 |
| Max drawdown (3Y) | -42.8% | -67.1% |
| Market cap | $78.8B | $18.8B |
| P/E (trailing) | 47.5 | 100.2 |
| Dividend yield | 1.60% | 7.71% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | APO | OWL |
|---|---|---|
| 2022 | -9.6% | -26.3% |
| 2023 | +49.4% | +47.4% |
| 2024 | +79.9% | +61.8% |
| 2025 | -11.1% | -32.8% |
| 2026 | -6.7% | -14.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APO and OWL good diversifiers for each other?
Only partially. A correlation of 0.73 means APO and OWL share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between APO and OWL?
Using weekly returns as of 2026-08-27: 0.73 over 3 years, with 0.60 over the last year and 0.69 over 5 years.
Is OWL a good diversifier for APO?
Only partially. A correlation of 0.73 means APO and OWL share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.73 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-owl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/apo-vs-owl/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: APO correlations · OWL correlations
