APO vs SHY: Correlation
How closely do Apollo Global Management (APO) and iShares 1-3 Year Treasury Bond ETF (SHY) trade together? Their weekly returns over three years give a correlation of -0.22, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APO and SHY?
On 3 years of weekly data the APO/SHY correlation comes out at -0.22, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.13) sits close to the 3-year figure. The 5-year figure is -0.10, and annualized covariance runs at -12.6 %².
Within APO's tracked universe of 33 assets, SHY comes in at #26 by 3-year correlation. Twelve-month performance is nearly a tie, at -0.1% for APO and +2.5% for SHY. This link changes with the market regime, having swung between -0.46 and 0.10 on a rolling one-year basis. Risk is not evenly split, since APO carries 23.0 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 SHY: side by side
| APO (Apollo Global Management) | SHY (iShares 1-3 Year Treasury Bond ETF) | |
|---|---|---|
| 1-year return | -0.1% | +2.5% |
| 5-year return | +149.7% | +9.6% |
| Volatility (ann.) | 36.8% | 1.6% |
| Beta vs S&P 500 | 1.62 | 0.00 |
| Max drawdown (3Y) | -42.8% | -1.0% |
| Market cap | $78.8B | – |
| P/E (trailing) | 47.5 | – |
| Dividend yield | 1.60% | 3.65% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $25.1B |
| Sector / category | Financials | ETF · Bonds |
SHY, iShares's Short Government fund, carries $25.1B under management, a 0.15% expense ratio, a 3.65% trailing dividend yield.
Year-by-year returns
| Year | APO | SHY |
|---|---|---|
| 2022 | -9.6% | -3.9% |
| 2023 | +49.4% | +4.2% |
| 2024 | +79.9% | +3.9% |
| 2025 | -11.1% | +5.0% |
| 2026 | -6.7% | +1.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APO and SHY good diversifiers for each other?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
FAQ
What is the correlation between APO and SHY?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.13 over the last year and -0.10 over 5 years.
Is SHY a good diversifier for APO?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
What does a correlation of -0.22 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-shy.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/apo-vs-shy/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: APO correlations · SHY correlations
