Relative Intelligence · Alternative Asset Management
How Apollo Global Management (APO) compares with the whole market and its popular alternatives
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on APO alone. It places APO (Apollo Global Management, Inc.) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where APO stands in the market, and of the alternatives worth a closer look.
Period covered: APO's full trading record, from March 2011 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 20, 2026.
Data as of October 20, 2026. Full tables and charts read best on a larger screen.
On this page12 sections
Key findings
- Right nowOver the past 6 months, APO fell 11.9% while the S&P 500 rose 9.1%. APO is 36.1% below its high, bear-market territory, while the S&P 500 sits 1.3% below a record. At a glance ↓
- Stock or market?APO fell 5.5% over the past 3 months, 4.7 points behind the alternative asset management ETF PSP (Invesco Global Listed Private Equity ETF), which fell 0.8%. The S&P 500 rose 3.9%. Its alternative asset management peers did not move as one over the past 3 months: BLK (BlackRock) rose 7.6%, while BN (Brookfield) fell 11.8%.
- Past 1 to 3 yearsAPO has gone against the market, falling 9.7% over the past year while the S&P 500 rose 15.8%. The same gap shows up over 3 years (41.4% against 89.3%). A ahead of 93% of stocks worth at least $300 million over 10 years, but behind 56% of the stocks worth at least $300 million over 3 years. By year ↓
- Long termAPO turned $10,000 into $92,500 over the past decade, against $42,100 in the S&P 500. That said, over 5 years APO trailed the index: 64.9% against 81.7%. Growth of $10,000 ↓
- In a crashAcross five sell-offs, APO has typically fallen about twice as far as the S&P 500. Crash tests ↓
- DiversificationAgainst the S&P 500, APO has a correlation of 0.64 over 5 years, more closely than 95% of stocks worth at least $300 million. Next to an index fund it is more of the same, not a cushion. When the S&P 500 had a down month, APO usually fell with it (17 of 22 months). By year ↓
- Better options
- Popular alternatives
- VCTR (Victory Capital) and AMG (Affiliated Managers Group) earned more than APO with less volatility over the past 5 years. VCTR returned 28.1% a year at 35.0% volatility, against 10.5% a year at 37.2%.
- Nearby categories and themes
- RY (Royal Bank of Canada, banks) and JPM (JPMorgan Chase & Co., banks) earned more than APO with less volatility over the past 5 years. RY returned 17.3% a year at 18.2% volatility, against 10.5% a year at 37.2%.
- Versus the S&P 500
- Simply owning the S&P 500 would have done better over the past 5 years: 12.7% a year at 17.1% volatility, against 10.5% at 37.2% for APO.
How much would $10,000 in APO have grown?
This chart tracks a hypothetical $10,000 investment in APO over the past 15 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of APO over the same span and APO's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.
Note: APO began trading on March 30, 2011, so the chart cannot reach back to the dot-com bust, the 2008 financial crisis or the 2010 flash crash. It covers the most recent 15 years of APO's record, starting at the end of September 2011.
- $10,000 invested in APO at the end of September 2011 would have grown to $286,574 by September 2026, more than the $87,526 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of APO, and LLY finished highest, at $435,634.
Choose a period
From the end of September 2011 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 72 of the 2,130 stocks and funds worth at least $500 million that traded the whole period ended ahead of APO; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- LLY$435,634+4,256% total · +28.6% a year
- APH$390,292+3,803% total · +27.7% a year
- PWR$348,742+3,387% total · +26.7% a year
- IBKR$307,265+2,973% total · +25.7% a year
- AAPL$291,870+2,819% total · +25.2% a year
- APO$286,574+2,766% total · +25.1% a year
- BLK$104,598+946% total · +16.9% a year
- SPY (S&P 500)$87,526+775% total · +15.6% a year
- AMG$48,394+384% total · +11.1% a year
- IVZ$35,397+254% total · +8.8% a year
From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 725 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of APO; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- MFG$46,041+360% total · +35.7% a year
- VCTR$36,954+270% total · +29.9% a year
- AMG$24,224+142% total · +19.4% a year
- RY$23,646+136% total · +18.8% a year
- JPM$22,905+129% total · +18.0% a year
- APO$20,759+108% total · +15.7% a year
- SPY (S&P 500)$19,000+90.0% total · +13.7% a year
- ARES$18,478+84.8% total · +13.1% a year
- IVZ$15,450+54.5% total · +9.1% a year
- BLK$14,247+42.5% total · +7.3% a year
APO at a glance
This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.
Note: APO began trading on March 30, 2011, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust, the 2008 financial crisis or the 2010 flash crash.
- APO is still 36.1% below its all-time high.
- APO's deepest decline since it began trading in 2011 was 57.0%, from January 2014 to February 2016. It took 14 months from the low to climb back to its old high.
- Over 14 full calendar years, APO's best was 2013, when it returned 112%, and its worst was 2015, when it lost 29.3%. It lost money in five of those years.
The company
- Market value
- $66B
- Industry
- Asset Management
- Price history from
- March 2011
Returns
- Past 1 year
- −9.7%total return
- Past 3 years
- +41.4%+12.2% a year
- Past 5 years
- +64.9%+10.5% a year
- Past 10 years
- +825%+24.9% a year
- Best calendar year
- +112%2013
- Worst calendar year
- −29.3%2015
- Losing years
- 5 of 14full calendar years
Risk
- Volatility
- 37.3%typical yearly swing, 5 years
- Sharpe ratio
- 0.46return per unit of risk, 5 years
- Worst decline ever
- −57.0%Jan 2014 to Feb 2016
- From its all-time high
- −36.1%below the peak
APO against the whole market
Where APO ranks among every stock and fund, and what across the market has done better.
How does APO rank among all stocks?
This section ranks APO on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history. Where the comparisons with its popular alternatives show how APO stacks up against its peers, these rankings show where it stands in the market as a whole.
- APO's 10-year return ranks in the top 7% of the 2,202 stocks worth at least $300 million with 10 years of history.
Ranked against U.S.-listed stocks worth at least $300M that have enough history for each measure, so the count changes from row to row; smaller stocks are left out. Lower volatility and smaller declines rank higher.
| Measure | APO | Rank | Standing |
|---|---|---|---|
| 1-year return | −9.7% | 2,330 of 3,287 | bottom 30% |
| 3-year return | +41.4% | 1,678 of 3,017 | bottom 45% |
| 5-year return | +64.9% | 949 of 2,893 | top 33% |
| 10-year return | +825% | 145 of 2,202 | top 7% |
| Volatility, 5 years | 37.3% | 1,284 of 2,893 | top 44% |
| Sharpe ratio, 5 years | 0.46 | 1,061 of 2,893 | top 37% |
| Worst decline, past 10 years | −53.5% | 593 of 2,187 | top 27% |
What has beaten APO on both return and risk?
Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). APO sits where the dashed lines cross. Anything in the green box above and to the left earned more than APO with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.
- 370 stocks and 245 ETFs worth at least $500 million sit in the green region: each earned more than APO over the past 5 years with smaller price swings. That is 17% of the 3,633 screened.
- Among those with at least half APO's swings, CAH has the best return for its risk: 42.1% a year at 24.7% volatility, 34% less than APO's 37.2%, and a Sharpe ratio (return above cash per unit of volatility) of 1.55 against 0.46 for APO. MPC earned the most, 51.2% a year, while still swinging less than APO (33.4% against 37.2%).
- Among APO's popular alternatives, VCTR and AMG are in the region. VCTR earned 28.1% a year against 10.5% a year for APO, at 35.0% volatility, 6% less than APO's 37.2%.
Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to APO; faint dots are 88 more of the 615 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.
- Popular alternatives
- Same and neighboring categories, and shared themes
- The whole market
- Others in the green region
Is there a better investment than APO?
Investments that beat APO over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.
- Among APO's popular alternatives, VCTR and AMG earned more than APO with less volatility over the past 5 years. VCTR returned 28.1% a year at 35.0% volatility, against 10.5% a year at 37.2%.
- Looking beyond its popular alternatives, RY (banks) and JPM (banks) earned more than APO with less volatility over the past 5 years. RY returned 17.3% a year at 18.2% volatility, against 10.5% a year at 37.2%.
- Simply owning the S&P 500 would have done better over the past 5 years: 12.7% a year at 17.1% volatility, against 10.5% at 37.2% for APO.
How this works
The table below lists investments that beat APO over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes. It checks APO's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than APO follows the table.
Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than APO's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× APO's volatility counts as better.
These figures cover the past 5 years. Green marks a better figure than APO's.
| Investment | Why it is better | Past 5 years | Downside | Long run | Fit | ||||
|---|---|---|---|---|---|---|---|---|---|
| Annual return?higher is better | Volatility?lower is calmer | Sharpe?return per unit of risk | Worst decline?past 10 years | 10Y returntotal | Corr. with APO?lower diversifies more | Expenseper year | |||
| APOApollo Global Management, Inc. · this page | +10.5% | 37.3% | 0.46 | −53.5% | +825% | 1.00 | — | ||
 SPYState Street SPDR S&P 500 ETF · S&P 500 | +12.7% | 17.1% | 0.79 | −33.7% | +321% | 0.64 | 0.09% | ||
| Popular alternativesbest 3 shownThe investments people most often weigh against APO. 3 of 20 passed at least one test. | |||||||||
VCTRVictory Capital Holdings, Inc. · Asset Management | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +28.1% | 35.0% | 0.89 | −45.2% | — | 0.60 | — | |
AMGAffiliated Managers Group, Inc. · Asset Management | Higher return, lower volatilityHigher return in most periods | +18.8% | 31.9% | 0.70 | −78.5% | +185% | 0.59 | — | |
 ARESAres Management Corporation · Alternative Asset Management | Higher return in most periods | +11.4% | 38.2% | 0.48 | −49.9% | +926% | 0.79 | — | |
| Same and neighboring categories, and shared themesbest 6 shownEverything else in Alternative Asset Management and Asset Management and the categories next to it (Business Development Companies, Capital Markets, Banks, Investment Banking & Brokerage), plus APO's specific themes. 58 of 121 passed at least one test. | |||||||||
 RYRoyal Bank of Canada · Banks | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +17.3% | 18.2% | 0.97 | −40.0% | +352% | 0.43 | — | |
 JPMJPMorgan Chase & Co. · Banks | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +17.3% | 24.3% | 0.78 | −43.6% | +537% | 0.67 | — | |
 MFGMizuho Financial Group, Inc. · Banks | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +33.6% | 30.6% | 1.10 | −45.7% | +345% | 0.23 | — | |
 SMFGSumitomo Mitsui Financial Group, Inc. · Banks | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +33.7% | 29.4% | 1.14 | −47.6% | +474% | 0.31 | — | |
 CMECME Group Inc. · Capital Markets | Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +11.2% | 20.8% | 0.62 | −37.4% | +319% | 0.12 | — | |
 IBKRInteractive Brokers Group, Inc. · Investment Banking & Brokerage | Higher return, similar volatilityHigher return in most periodsSmaller losses in recent crashes | +35.4% | 35.4% | 1.04 | −55.1% | +935% | 0.51 | — | |
| The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 1,078 of 3,492 passed at least one test. | |||||||||
 MSFTMicrosoft Corporation · Software | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +12.5% | 28.2% | 0.56 | −37.1% | +946% | 0.45 | — | |
 LLYEli Lilly and Company · Pharmaceuticals | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +40.7% | 32.8% | 1.21 | −34.5% | +1,807% | 0.05 | — | |
 CATCaterpillar Inc. · Industrial Machinery | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +31.1% | 31.9% | 1.01 | −43.4% | +936% | 0.36 | — | |
 APHAmphenol Corporation · Electronic Components | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +33.8% | 32.2% | 1.07 | −37.5% | +965% | 0.31 | — | |
 PGRThe Progressive Corporation · Property & Casualty Insurance | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +21.3% | 25.6% | 0.89 | −30.3% | +816% | 0.16 | — | |
 VTIVanguard Morningstar Total Stock Market ETF · US Total Market | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +11.5% | 17.5% | 0.71 | −35.0% | +302% | 0.65 | 0.03% | |
 PWRQuanta Services, Inc. · Engineering & Construction | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +39.3% | 37.2% | 1.08 | −45.5% | +2,045% | 0.30 | — | |
 VYMVanguard High Dividend Yield ETF · US Dividend Equity | Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +11.3% | 13.8% | 0.85 | −35.2% | +208% | 0.58 | 0.04% | |
What these numbers mean for APO
- Annual return
- APO returned 10.5% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $16,500. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
- Volatility
- APO's volatility over the past 5 years was 37.2%, 2.2 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, APO's return lands within 37.2% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
- Sharpe ratio
- APO's Sharpe ratio over the past 5 years was 0.46, against 0.79 for the S&P 500, so APO earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
- Worst decline
- APO's worst fall from a peak to a low over the past 10 years was 53.5%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 53.5% fall takes a 115% gain. Guide: Market crash risk and tail risk →
- Correlation
- Over the past 5 years, APO's monthly returns had a correlation of 0.64 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against APO instead: the lower it is, the more that option would diversify a APO holding. Guide: Correlation and diversification →
Show all 615 stocks and funds worth at least $500 million that earned more than APO with less volatility
Out of 3,633 tested over 5 years. The strongest 100 are listed, best first, with funds that hold the same thing listed once.
| # | Investment | Found in | Annual return | Volatility | Sharpe | Worst decline | 10Y return | Corr. with APO | Expense |
|---|---|---|---|---|---|---|---|---|---|
| 1 | MSFTMicrosoft Corporation · Software | Whole market | +12.5% | 28.2% | 0.56 | −37.1% | +946% | 0.45 | — |
| 2 | LLYEli Lilly and Company · Pharmaceuticals | Whole market | +40.7% | 32.8% | 1.21 | −34.5% | +1,807% | 0.05 | — |
| 3 | CATCaterpillar Inc. · Industrial Machinery | Whole market | +31.1% | 31.9% | 1.01 | −43.4% | +936% | 0.36 | — |
| 4 | APHAmphenol Corporation · Electronic Components | Whole market | +33.8% | 32.2% | 1.07 | −37.5% | +965% | 0.31 | — |
| 5 | PGRThe Progressive Corporation · Property & Casualty Insurance | Whole market | +21.3% | 25.6% | 0.89 | −30.3% | +816% | 0.16 | — |
| 6 |  CAHCardinal Health, Inc. · Health Care Distribution | Whole market | +42.1% | 24.7% | 1.55 | −46.1% | +349% | 0.09 | — |
| 7 |  AAPLApple Inc. · Computer Hardware | Whole market | +18.5% | 28.0% | 0.75 | −38.5% | +1,168% | 0.30 | — |
| 8 |  GOOGAlphabet Inc. · Internet Services | Whole market | +19.0% | 32.0% | 0.71 | −44.6% | +752% | 0.36 | — |
| 9 | VTIVanguard Morningstar Total Stock Market ETF · US Total Market | Whole market | +11.5% | 17.5% | 0.71 | −35.0% | +302% | 0.65 | 0.03% |
| 10 |  VOOVanguard S&P 500 ETF · US Large-Cap Equity | Whole market | +12.8% | 16.9% | 0.80 | −34.0% | +324% | 0.64 | 0.03% |
| 11 |  WMTWalmart Inc. · Discount Retail | Whole market | +20.8% | 22.6% | 0.96 | −25.7% | +508% | 0.22 | — |
| 12 |  BRK-BBerkshire Hathaway Inc. · Insurance | Whole market | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.36 | — |
| 13 | FSSFederal Signal Corporation · Industrial Machinery | Whole market | +23.3% | 31.7% | 0.82 | −33.0% | +882% | 0.44 | — |
| 14 |  ABBVAbbVie Inc. · Pharmaceuticals | Whole market | +26.1% | 23.4% | 1.11 | −45.1% | +603% | -0.01 | — |
| 15 | RYRoyal Bank of Canada · Banks | Same or nearby category | +17.3% | 18.2% | 0.97 | −40.0% | +352% | 0.43 | — |
| 16 |  JNJJohnson & Johnson · Pharmaceuticals | Whole market | +12.7% | 17.9% | 0.76 | −27.4% | +196% | -0.09 | — |
| 17 |  VVisa Inc. · Payment Processing | Whole market | +12.8% | 22.9% | 0.64 | −36.4% | +429% | 0.48 | — |
| 18 | DXJWisdomTree Japan Hedged Equity Fund · International Equity | Whole market | +26.6% | 19.1% | 1.34 | −39.1% | +428% | 0.25 | 0.48% |
| 19 | LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity | Whole market | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.32 | 0.40% |
| 20 | CSWCSW Industrials, Inc. · Industrial Products | Whole market | +17.1% | 34.4% | 0.63 | −46.2% | +867% | 0.42 | — |
| 21 |  KOThe Coca-Cola Company · Food & Beverages | Whole market | +14.7% | 16.8% | 0.91 | −37.0% | +204% | -0.03 | — |
| 22 |  COSTCostco Wholesale Corporation · Discount Retail | Whole market | +17.4% | 22.9% | 0.82 | −31.4% | +685% | 0.29 | — |
| 23 |  QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth | Whole market | +14.5% | 23.0% | 0.71 | −35.1% | +553% | 0.52 | 0.18% |
| 24 |  MAMastercard Incorporated · Payment Processing | Whole market | +12.4% | 23.8% | 0.61 | −41.0% | +541% | 0.51 | — |
| 25 |  PMPhilip Morris International Inc. · Tobacco | Whole market | +21.0% | 23.4% | 0.94 | −42.9% | +242% | 0.14 | — |
| 26 |  CSCOCisco Systems, Inc. · Communications Equipment | Whole market | +16.8% | 26.1% | 0.73 | −42.0% | +374% | 0.31 | — |
| 27 |  MCKMcKesson Corporation · Health Care Distribution | Whole market | +38.7% | 25.0% | 1.44 | −38.1% | +586% | 0.12 | — |
| 28 |  MRKMerck & Co., Inc. · Pharmaceuticals | Whole market | +16.3% | 24.8% | 0.74 | −43.4% | +241% | 0.10 | — |
| 29 |  NVSNovartis AG · Pharmaceuticals | Whole market | +17.1% | 20.7% | 0.87 | −26.8% | +226% | 0.02 | — |
| 30 |  VTVVanguard Morningstar Value ETF · US Large-Cap Value | Whole market | +12.1% | 13.7% | 0.90 | −36.8% | +235% | 0.56 | 0.03% |
| 31 |  AMGNAmgen Inc. · Biotechnology | Whole market | +19.6% | 24.9% | 0.85 | −24.9% | +266% | 0.11 | — |
| 32 |  GILDGilead Sciences, Inc. · Biotechnology | Whole market | +22.8% | 24.9% | 0.95 | −30.5% | +200% | 0.06 | — |
| 33 |  TJXThe TJX Companies, Inc. · Specialty Retail | Whole market | +19.9% | 22.3% | 0.93 | −42.5% | +361% | 0.33 | — |
| 34 |  GLDSPDR Gold Shares · Gold | Whole market | +17.7% | 18.9% | 0.96 | −26.4% | +213% | -0.07 | 0.40% |
| 35 |  IBMInternational Business Machines Corporation · IT Services | Whole market | +16.6% | 30.5% | 0.66 | −41.1% | +151% | 0.24 | — |
| 36 |  VGTVanguard Information Technology ETF · Technology Equity | Whole market | +18.4% | 26.0% | 0.78 | −35.1% | +779% | 0.51 | 0.09% |
| 37 |  BHPBHP Group Limited · Metals & Mining | Whole market | +16.6% | 31.4% | 0.65 | −44.3% | +398% | 0.15 | — |
| 38 |  ADIAnalog Devices, Inc. · Semiconductors | Whole market | +19.5% | 34.1% | 0.69 | −33.6% | +652% | 0.32 | — |
| 39 |  CBChubb Limited · Property & Casualty Insurance | Whole market | +15.7% | 20.4% | 0.82 | −42.6% | +248% | 0.25 | — |
| 40 |  ETNEaton Corporation plc · Electrical Equipment | Whole market | +20.4% | 32.1% | 0.74 | −44.5% | +657% | 0.47 | — |
| 41 |  DEDeere & Company · Industrial Machinery | Whole market | +14.4% | 29.9% | 0.60 | −37.9% | +755% | 0.21 | — |
| 42 |  TRVThe Travelers Companies, Inc. · Property & Casualty Insurance | Whole market | +22.4% | 22.3% | 1.02 | −46.3% | +347% | 0.28 | — |
| 43 |  TTTrane Technologies plc · Building Products | Whole market | +22.7% | 27.7% | 0.88 | −40.5% | +955% | 0.38 | — |
| 44 |  CORCencora, Inc. · Health Care Distribution | Whole market | +24.2% | 22.8% | 1.07 | −32.4% | +406% | 0.28 | — |
| 45 |  GWWW.W. Grainger, Inc. · Industrial Distribution | Whole market | +26.3% | 24.9% | 1.07 | −41.6% | +654% | 0.46 | — |
| 46 |  MNSTMonster Beverage Corporation · Food & Beverages | Whole market | +17.2% | 24.9% | 0.77 | −30.4% | +285% | 0.11 | — |
| 47 |  CTASCintas Corporation · Business Services | Whole market | +16.5% | 23.1% | 0.78 | −48.4% | +808% | 0.40 | — |
| 48 |  JCIJohnson Controls International plc · Building Products | Whole market | +17.4% | 29.1% | 0.70 | −46.4% | +426% | 0.29 | — |
| 49 |  RSGRepublic Services, Inc. · Environmental Services | Whole market | +13.9% | 18.5% | 0.80 | −34.0% | +446% | 0.17 | — |
| 50 |  ORLYO'Reilly Automotive, Inc. · Specialty Retail | Whole market | +15.9% | 23.4% | 0.75 | −42.0% | +393% | 0.33 | — |
| 51 |  MSIMotorola Solutions, Inc. · Communications Equipment | Whole market | +14.8% | 23.6% | 0.71 | −32.8% | +625% | 0.36 | — |
| 52 | ESLTElbit Systems Ltd. · Aerospace & Defense | Whole market | +39.8% | 34.6% | 1.15 | −35.4% | +765% | 0.02 | — |
| 53 |  NGGNational Grid plc · Electric Utilities | Whole market | +11.8% | 22.6% | 0.61 | −39.2% | +118% | 0.27 | — |
| 54 |  ETREntergy Corporation · Electric Utilities | Whole market | +19.2% | 22.4% | 0.90 | −42.0% | +311% | 0.20 | — |
| 55 |  AEPAmerican Electric Power Company, Inc. · Electric Utilities | Whole market | +12.4% | 20.2% | 0.68 | −32.9% | +185% | 0.13 | — |
| 56 |  ALLThe Allstate Corporation · Property & Casualty Insurance | Whole market | +17.0% | 26.2% | 0.73 | −41.4% | +356% | 0.14 | — |
| 57 |  FASTFastenal Company · Industrial Distribution | Whole market | +15.8% | 24.6% | 0.72 | −30.7% | +576% | 0.31 | — |
| 58 |  SCHGSchwab U.S. Large-Cap Growth ETF · US Large-Cap Growth | Whole market | +13.1% | 22.4% | 0.67 | −34.5% | +451% | 0.60 | 0.04% |
| 59 |  AMEAMETEK, Inc. · Electronic Instruments | Whole market | +14.4% | 22.1% | 0.72 | −42.7% | +481% | 0.43 | — |
| 60 |  DYNFiShares U.S. Equity Factor Rotation Active ETF · US Multifactor Equity | Whole market | +14.7% | 17.5% | 0.87 | −34.7% | — | 0.64 | 0.26% |
| 61 |  IXORIX Corporation · Diversified Financials | Whole market | +17.9% | 25.4% | 0.78 | −42.5% | +284% | 0.34 | — |
| 62 | IRMIron Mountain Incorporated · Specialty REITs | Whole market | +24.6% | 30.3% | 0.88 | −39.0% | +470% | 0.27 | — |
| 63 | SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds | Whole market | +20.6% | 18.4% | 1.12 | −45.7% | — | 0.17 | 0.80% |
| 64 | CASYCasey's General Stores, Inc. · Convenience Stores | Whole market | +29.9% | 29.3% | 1.04 | −36.1% | +537% | 0.35 | — |
| 65 | EFViShares MSCI EAFE Value ETF · International Equity | Whole market | +13.6% | 15.9% | 0.88 | −43.2% | +157% | 0.42 | 0.31% |
| 66 |  FMXFomento Económico Mexicano, S.A.B. de C.V. · Convenience Stores | Whole market | +14.0% | 25.7% | 0.64 | −45.5% | +79.7% | 0.15 | — |
| 67 | ATOAtmos Energy Corporation · Gas Utilities | Whole market | +14.9% | 18.4% | 0.85 | −32.9% | +194% | 0.30 | — |
| 68 | WRBW. R. Berkley Corporation · Property & Casualty Insurance | Whole market | +18.9% | 22.9% | 0.87 | −45.3% | +443% | 0.14 | — |
| 69 | JPMJPMorgan Chase & Co. · Banks | Same or nearby category | +17.3% | 24.3% | 0.78 | −43.6% | +537% | 0.67 | — |
| 70 | FNDFSchwab Fundamental International Large Company Index ETF · International Equity | Whole market | +13.6% | 16.3% | 0.87 | −40.2% | +194% | 0.41 | 0.25% |
| 71 | SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity | Whole market | +18.7% | 20.8% | 0.93 | −30.9% | +499% | 0.48 | 0.13% |
| 72 | RSReliance Steel & Aluminum Co. · Metals & Mining | Whole market | +24.8% | 28.1% | 0.93 | −40.8% | +626% | 0.40 | — |
| 73 | XLIState Street Industrial Select Sector SPDR ETF · US Industrials | Whole market | +11.5% | 17.6% | 0.71 | −42.3% | +246% | 0.52 | 0.08% |
| 74 |  KRThe Kroger Co. · Grocery Stores | Whole market | +12.3% | 27.3% | 0.56 | −43.8% | +151% | 0.09 | — |
| 75 | AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value | Whole market | +14.0% | 16.9% | 0.86 | −19.5% | — | 0.65 | 0.15% |
| 76 | HUBBHubbell Incorporated · Electrical Equipment | Whole market | +21.0% | 30.0% | 0.79 | −41.6% | +442% | 0.36 | — |
| 77 | PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value | Whole market | +16.1% | 15.1% | 1.07 | −41.3% | — | 0.67 | 0.56% |
| 78 | HDViShares Core High Dividend ETF · US Dividend Equity | Whole market | +12.9% | 13.0% | 1.00 | −37.0% | +172% | 0.41 | 0.08% |
| 79 | AVDVAvantis International Small Cap Value ETF · International Equity | Whole market | +13.9% | 17.4% | 0.84 | −43.0% | — | 0.40 | 0.36% |
| 80 | NINiSource Inc · Gas Utilities | Whole market | +15.1% | 20.3% | 0.80 | −30.9% | +158% | 0.25 | — |
| 81 | DGXQuest Diagnostics Incorporated · Medical Diagnostics | Whole market | +12.3% | 22.5% | 0.63 | −36.6% | +243% | 0.08 | — |
| 82 | DGRWWisdomTree U.S. Quality Dividend Growth Fund · US Dividend Equity | Whole market | +11.8% | 14.0% | 0.87 | −32.0% | +276% | 0.59 | 0.28% |
| 83 | MFGMizuho Financial Group, Inc. · Banks | Same or nearby category | +33.6% | 30.6% | 1.10 | −45.7% | +345% | 0.23 | — |
| 84 | SPHQInvesco S&P 500 Quality ETF · US Quality Equity | Whole market | +12.0% | 16.7% | 0.76 | −31.6% | +300% | 0.53 | 0.20% |
| 85 | PKGPackaging Corporation of America · Packaging | Whole market | +15.4% | 25.8% | 0.69 | −38.2% | +294% | 0.35 | — |
| 86 | DTMDT Midstream, Inc. · Oil & Gas Midstream | Whole market | +24.5% | 25.2% | 1.00 | −23.6% | — | 0.44 | — |
| 87 | EXPDExpeditors International of Washington, Inc. · Freight & Logistics | Whole market | +12.0% | 27.1% | 0.56 | −35.6% | +349% | 0.53 | — |
| 88 | SMFGSumitomo Mitsui Financial Group, Inc. · Banks | Same or nearby category | +33.7% | 29.4% | 1.14 | −47.6% | +474% | 0.31 | — |
| 89 |  TDThe Toronto-Dominion Bank · Banks | Same or nearby category | +15.8% | 20.0% | 0.84 | −42.0% | +310% | 0.39 | — |
| 90 | RNRRenaissanceRe Holdings Ltd. · Insurance | Whole market | +20.1% | 27.8% | 0.80 | −40.7% | +215% | 0.13 | — |
| 91 | SNASnap-on Incorporated · Industrial Machinery | Whole market | +12.9% | 23.6% | 0.63 | −47.4% | +195% | 0.44 | — |
| 92 |  MPCMarathon Petroleum Corporation · Oil & Gas | Whole market | +51.2% | 33.4% | 1.41 | −79.7% | +1,387% | 0.19 | — |
| 93 | RWLInvesco S&P 500 Revenue ETF · US Large-Cap Equity | Whole market | +13.7% | 14.4% | 0.97 | −36.1% | +287% | 0.62 | 0.39% |
| 94 | CIBRFirst Trust Nasdaq Cybersecurity ETF · Cybersecurity | Whole market | +14.1% | 26.1% | 0.64 | −33.9% | +454% | 0.36 | 0.58% |
| 95 | PAVEGlobal X - U.S. Infrastructure Development ETF · Infrastructure Equity | Whole market | +14.9% | 21.6% | 0.75 | −44.1% | — | 0.57 | 0.47% |
| 96 | FDVVFidelity High Dividend ETF · US Dividend Equity | Whole market | +13.2% | 14.6% | 0.92 | −40.2% | +253% | 0.62 | 0.15% |
| 97 |  CMCanadian Imperial Bank of Commerce · Banks | Same or nearby category | +19.2% | 21.6% | 0.93 | −47.3% | +395% | 0.41 | — |
| 98 | DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity | Whole market | +13.1% | 13.8% | 0.96 | −32.5% | +206% | 0.45 | 0.35% |
| 99 | MUSAMurphy USA Inc. · Convenience Stores | Whole market | +26.1% | 31.2% | 0.90 | −35.5% | +706% | 0.27 | — |
| 100 | IOOiShares Global 100 ETF · Global Equity | Whole market | +15.7% | 17.2% | 0.94 | −31.4% | +361% | 0.57 | 0.40% |
APO against its popular alternatives
The investments people most often weigh against APO, compared period by period and year by year.
How do APO's risk and return compare with its alternatives?
This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at APO, which divides the map into what did better or worse on each measure.
- Only VCTR and AMG were both more rewarding and calmer than APO over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, APO returned 10.5% a year, less than the S&P 500's 12.7%, with higher volatility (37.2% against 17.1%).
Green points earned more than APO with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.
All figures
| Investment | Annual return | Volatility |
|---|---|---|
| VCTR Victory Capital Holdings, Inc. | +28.1% | 35.0% |
| AMG Affiliated Managers Group, Inc. | +18.8% | 31.9% |
| SPY S&P 500State Street SPDR S&P 500 ETF | +12.7% | 17.1% |
| ARES Ares Management Corporation | +11.4% | 38.2% |
| APO This pageApollo Global Management, Inc. | +10.5% | 37.3% |
| ARCC Ares Capital Corporation | +7.2% | 20.1% |
| BLK BlackRock, Inc. | +7.1% | 27.1% |
| IVZ Invesco Ltd. | +6.9% | 36.4% |
| GCMG GCM Grosvenor Inc. | +6.7% | 27.2% |
| KKR KKR & Co. Inc. | +5.7% | 39.8% |
| BEN Franklin Resources, Inc. | +5.6% | 31.7% |
| BKLN Invesco Senior Loan ETF | +5.3% | 4.5% |
| BN Brookfield Corporation | +3.9% | 31.1% |
| STEP StepStone Group Inc. | +2.9% | 42.2% |
| BX Blackstone Inc. | +0.4% | 39.8% |
| HLNE Hamilton Lane Incorporated | −0.8% | 36.9% |
| LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | −0.9% | 8.7% |
| PAX Patria Investments Ltd | −1.6% | 31.4% |
| CG The Carlyle Group Inc. | −3.9% | 40.1% |
| OWL Blue Owl Capital Inc. | −7.3% | 42.2% |
| TROW T. Rowe Price Group, Inc. | −8.9% | 30.5% |
| ATHM Autohome Inc. | −12.6% | 45.2% |
Has APO consistently beaten its popular alternatives?
This section compares APO with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than APO helps separate lasting outperformance from a single strong stretch.
- Three of the 23 popular alternatives, AMG, VCTR and ARES, outperformed APO in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- BKLN, VCTR and ARES earned more for the risk they took than APO (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.
A green cell means the alternative earned more than APO over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.
| Investment | Periods outperformed | Short term | Long term | Risk · 5 years | Fund | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatilitylower is calmer | Sharpehigher is better | Worst declinepast 10 years | Expense | Assets | Overlapsame sectors | ||
| APO Apollo Global Management, Inc. (this page) | — | −13.0% | −5.5% | −11.9% | −23.2% | −9.7% | +41.4% | +64.9% | +825% | 37.3% | 0.46 | −53.5% | — | $66B | — |
| AMG QualifiedAffiliated Managers Group, Inc. | 5/5 short2/3 long | +6.6% | +6.2% | +29.2% | +34.6% | +59.9% | +214% | +137% | +185% | 31.9% | 0.70 | −78.5% | — | $10B | — |
| VCTR QualifiedVictory Capital Holdings, Inc. | 5/5 short2/3 long | +0.6% | +10.9% | +47.0% | +72.1% | +69.8% | +305% | +245% | — | 35.0% | 0.89 | −45.2% | — | $6.7B | — |
| ARES QualifiedAres Management Corporation | 3/5 short2/3 long | −8.2% | −3.1% | −0.1% | −27.7% | −17.4% | +24.9% | +71.4% | +926% | 38.2% | 0.48 | −49.9% | — | $38B | — |
| BLK Asset ManagementBlackRock, Inc. | 5/5 short1/3 long | +3.5% | +7.6% | +8.8% | +5.7% | −0.6% | +96.3% | +41.1% | +313% | 27.1% | 0.39 | −43.9% | — | $175B | — |
| IVZ Asset ManagementInvesco Ltd. | 5/5 short1/3 long | −8.3% | −2.3% | +17.0% | +9.3% | +30.0% | +158% | +39.8% | +50.9% | 36.4% | 0.37 | −79.8% | — | $13B | — |
| BEN Asset ManagementFranklin Resources, Inc. | 5/5 short1/3 long | −6.2% | −2.1% | +14.9% | +35.9% | +44.8% | +62.4% | +31.5% | +49.2% | 31.7% | 0.33 | −62.1% | — | $16B | — |
| GCMG Asset ManagementGCM Grosvenor Inc. | 5/5 short1/3 long | −5.3% | −0.9% | +17.4% | +14.8% | +13.0% | +82.8% | +38.2% | — | 27.2% | 0.38 | −51.8% | — | $769M | — |
| BAM Asset ManagementBrookfield Asset Management Ltd. | 4/5 short1/3 long | −0.6% | −2.1% | −4.5% | −11.4% | −12.5% | +67.9% | — | — | — | — | −30.4% | — | $73B | — |
| TPG Asset ManagementTPG Inc. | 3/5 short1/3 long | −4.6% | +4.4% | +1.7% | −30.0% | −16.9% | +84.5% | — | — | — | — | −44.9% | — | $17B | — |
| BN Asset ManagementBrookfield Corporation | 2/5 short1/3 long | −1.7% | −11.8% | −19.8% | −19.6% | −16.8% | +85.9% | +20.8% | +226% | 31.1% | 0.28 | −51.4% | — | $83B | — |
| STEP Asset ManagementStepStone Group Inc. | 2/5 short1/3 long | −9.5% | +2.4% | −20.1% | −33.4% | −26.9% | +66.0% | +15.2% | — | 42.2% | 0.28 | −60.2% | — | $5.5B | — |
| KKR Asset ManagementKKR & Co. Inc. | 1/5 short1/3 long | −11.5% | −7.8% | −13.8% | −30.4% | −25.2% | +65.7% | +31.8% | +653% | 39.8% | 0.34 | −49.4% | — | $80B | — |
| CG Asset ManagementThe Carlyle Group Inc. | 1/5 short1/3 long | −8.7% | −16.0% | −28.0% | −37.4% | −34.2% | +47.2% | −18.0% | +287% | 40.1% | 0.10 | −56.7% | — | $13B | — |
| ARCC Asset ManagementAres Capital Corporation | 5/5 short0/3 long | −4.8% | −0.1% | +1.8% | −2.2% | +4.4% | +30.5% | +41.5% | +212% | 20.1% | 0.45 | −56.8% | — | $13B | — |
| BKLN AlternativesInvesco Senior Loan ETF | 5/5 short0/3 long | −0.7% | +1.2% | +1.9% | +1.9% | +4.1% | +21.7% | +29.8% | +50.7% | 4.5% | 1.19 | −24.1% | 0.67% | $6.2B | — |
| LQD BondsiShares iBoxx $ Investment Grade Corporate Bond ETF | 5/5 short0/3 long | −1.4% | −2.4% | −3.9% | −2.9% | −3.9% | +19.7% | −4.3% | +20.5% | 8.7% | -0.06 | −25.0% | 0.14% | $29B | — |
| APOS Asset ManagementApollo Global Management, Inc. | 5/5 short0/3 long | −1.4% | −0.5% | +0.5% | +0.6% | +2.7% | +22.3% | — | — | — | — | −4.5% | — | $65B | — |
| TROW Asset ManagementT. Rowe Price Group, Inc. | 4/5 short0/3 long | −2.4% | −11.2% | +6.7% | +1.5% | +3.1% | +22.7% | −37.4% | +126% | 30.5% | -0.16 | −58.2% | — | $22B | — |
| PAX Asset ManagementPatria Investments Ltd | 4/5 short0/3 long | +15.9% | +10.1% | −7.0% | −21.4% | −14.2% | +6.9% | −7.7% | — | 31.4% | 0.11 | −46.1% | — | $2.0B | — |
| ATHM Internet Content & InformationAutohome Inc. | 3/5 short0/3 long | −5.3% | −5.7% | +10.8% | −7.7% | −20.7% | −8.6% | −48.9% | +1.5% | 45.2% | -0.08 | −85.1% | — | $585M | — |
| OWL Asset ManagementBlue Owl Capital Inc. | 3/5 short0/3 long | −8.2% | +0.3% | −3.0% | −36.1% | −40.5% | −13.5% | −31.5% | — | 42.2% | 0.03 | −67.1% | — | $14B | — |
| HLNE Asset ManagementHamilton Lane Incorporated | 2/5 short0/3 long | −5.3% | −0.4% | −20.5% | −37.5% | −28.5% | +10.6% | −3.9% | — | 36.9% | 0.16 | −62.3% | — | $4.6B | — |
| BX Asset ManagementBlackstone Inc. | 0/5 short0/3 long | −12.7% | −9.8% | −12.8% | −28.3% | −28.4% | +28.6% | +2.1% | +628% | 39.8% | 0.21 | −49.3% | — | $127B | — |
How did APO do year by year?
This table shows each investment's total return in every full calendar year since 2012, along with where APO ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with APO and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.
Note: APO began trading on March 30, 2011, so the table starts with 2012, its first full calendar year, and cannot show how it fared during the dot-com bust, the 2008 financial crisis or the 2010 flash crash.
- Ranked against its popular alternatives each year, APO finished in the top quarter in eight of 14 years and in the bottom quarter in three. In 2025, it ranked 22 of 24.
- APO finished ahead of the S&P 500 in nine of its 14 full calendar years.
- Among its popular alternatives, ARES came out ahead of APO most often, in eight of the 11 years both traded.
Newest year first. Green marks a year in which the fund came out ahead of APO; gray means the two finished within a fraction of a point. The rank row places APO among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.
| Investment | Years ahead of APO | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| APO This pageApollo Global Management, Inc. | — | −11.1% | +79.9% | +49.5% | −9.6% | +53.3% | +8.0% | +107% | −22.0% | +85.4% | +37.3% | −29.3% | −15.9% | +112% | +54.6% |
| Rank among alternatives | Top quarter in 8 of 14 | 22 of 24 | 3 of 24 | 6 of 23 | 5 of 21 | 6 of 20 | 13 of 18 | 3 of 17 | 12 of 16 | 2 of 15 | 2 of 15 | 13 of 15 | 13 of 14 | 2 of 13 | 1 of 12 |
| SPY S&P 500State Street SPDR S&P 500 ETF | 5 of 14 | +17.7% | +24.9% | +26.2% | −18.2% | +28.7% | +18.3% | +31.2% | −4.6% | +21.7% | +12.0% | +1.2% | +13.5% | +32.3% | +16.0% |
| AMG Affiliated Managers Group, Inc. | 6 of 14 | +55.9% | +22.2% | −4.4% | −3.7% | +61.8% | +20.5% | −11.8% | −52.1% | +41.9% | −9.0% | −24.7% | −2.1% | +66.6% | +35.6% |
| VCTR Victory Capital Holdings, Inc. | 3 of 7 | −0.8% | +95.9% | +33.5% | −23.9% | +49.7% | +19.7% | +106% | — | — | — | — | — | — | — |
| ARES Ares Management Corporation | 8 of 11 | −6.2% | +52.7% | +79.5% | −12.7% | +77.7% | +37.3% | +110% | −5.6% | +11.6% | +56.5% | −20.6% | — | — | — |
| BLK BlackRock, Inc. | 4 of 14 | +6.6% | +29.3% | +17.9% | −20.4% | +29.4% | +47.2% | +31.9% | −21.6% | +38.2% | +14.6% | −2.4% | +15.7% | +57.0% | +19.8% |
| IVZ Invesco Ltd. | 3 of 14 | +56.9% | +3.0% | +4.2% | −18.7% | +35.5% | +3.0% | +14.9% | −52.0% | +24.6% | −5.9% | −12.1% | +11.5% | +43.4% | +33.4% |
| BEN Franklin Resources, Inc. | 2 of 14 | +24.8% | −27.2% | +16.9% | −17.5% | +39.0% | +1.4% | −9.2% | −23.4% | +11.6% | +9.8% | −32.5% | −2.3% | +38.9% | +35.2% |
| GCMG GCM Grosvenor Inc. | 2 of 6 | −4.3% | +42.8% | +24.8% | −24.0% | −18.9% | +30.0% | — | — | — | — | — | — | — | — |
| BAM Brookfield Asset Management Ltd. | 1 of 3 | −0.3% | +39.7% | +45.6% | — | — | — | — | — | — | — | — | — | — | — |
| TPG TPG Inc. | 2 of 3 | +5.1% | +50.6% | +62.4% | — | — | — | — | — | — | — | — | — | — | — |
| BN Brookfield Corporation | 4 of 14 | +20.6% | +44.1% | +29.1% | −35.0% | +48.9% | +8.5% | +52.3% | −10.7% | +34.2% | +8.0% | −4.4% | +31.1% | +11.5% | +53.5% |
| STEP StepStone Group Inc. | 2 of 5 | +13.6% | +85.9% | +31.7% | −37.9% | +5.4% | — | — | — | — | — | — | — | — | — |
| KKR KKR & Co. Inc. | 6 of 14 | −13.3% | +79.6% | +80.5% | −37.0% | +85.8% | +41.1% | +51.5% | −4.3% | +41.8% | +3.4% | −28.0% | +4.0% | +73.8% | +25.6% |
| CG The Carlyle Group Inc. | 3 of 13 | +20.2% | +28.1% | +42.6% | −43.8% | +78.5% | +1.6% | +117% | −27.2% | +59.8% | +9.0% | −34.8% | −18.5% | +42.7% | — |
| ARCC Ares Capital Corporation | 5 of 14 | +1.0% | +19.8% | +20.1% | −3.9% | +36.0% | +0.8% | +31.3% | +8.9% | +4.4% | +28.2% | +0.8% | −3.6% | +11.2% | +24.8% |
| BKLN Invesco Senior Loan ETF | 5 of 14 | +6.9% | +8.3% | +12.5% | −2.5% | +2.4% | +1.3% | +10.1% | −1.4% | +2.1% | +9.3% | −3.1% | +0.5% | +4.0% | +10.2% |
| LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | 5 of 14 | +7.9% | +0.9% | +9.4% | −17.9% | −1.8% | +11.0% | +17.4% | −3.8% | +7.0% | +6.2% | −1.3% | +8.2% | −2.0% | +10.6% |
| APOS Apollo Global Management, Inc. | 1 of 2 | +6.8% | +3.6% | — | — | — | — | — | — | — | — | — | — | — | — |
| TROW T. Rowe Price Group, Inc. | 5 of 14 | −4.7% | +9.7% | +3.4% | −42.2% | +34.9% | +28.1% | +35.6% | −9.8% | +43.4% | +8.5% | −12.2% | +4.7% | +31.3% | +18.1% |
| PAX Patria Investments Ltd | 1 of 4 | +43.2% | −20.0% | +18.9% | −10.0% | — | — | — | — | — | — | — | — | — | — |
| ATHM Autohome Inc. | 7 of 12 | −7.7% | −1.3% | −2.5% | +5.8% | −70.2% | +25.9% | +2.3% | +22.3% | +156% | −27.6% | −3.9% | −0.7% | — | — |
| OWL Blue Owl Capital Inc. | 0 of 5 | −32.8% | +61.7% | +47.3% | −26.3% | +32.2% | — | — | — | — | — | — | — | — | — |
| HLNE Hamilton Lane Incorporated | 4 of 8 | −7.9% | +32.4% | +81.4% | −37.0% | +34.7% | +33.5% | +64.3% | +6.6% | — | — | — | — | — | — |
| BX Blackstone Inc. | 7 of 14 | −7.8% | +35.1% | +82.8% | −40.0% | +107% | +19.8% | +96.3% | +0.1% | +27.4% | −1.5% | −5.0% | +13.9% | +114% | +15.7% |
Risk and diversification
How APO has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.
What were APO's worst declines?
A drawdown is the decline from a peak to the lowest point before a new high. This section presents APO's five deepest drawdowns since it began trading in 2011, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.
Note: APO began trading on March 30, 2011, so this list cannot include the dot-com bust, the 2008 financial crisis or the 2010 flash crash. The crash tests on this page show how older funds and the S&P 500 fared through those years.
- In all five of APO's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: APO fell 57.0% from January 2014 to February 2016, while the S&P 500 rose 3.6%.
- The longest climb back to a previous high took 14 months, after APO fell 57.0% from January 2014 to February 2016.
Green means APO fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.
| During | APO fell | S&P 500, same dates | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|---|
| 2015 China and oil sell-off | −57.0% | +3.6% | Jan 2014 | Feb 2016 | 2.1 years | Apr 2017 | 14 months |
| Covid crash | −53.5% | −32.4% | Jan 2020 | Mar 2020 | 2 months | Jun 2020 | 3 months |
| 2011 euro debt crisis | −47.1% | −18.3% | May 2011 | Oct 2011 | 5 months | Dec 2012 | 14 months |
| No named crash | −42.8% | +11.3% | Dec 2024 | Mar 2026 | 15 months | Not yet | — |
| 2022 bear market | −40.3% | −19.0% | Oct 2021 | Jun 2022 | 8 months | Jun 2023 | 12 months |
How did APO do in stock market crashes?
This section measures how far APO, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.
Note: APO began trading on March 30, 2011, so its row reads "Not yet trading" for the dot-com bust, the 2008 financial crisis or the 2010 flash crash. The older alternatives and the S&P 500 show how those crashes played out.
- APO fell further than the S&P 500 in all seven crashes it has traded through. The clearest case was the 2015 China and oil sell-off, when APO fell 40.0% and the S&P 500 fell 12.8%.
- Among its popular alternatives, BKLN held up best, falling less than APO in all seven crashes they both traded through.
- APO began trading after the 2008 financial crisis, but ten of its popular alternatives lived through it. The mildest fall among them was LQD's 21.5%, against 55.2% for the S&P 500.
Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than APO.
| Investment | Held up better | 2023 regional bank crisisMar 2023 | 2022 bear marketJan 2022 | Covid crashFeb 2020 | Late-2018 sell-offSep 2018 | February 2018 volatility shockFeb 2018 | 2015 China and oil sell-offAug 2015 | 2011 euro debt crisisJul 2011 | 2010 flash crashMay 2010 | 2008 financial crisisOct 2007 | Dot-com bustMar 2000 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| APO This pageApollo Global Management, Inc. | — | −17.9% | −35.5% | −48.9% | −35.7% | −10.8% | −40.0% | −44.2% | Not yet trading | Not yet trading | Not yet trading |
| SPY S&P 500State Street SPDR S&P 500 ETF | 7 of 7 | −3.4% | −24.5% | −33.7% | −19.3% | −6.5% | −12.8% | −17.9% | −1.5% | −55.2% | −47.5% |
| AMG Affiliated Managers Group, Inc. | 4 of 7 | −12.8% | −32.9% | −49.1% | −38.7% | −9.0% | −44.4% | −31.8% | −4.8% | −85.9% | −46.4% |
| VCTR Victory Capital Holdings, Inc. | 3 of 4 | −9.7% | −36.2% | −43.8% | −28.1% | — | — | — | — | — | — |
| ARES Ares Management Corporation | 4 of 6 | −12.7% | −35.7% | −44.1% | −26.7% | −6.9% | −43.4% | — | — | — | — |
| BLK BlackRock, Inc. | 6 of 7 | −7.2% | −40.8% | −42.3% | −25.2% | −7.1% | −19.9% | −23.9% | 0.0% | −60.4% | −33.0% |
| IVZ Invesco Ltd. | 5 of 7 | −7.5% | −43.4% | −57.8% | −34.4% | −9.2% | −33.1% | −35.1% | −3.6% | −85.0% | −82.0% |
| BEN Franklin Resources, Inc. | 6 of 7 | −5.5% | −39.2% | −40.4% | −19.0% | −7.1% | −29.3% | −32.1% | −2.5% | −72.5% | −40.3% |
| GCMG GCM Grosvenor Inc. | 2 of 3 | −7.0% | −39.5% | −4.7% | — | — | — | — | — | — | — |
| BAM Brookfield Asset Management Ltd. | 1 of 1 | −7.1% | — | — | — | — | — | — | — | — | — |
| TPG TPG Inc. | 0 of 1 | −17.7% | — | — | — | — | — | — | — | — | — |
| BN Brookfield Corporation | 5 of 7 | −10.5% | −36.2% | −51.4% | −18.1% | −5.2% | −22.7% | −18.7% | 0.0% | −70.9% | −20.7% |
| STEP StepStone Group Inc. | 0 of 2 | −19.1% | −43.4% | — | — | — | — | — | — | — | — |
| KKR KKR & Co. Inc. | 5 of 7 | −12.6% | −41.7% | −45.5% | −33.5% | −10.2% | −51.3% | −37.8% | −2.2% | −90.1% | — |
| CG The Carlyle Group Inc. | 3 of 6 | −13.1% | −52.5% | −46.2% | −34.7% | −10.4% | −50.3% | — | — | — | — |
| ARCC Ares Capital Corporation | 6 of 7 | −8.1% | −21.8% | −56.3% | −14.4% | −2.5% | −19.1% | −19.9% | −2.7% | −77.3% | — |
| BKLN Invesco Senior Loan ETF | 7 of 7 | −2.0% | −7.3% | −23.7% | −5.7% | −0.9% | −5.2% | −7.9% | — | — | — |
| LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | 7 of 7 | −0.1% | −21.3% | −21.8% | −2.6% | −1.2% | −2.7% | −3.2% | 0.0% | −21.5% | — |
| TROW T. Rowe Price Group, Inc. | 6 of 7 | −6.8% | −48.2% | −38.0% | −23.4% | −7.2% | −15.0% | −23.4% | −1.7% | −67.4% | −54.1% |
| PAX Patria Investments Ltd | 2 of 2 | −7.7% | −31.9% | — | — | — | — | — | — | — | — |
| ATHM Autohome Inc. | 5 of 6 | −3.5% | −41.9% | −28.1% | −22.9% | −7.1% | −39.1% | — | — | — | — |
| OWL Blue Owl Capital Inc. | 0 of 2 | −17.7% | −39.7% | — | — | — | — | — | — | — | — |
| HLNE Hamilton Lane Incorporated | 4 of 5 | −16.4% | −43.2% | −42.6% | −30.4% | −5.7% | — | — | — | — | — |
| BX Blackstone Inc. | 6 of 7 | −12.3% | −38.5% | −42.6% | −29.1% | −4.2% | −37.7% | −35.6% | −3.5% | −84.9% | — |
How closely does APO move with the S&P 500?
Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares APO with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.
- Only BKLN, ARES and ARCC had a higher capture ratio (upside capture divided by downside capture) than APO's 0.99, out of 14 popular alternatives with the same record.
- ARES took just 146% of the S&P 500's losses, against 168% for APO, while still keeping 157% of its gains.
- Over the past 10 years, APO captured 166% of the S&P 500's gains in rising months and 168% of its losses in falling months, with a beta of 1.58. It amplified the market's moves in both directions.
Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than APO's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.
| Investment | Upside capture | Downside capture | Capture ratio | Beta |
|---|---|---|---|---|
| APO This pageApollo Global Management, Inc. | 166% | 168% | 0.99 | 1.58 |
| BKLN Invesco Senior Loan ETF | 22% | 16% | 1.37 | 0.23 |
| ARES Ares Management Corporation | 157% | 146% | 1.07 | 1.29 |
| ARCC Ares Capital Corporation | 75% | 70% | 1.07 | 0.87 |
| BX Blackstone Inc. | 156% | 170% | 0.92 | 1.48 |
| KKR KKR & Co. Inc. | 171% | 191% | 0.89 | 1.62 |
| BLK BlackRock, Inc. | 127% | 157% | 0.81 | 1.30 |
| BN Brookfield Corporation | 125% | 162% | 0.77 | 1.42 |
| AMG Affiliated Managers Group, Inc. | 103% | 137% | 0.76 | 1.22 |
| CG The Carlyle Group Inc. | 156% | 206% | 0.76 | 1.65 |
| TROW T. Rowe Price Group, Inc. | 118% | 172% | 0.68 | 1.35 |
| LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | 25% | 39% | 0.64 | 0.33 |
| BEN Franklin Resources, Inc. | 102% | 170% | 0.60 | 1.39 |
| IVZ Invesco Ltd. | 119% | 201% | 0.59 | 1.46 |
| ATHM Autohome Inc. | 44% | 78% | 0.57 | 0.36 |
What diversifies APO?
Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with APO's. Because such investments tend not to fall at the same time, pairing APO with them can reduce a portfolio's overall swings.
- Moving a fifth of the money in APO into GLD would have cut the portfolio's volatility by 20% over the past 5 years and raised its annual return (+15.7% for APO alone, +17.9% for the mix).
- CAH made money in four of the five calendar years in which APO lost money.
- Among large ETFs, LVHI, DXJ and EMLP have moved largely independently of APO over the past 5 years, with correlations of 0.48 or lower, and each still earned a positive 5-year return.
Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which APO lost money. The last two columns show a portfolio that is 80% APO and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 5Y return | Sharpe | 2025 | 2022 | 2018 | 2015 | 2014 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|
| APO Apollo Global Management, Inc. (this page) | 1.00 | +64.9% | 0.46 | −11.1% | −9.6% | −22.0% | −29.3% | −15.9% | 38.6% | +15.7% |
| LVHI InternationalFranklin International Low Volatility High Dividend Index ETF | 0.32 | +119% | 1.48 | +27.1% | +3.8% | −5.2% | — | — | 31.5% | +17.2% |
| DXJ InternationalWisdomTree Japan Hedged Equity Fund | 0.25 | +225% | 1.34 | +32.8% | +6.0% | −19.8% | +7.7% | +8.1% | 31.6% | +19.2% |
| EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund | 0.48 | +101% | 1.04 | +9.7% | +10.4% | −8.7% | −25.3% | +23.8% | 32.4% | +16.7% |
| EWP Broad MarketiShares MSCI Spain ETF | 0.38 | +140% | 0.97 | +78.0% | −5.2% | −15.3% | −15.6% | −6.3% | 32.5% | +17.9% |
| SMH TechnologyVanEck Semiconductor ETF | 0.42 | +323% | 0.97 | +49.2% | −33.5% | −9.1% | −0.3% | +30.2% | 34.4% | +21.2% |
| DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF | 0.45 | +85.0% | 0.96 | +23.1% | −5.1% | −9.5% | +4.1% | +3.4% | 31.9% | +16.4% |
| GLD CommoditiesSPDR Gold Shares | -0.07 | +126% | 0.96 | +63.7% | −0.8% | −1.9% | −10.7% | −2.2% | 30.8% | +17.9% |
| SPMO Broad MarketInvesco S&P 500 Momentum ETF | 0.48 | +136% | 0.93 | +26.6% | −10.4% | −0.9% | — | — | 33.0% | +17.9% |
Stocks
| Investment | Correlation | 5Y return | Sharpe | 2025 | 2022 | 2018 | 2015 | 2014 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|
| APO Apollo Global Management, Inc. (this page) | 1.00 | +64.9% | 0.46 | −11.1% | −9.6% | −22.0% | −29.3% | −15.9% | 38.6% | +15.7% |
| CAH Medical - DistributionCardinal Health, Inc. | 0.09 | +479% | 1.55 | +76.3% | +54.1% | −24.5% | +12.6% | +23.0% | 31.8% | +21.7% |
| CLS Hardware, Equipment & PartsCelestica Inc. | 0.39 | +3,143% | 1.47 | +220% | +1.3% | −16.3% | −6.0% | +12.9% | 37.0% | +33.5% |
| FIX Engineering & ConstructionComfort Systems USA, Inc. | 0.34 | +1,636% | 1.46 | +121% | +17.0% | +0.8% | +67.7% | −10.4% | 34.9% | +30.0% |
| MCK Medical - DistributionMcKesson Corporation | 0.12 | +413% | 1.44 | +44.5% | +51.8% | −28.4% | −4.5% | +29.3% | 31.9% | +21.1% |
| MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 0.19 | +690% | 1.41 | +19.2% | +86.6% | −8.2% | +17.4% | +0.4% | 32.7% | +23.6% |
Common questions
What was APO's worst drawdown?
APO's deepest decline since it began trading in 2011 was 57.0%, from January 2014 to February 2016. It took 14 months from the low to climb back to its old high. Because APO launched in March 2011, that record does not include the dot-com bust, the 2008 financial crisis or the 2010 flash crash.
What were APO's best and worst years?
Over 14 full calendar years, APO's best year was 2013, when it returned 112%. Its worst was 2015, with a return of -29.3%.
Is there a better investment than APO?
Among APO's popular alternatives, VCTR and AMG earned more than APO with less volatility over the past 5 years. VCTR returned 28.1% a year at 35.0% volatility, against 10.5% a year at 37.2%. Looking beyond its popular alternatives, RY (banks) and JPM (banks) earned more than APO with less volatility over the past 5 years. RY returned 17.3% a year at 18.2% volatility, against 10.5% a year at 37.2%.
Is APO more volatile than the S&P 500?
Yes. APO's volatility over the past 5 years was 37.2%, 2.2 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, APO's return lands within 37.2% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.
What is APO's Sharpe ratio?
APO's Sharpe ratio over the past 5 years was 0.46, against 0.79 for the S&P 500, so APO earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.
How correlated is APO with the S&P 500?
Over the past 5 years, APO's monthly returns had a correlation of 0.64 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against APO instead: the lower it is, the more that option would diversify a APO holding.
What are the best alternatives to APO?
Of the 23 popular alternatives we compared, three outperformed APO in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: AMG, VCTR and ARES.
Did APO outperform the S&P 500?
APO finished ahead of the S&P 500 (SPY) in nine of 14 full calendar years. In 2025, it returned -11.1%, against +17.7% for the index.
How did APO do in stock market crashes?
APO fell less than the S&P 500 (SPY) in none of the seven major crashes it has traded through, and further in seven. The clearest case was the 2015 China and oil sell-off, when APO fell 40.0% and the S&P 500 fell 12.8%.
What diversifies APO?
These had a low correlation with APO over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.32), DXJ (correlation 0.25) and EMLP (correlation 0.48); among large stocks, CAH (correlation 0.09), CLS (correlation 0.39) and FIX (correlation 0.34). A correlation near zero means the two have moved largely independently.
How we measure
- Short-term periods are 1M, 3M, 6M, YTD, 1Y; long-term periods are 3Y, 5Y, 10Y. An investment outperformed in a period when its total return, with dividends reinvested, was higher than APO's. Returns within 0.5 points or 3% of APO's, whichever is larger, count as a tie.
- "Qualified" means outperforming in at least 3 of 5 short-term periods and 2 of 3 long-term periods. "All-weather" means outperforming in every long-term period and all but one short-term period.
- Popular alternatives are the funds and stocks most often compared with this one. We include only those that trade today, are not leveraged or inverse, and hold at least $200 million.
- Volatility is the annualized standard deviation of daily returns over 5 years, a measure of how much the price typically swings in a year. The Sharpe ratio is the return above cash for each unit of that volatility.
- A decline, or drawdown, runs from a peak to the lowest close before the next high. The worst decline ever uses all the price history we have; comparisons between funds use the past 10 years so that younger funds are judged on the same stretch.
- Sector overlap is the share of assets two funds hold in the same sectors. Correlation and the mixed-portfolio figures use monthly returns.
- Upside and downside capture follow Morningstar's definition: the compound monthly return in the months the S&P 500 rose (or fell), divided by the S&P 500's compound return in those months. Beta measures how strongly monthly returns have moved with the S&P 500. All three use the same window for every investment.
- Figures are computed from daily adjusted prices and update after each trading day. Past performance does not predict future results.
More research
Popular alternatives to APO
- ARESAres Management
BLKBlackRock
BAMBrookfield Asset Management
BNBrookfield
KKRKKR & Co. Inc.
APOSApollo Global Management
BXBlackstone
SCHD
NVDA