APO vs XLF: Correlation
Apollo Global Management (APO) and Financial Select Sector SPDR Fund (XLF) show a strong relationship: their 3-year correlation of weekly returns is 0.67.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APO and XLF?
On 3 years of weekly data the APO/XLF correlation comes out at 0.67, strong. Lately the two have drifted apart, with the 1-year correlation at 0.45 versus 0.67 over 3 years. The 5-year figure is 0.67, and annualized covariance runs at 397.7 %².
By 3-year correlation, XLF places #7 of the 33 assets tracked against APO. Over the last 12 months XLF came out ahead by 9.4 percentage points (-0.1% against +9.3%). On a rolling one-year basis the correlation drifted between 0.42 and 0.86, a moderate band. Note the risk asymmetry: APO runs 2.3 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 XLF: side by side
| APO (Apollo Global Management) | XLF (Financial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | -0.1% | +9.3% |
| 5-year return | +149.7% | +64.2% |
| Volatility (ann.) | 36.8% | 16.2% |
| Beta vs S&P 500 | 1.62 | 0.84 |
| Max drawdown (3Y) | -42.8% | -15.5% |
| Market cap | $78.8B | – |
| P/E (trailing) | 47.5 | – |
| Dividend yield | 1.60% | 1.42% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $57.9B |
| Sector / category | Financials | Sector ETF |
XLF is a Financial fund from State Street Investment Management: $57.9B under management, 77 holdings, a 0.08% expense ratio, a 1.42% trailing dividend yield.
Year-by-year returns
| Year | APO | XLF |
|---|---|---|
| 2022 | -9.6% | -10.6% |
| 2023 | +49.4% | +12.0% |
| 2024 | +79.9% | +30.6% |
| 2025 | -11.1% | +14.9% |
| 2026 | -6.7% | +6.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that XLF holds APO at a 0.75% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are APO and XLF good diversifiers for each other?
Only partially. A correlation of 0.67 means APO and XLF 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 XLF?
Using weekly returns as of 2026-08-27: 0.67 over 3 years, with 0.45 over the last year and 0.67 over 5 years.
Is XLF a good diversifier for APO?
Only partially. A correlation of 0.67 means APO and XLF share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.67 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.
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Related comparisons
Hubs: APO correlations · XLF correlations
