APO vs QQQ: Correlation
How closely do Apollo Global Management (APO) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.58, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APO and QQQ?
On 3 years of weekly data the APO/QQQ correlation comes out at 0.58, moderate. The past 12 months show a weaker link (0.35) than the 3-year average (0.58). The 5-year figure is 0.57, and annualized covariance runs at 418.6 %².
Within APO's tracked universe of 33 assets, QQQ comes in at #19 by 3-year correlation. The last year tells two different stories: QQQ led by 26.4 percentage points, -0.1% for APO against +26.3% for QQQ. On a rolling one-year basis the correlation drifted between 0.34 and 0.80, a moderate band. Risk is not evenly split, since APO carries 1.9 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 QQQ: side by side
| APO (Apollo Global Management) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -0.1% | +26.3% |
| 5-year return | +149.7% | +95.4% |
| Volatility (ann.) | 36.8% | 19.6% |
| Beta vs S&P 500 | 1.62 | 1.28 |
| Max drawdown (3Y) | -42.8% | -22.8% |
| Market cap | $78.8B | – |
| P/E (trailing) | 47.5 | – |
| Dividend yield | 1.60% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | Financials | ETF · US Growth & Tech |
QQQ is a Large Growth fund from Invesco: $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | APO | QQQ |
|---|---|---|
| 2022 | -9.6% | -32.6% |
| 2023 | +49.4% | +54.9% |
| 2024 | +79.9% | +25.6% |
| 2025 | -11.1% | +20.8% |
| 2026 | -6.7% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APO and QQQ good diversifiers for each other?
Somewhat, no more. With 0.58 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between APO and QQQ?
As of 2026-08-27, the correlation of weekly returns between APO and QQQ is 0.58 over 3 years, 0.35 over 1 year and 0.57 over 5 years.
Is QQQ a good diversifier for APO?
Somewhat, no more. With 0.58 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.58 mean?
On the −1 to +1 scale, 0.58 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-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/apo-vs-qqq/)
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Related comparisons
Hubs: APO correlations · QQQ correlations
