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Relative Intelligence · Corporate Bonds

How Apollo Global Management (APOS) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on APOS alone. It places APOS (Apollo Global Management, Inc.) against 15 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 and diversification. The result is a clearer view of where APOS stands in the market, and of the alternatives worth a closer look.

Period covered: APOS's full trading record, from August 2023 through September 2026. 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.

Rank the market against APOS →Chart APOS vs. 15 alternatives →
On this page10 sections

Key findings

How much would $10,000 in APOS have grown?

This chart tracks a hypothetical $10,000 investment in APOS over the past 3 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of APOS over the same span and APOS's popular alternatives, among those that traded for the entire period. It shows not only where each investment ended up but also how smooth or uneven the path was.

Note: APOS began trading on August 29, 2023, so the chart cannot reach back to the dot-com bust, the 2008 financial crisis or eight other sell-offs. It covers the most recent 3 years of APOS's record, starting at the end of September 2023.

From the end of September 2023 to the end of September 2026. Hover over a fund in the key to pick out its line. 2,569 of the 3,922 stocks and funds worth at least $500 million that traded the whole period ended ahead of APOS; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$8,000$10,000$12,000$14,000$16,000$18,000$20,0002023202420252026$5,000$10,000$15,000$20,0002023202420252026
  • SPY (S&P 500)$18,498+85.0% total · +22.8% a year
  • APO$13,541+35.4% total · +10.6% a year
  • BEPI$13,376+33.8% total · +10.2% a year
  • BEPH$12,805+28.0% total · +8.6% a year
  • FPE$12,724+27.2% total · +8.4% a year
  • HYG$12,515+25.2% total · +7.8% a year
  • APOS$12,221+22.2% total · +6.9% a year
  • BNJ$11,903+19.0% total · +6.0% a year
  • BIPH$11,418+14.2% total · +4.5% a year
  • BND$11,218+12.2% total · +3.9% a year
Change the dates or add tickers to this chart in EasyCompare

APOS 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: APOS began trading on August 29, 2023, 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 eight other sell-offs.

The company

Market value
$65B
Industry
Asset Management
Price history from
August 2023

Returns

Past 1 year
+2.7%total return
Past 3 years
+22.3%+6.9% a year
Best calendar year
+6.8%2025
Worst calendar year
+3.6%2024
Losing years
0 of 2full calendar years

Risk

Volatility
7.2%typical yearly swing, 3 years
Sharpe ratio
0.97return per unit of risk, 3 years
Worst decline ever
−4.5%Dec 2024 to Jan 2025
From its all-time high
−2.7%below the peak

APOS against the whole market

Where APOS ranks among every stock and fund, and what across the market has done better.

How does APOS rank among all stocks?

This section ranks APOS 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 APOS stacks up against its peers, these rankings show where it stands in the market as a whole.

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.

MeasureAPOSRankStanding
1-year return+2.7%1,873 of 3,287bottom 44%
3-year return+22.3%1,978 of 3,017bottom 35%
Volatility, 3 years7.2%6 of 3,017top 1%
Sharpe ratio, 3 years0.97681 of 3,017top 23%

What has beaten APOS on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 3 years (higher is better) and how much its price swung, its volatility (further left is calmer). APOS sits where the dashed lines cross. Anything in the green box above and to the left earned more than APOS 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.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 3 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to APOS; faint dots are 11 more of the 41 in the green region (the strongest, one per fund family). 3,928 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

0.0%1.0%2.0%3.0%4.0%5.0%6.0%7.0%8.0%4.0%6.0%8.0%10.0%12.0%14.0%16.0%Volatility over 3 years (annualized)Annual return over 3 yearsMore return, less volatility than APOSZALT: +10.8% a year, volatility 6.1%USHY: +8.8% a year, volatility 4.8%VWOB: +9.6% a year, volatility 6.7%BSJR: +8.2% a year, volatility 3.5%CLOZ: +8.5% a year, volatility 3.7%HYBL: +8.3% a year, volatility 3.5%DOCT: +12.3% a year, volatility 6.7%AOK: +10.4% a year, volatility 6.3%HYEM: +10.5% a year, volatility 5.7%QAI: +9.1% a year, volatility 6.5%HYGH: +9.0% a year, volatility 5.3%APOS: +6.9% a year, volatility 7.2%HYG: +8.4% a year, volatility 4.9%FPE: +9.3% a year, volatility 4.8%BSCR: +6.1% a year, volatility 2.3%VCIT: +6.7% a year, volatility 5.3%AQNB: +10.5% a year, volatility 7.1%PREF: +9.1% a year, volatility 3.4%XEMD: +10.7% a year, volatility 5.5%PYLD: +8.5% a year, volatility 3.8%PAAA: +6.2% a year, volatility 1.0%BALT: +8.0% a year, volatility 3.4%PMTU: +10.5% a year, volatility 6.6%PJAN: +14.0% a year, volatility 7.4%FPEI: +9.9% a year, volatility 4.1%EMHY: +12.5% a year, volatility 6.7%APOSHYGFPEBSCRVCITAQNBPREFXEMDPYLDPAAABALTPMTUPJANFPEIEMHY0.0%2.0%4.0%6.0%8.0%4.0%6.0%8.0%10.0%12.0%14.0%16.0%Volatility over 3 years (annualized)Annual return over 3 yearsMore return, less volatility than APOSZALT: +10.8% a year, volatility 6.1%USHY: +8.8% a year, volatility 4.8%VWOB: +9.6% a year, volatility 6.7%BSJR: +8.2% a year, volatility 3.5%CLOZ: +8.5% a year, volatility 3.7%HYBL: +8.3% a year, volatility 3.5%DOCT: +12.3% a year, volatility 6.7%AOK: +10.4% a year, volatility 6.3%HYEM: +10.5% a year, volatility 5.7%QAI: +9.1% a year, volatility 6.5%HYGH: +9.0% a year, volatility 5.3%APOS: +6.9% a year, volatility 7.2%HYG: +8.4% a year, volatility 4.9%FPE: +9.3% a year, volatility 4.8%BSCR: +6.1% a year, volatility 2.3%VCIT: +6.7% a year, volatility 5.3%AQNB: +10.5% a year, volatility 7.1%PREF: +9.1% a year, volatility 3.4%XEMD: +10.7% a year, volatility 5.5%PYLD: +8.5% a year, volatility 3.8%PAAA: +6.2% a year, volatility 1.0%BALT: +8.0% a year, volatility 3.4%PMTU: +10.5% a year, volatility 6.6%PJAN: +14.0% a year, volatility 7.4%FPEI: +9.9% a year, volatility 4.1%EMHY: +12.5% a year, volatility 6.7%APOSHYGFPEBSCRVCITAQNBPREFXEMDPYLDPAAABALTPJANFPEIEMHY
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region
  • 1 with more than 1.6× APOS's volatility is in the table only

Is there a better investment than APOS?

Investments that beat APOS over the past 3 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat APOS over the past 3 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 APOS'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 APOS follows the table.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 3 years; the worst decline covers the past 10 years. Green marks a better figure than APOS'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× APOS's volatility counts as better.

These figures cover the past 3 years. Green marks a better figure than APOS's.

Screen the whole market against APOS for any period in BetterThanSPYOpen these 13 in EasyCompare
InvestmentWhy it is betterPast 3 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years3Y returntotalCorr. with APOS?lower diversifies moreExpenseper year
APOSApollo Global Management, Inc. · this page
+6.9%7.2%0.97−4.5%+22.3%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+23.7%15.2%1.48−33.7%+89.3%0.440.09%
Popular alternativesbest 1 shownThe investments people most often weigh against APOS. 1 of 15 passed at least one test.
HYGiShares iBoxx $ High Yield Corporate Bond ETF · High Yield Bonds
Higher return, lower volatility+8.4%4.9%1.68−22.0%+27.5%0.510.49%
Same and neighboring categories, and shared themesbest 4 shownEverything else in Corporate Bonds and the categories next to it (Investment Grade Bonds, Junior Subordinated Debt, Preferred Securities, High Yield Bonds), plus APOS's specific themes. 14 of 51 passed at least one test.
FPEFirst Trust Preferred Securities and Income ETF · Preferred Securities
Higher return, lower volatility+9.3%4.8%1.89−33.3%+30.7%0.380.83%
BSCRInvesco BulletShares 2027 Corporate Bond ETF · Investment Grade Bonds
Similar return, lower volatility+6.1%2.3%2.68−17.3%+19.6%0.530.10%
VCITVanguard Intermediate-Term Corporate Bond ETF · Investment Grade Bonds
Similar return, lower volatility+6.7%5.3%1.26−20.6%+21.5%0.470.03%
AQNBAlgonquin Power & Utilities Corp. · Junior Subordinated Debt
Higher return, similar volatility+10.5%7.1%1.46−42.7%+34.8%-0.03—
The whole marketbest 7 shownEvery other stock and fund worth at least $500 million. 102 of 3,862 passed at least one test.
PREFPrincipal Spectrum Preferred Securities Active ETF · Bonds
On the frontierHigher return, lower volatility+9.1%3.4%2.60−23.0%+29.9%0.320.55%
XEMDBondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF · Bonds
On the frontierHigher return, lower volatility+10.7%5.5%1.90−10.0%+35.8%0.480.29%
PYLDPIMCO Multisector Bond Active Exchange-Traded Fund · Multisector Bonds
Higher return, lower volatility+8.5%3.8%2.21−4.5%+27.9%0.450.74%
PAAAPGIM AAA CLO ETF · CLO Bonds
On the frontierSimilar return, lower volatility+6.2%1.0%6.34−1.0%+19.8%0.370.19%
BALTInnovator Defined Wealth Shield ETF · Crypto
Higher return, lower volatility+8.0%3.4%2.28−4.9%+26.1%0.400.69%
PMTUPennyMac Mortgage Investment Trust · REIT - Mortgage
Higher return, lower volatility+10.5%6.6%1.57−2.9%+35.1%0.26—
PJANInnovator U.S. Equity Power Buffer ETF · Broad Market
On the frontierHigher return, similar volatility+14.0%7.4%1.81−21.3%+48.1%0.360.79%
What these numbers mean for APOS
Annual return
APOS returned 6.9% a year over the past 3 years with dividends reinvested, against 23.7% a year for the S&P 500. At that pace, $10,000 became about $12,200. 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
APOS's volatility over the past 3 years was 7.2%, 47% of the S&P 500's 15.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, APOS's return lands within 7.2% 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
APOS's Sharpe ratio over the past 3 years was 0.97, against 1.48 for the S&P 500, so APOS 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
APOS's worst fall from a peak to a low over the past 10 years was 4.5%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 4.5% fall takes a 4.7% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 3 years, APOS's monthly returns had a correlation of 0.44 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 APOS instead: the lower it is, the more that option would diversify a APOS holding. Guide: Correlation and diversification →
Show all 41 stocks and funds worth at least $500 million that earned more than APOS with less volatility

Out of 3,928 tested over 3 years. The strongest 17 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline3Y returnCorr. with APOSExpense
1
PREFPrincipal Spectrum Preferred Securities Active ETF · Bonds
Whole market+9.1%3.4%2.60−23.0%+29.9%0.320.55%
2
XEMDBondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF · Bonds
Whole market+10.7%5.5%1.90−10.0%+35.8%0.480.29%
3
PYLDPIMCO Multisector Bond Active Exchange-Traded Fund · Multisector Bonds
Whole market+8.5%3.8%2.21−4.5%+27.9%0.450.74%
4
ZALTInnovator U.S. Equity 10 Buffer ETF - Quarterly · Broad Market
Whole market+10.8%6.1%1.72−8.2%+36.0%—0.69%
5
BALTInnovator Defined Wealth Shield ETF · Crypto
Whole market+8.0%3.4%2.28−4.9%+26.1%0.400.69%
6
USHYiShares Broad USD High Yield Corporate Bond ETF · High Yield Bonds
Same or nearby category+8.8%4.8%1.79−22.4%+28.8%0.500.08%
7
VWOBVanguard Emerging Markets Government Bond ETF · International Bonds
Whole market+9.6%6.7%1.41−26.7%+31.6%0.500.15%
8
FPEFirst Trust Preferred Securities and Income ETF · Preferred Securities
Same or nearby category+9.3%4.8%1.89−33.3%+30.7%0.380.83%
9
BSJRInvesco BulletShares 2027 High Yield Corporate Bond ETF · Bonds
Whole market+8.2%3.5%2.26−22.6%+26.7%0.590.42%
10
CLOZEldridge BBB-B CLO ETF · Bonds
Whole market+8.5%3.7%2.25−5.4%+27.6%0.310.50%
11
HYBLState Street Blackstone High Income ETF · Bonds
Whole market+8.3%3.5%2.28−8.4%+27.0%0.470.70%
12
DOCTFT Vest U.S. Equity Deep Buffer ETF - October · Multi-Asset
Whole market+12.3%6.7%1.78−9.9%+41.5%0.450.85%
13
AOKiShares Core 30/70 Conservative Allocation ETF · Multi-Asset
Whole market+10.4%6.3%1.62−18.9%+34.7%0.500.20%
14
HYEMVanEck Emerging Markets High Yield Bond ETF · Multi-Asset
Whole market+10.5%5.7%1.81−31.0%+35.0%0.430.40%
15
QAINYLI Hedge Multi-Strategy Tracker ETF · Alternatives
Whole market+9.1%6.5%1.39−14.9%+29.9%0.430.75%
16
HYGHiShares Interest Rate Hedged High Yield Bond ETF · Bonds
Whole market+9.0%5.3%1.64−23.9%+29.3%0.331.12%
17
PMTUPennyMac Mortgage Investment Trust · REIT - Mortgage
Whole market+10.5%6.6%1.57−2.9%+35.1%0.26—

APOS against its popular alternatives

The investments people most often weigh against APOS, compared period by period and year by year.

How do APOS's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 3 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 APOS, which divides the map into what did better or worse on each measure.

Green points earned more than APOS with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%0.0%5.0%10.0%15.0%20.0%25.0%Volatility over 3 years (annualized)Annual return over 3 yearsHigher return, lower volatilityLower return, higher volatilityAPOS: 6.9% a year, volatility 7.2%SPY (S&P 500): 23.7% a year, volatility 15.2%HYG: 8.4% a year, volatility 4.9%PFF: 6.7% a year, volatility 8.4%PGX: 5.1% a year, volatility 8.6%SOJD: 2.1% a year, volatility 12.3%SOJE: 1.8% a year, volatility 12.3%SOJC: 1.7% a year, volatility 10.8%DTW: 0.8% a year, volatility 12.3%DTG: 0.4% a year, volatility 13.7%DTB: 0.2% a year, volatility 13.7%APO: 12.2% a year, volatility 36.7%BEPI: 10.5% a year, volatility 16.0%BEPH: 9.8% a year, volatility 17.0%BIPH: 7.8% a year, volatility 19.8%BNJ: 7.4% a year, volatility 15.0%BND: 5.0% a year, volatility 5.0%APOSSPY (S&P 500)HYGPGXSOJDSOJEDTWDTGAPOBEPIBIPHBNJBND0.0%10.0%20.0%30.0%40.0%0.0%5.0%10.0%15.0%20.0%25.0%Volatility over 3 years (annualized)Annual return over 3 yearsHigher return, lower volatilityLower return, higher volatilityAPOS: 6.9% a year, volatility 7.2%SPY (S&P 500): 23.7% a year, volatility 15.2%HYG: 8.4% a year, volatility 4.9%PFF: 6.7% a year, volatility 8.4%PGX: 5.1% a year, volatility 8.6%SOJD: 2.1% a year, volatility 12.3%SOJE: 1.8% a year, volatility 12.3%SOJC: 1.7% a year, volatility 10.8%DTW: 0.8% a year, volatility 12.3%DTG: 0.4% a year, volatility 13.7%DTB: 0.2% a year, volatility 13.7%APO: 12.2% a year, volatility 36.7%BEPI: 10.5% a year, volatility 16.0%BEPH: 9.8% a year, volatility 17.0%BIPH: 7.8% a year, volatility 19.8%BNJ: 7.4% a year, volatility 15.0%BND: 5.0% a year, volatility 5.0%APOSSPY (S&P 500)HYGPFFPGXSOJDSOJEDTWDTGAPOBEPIBEPHBIPHBNJBND
All figures
InvestmentAnnual returnVolatility
SPY S&P 500State Street SPDR S&P 500 ETF+23.7%15.2%
APO Apollo Global Management, Inc.+12.2%36.7%
BEPI Brookfield Renewable Partners L.P.+10.5%16.0%
BEPH Brookfield BRP Holdings (Canada) Inc 4.625 % Notes 2021-Without Fixed Maturity Global Sub+9.8%17.0%
HYG iShares iBoxx $ High Yield Corporate Bond ETF+8.4%4.9%
BIPH Brookfield Infrastructure Finance ULC 5 % Notes 2021-24.05.81 Global+7.8%19.8%
BNJ Brookfield Finance Inc. 4.50% P+7.4%15.0%
APOS This pageApollo Global Management, Inc.+6.9%7.2%
PFF iShares Preferred and Income Securities ETF+6.7%8.4%
PGX Invesco Preferred ETF+5.1%8.6%
BND Vanguard Total Bond Market ETF+5.0%5.0%
SOJD Southern Company (The) Series 2+2.1%12.3%
SOJE Southern Company (The) Series 2+1.8%12.3%
SOJC The Southern Company JR 2017B NT 77+1.7%10.8%
DTW DTE Energy Company 5.25 % Debentures 2017-01.12.77 Global+0.8%12.3%
DTG DTE Energy Company 2021 Series+0.4%13.7%
DTB DTE Energy Company 2020 Series+0.2%13.7%
Open these 17 in EasyCompare

Has APOS consistently beaten its popular alternatives?

This section compares APOS with the investments people most often weigh against it, checking each one over six periods from one month to three years. Counting how often an alternative earned more than APOS helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than APOS over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 1 of 1 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 3 yearsFund
1M3M6MYTD1Y3YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
APOS Apollo Global Management, Inc. (this page)—−1.4%−0.5%+0.5%+0.6%+2.7%+22.3%7.2%0.97−4.5%—$65B—
APO Asset ManagementApollo Global Management, Inc.0/5 short1/1 long−13.0%−5.5%−11.9%−23.2%−9.7%+41.4%36.7%0.50−53.5%—$66B—
BEPI Renewable UtilitiesBrookfield Renewable Partners L.P.0/5 short1/1 long−4.5%−4.3%−0.5%−0.9%−2.5%+34.9%16.0%0.71−43.1%—$8.5B—
BEPH Renewable UtilitiesBrookfield BRP Holdings (Canada) Inc 4.625 % Notes 2021-Without Fixed Maturity Global Sub0/5 short1/1 long−4.3%−5.5%−2.4%−2.2%−3.5%+32.3%17.0%0.64−44.0%—$8.4B—
HYG BondsiShares iBoxx $ High Yield Corporate Bond ETF0/5 short1/1 long−1.9%−2.1%−1.8%−0.4%+0.7%+27.5%4.9%1.68−22.0%0.49%$17B—
BIPH Diversified UtilitiesBrookfield Infrastructure Finance ULC 5 % Notes 2021-24.05.81 Global0/5 short1/1 long−2.0%−4.4%−2.9%−1.6%−4.1%+25.4%19.8%0.48−38.2%—$5.6B—
BNJ Asset ManagementBrookfield Finance Inc. 4.50% P0/5 short1/1 long−3.9%−8.3%−4.7%−2.6%−4.6%+23.8%15.0%0.55−39.3%—$82B—
BND BondsVanguard Total Bond Market ETF1/5 short0/1 long−0.6%−2.0%−2.8%−1.8%−2.1%+15.7%5.0%1.00−18.6%0.03%$389B—
PFF Dividend & IncomeiShares Preferred and Income Securities ETF0/5 short0/1 long−3.9%−3.3%−5.5%−3.9%−3.8%+21.6%8.4%0.82−34.1%0.45%$12B—
PGX FinancialsInvesco Preferred ETF0/5 short0/1 long−3.9%−6.6%−8.1%−7.6%−8.7%+16.0%8.6%0.62−34.1%0.50%$3.6B—
SOJD Regulated ElectricSouthern Company (The) Series 20/5 short0/1 long−2.9%−7.2%−11.3%−10.5%−12.5%+6.4%12.3%0.23−38.1%—$20B—
SOJE Regulated ElectricSouthern Company (The) Series 20/5 short0/1 long−1.9%−5.2%−7.3%−7.7%−11.3%+5.5%12.3%0.21−30.4%—$103B—
SOJC Regulated ElectricThe Southern Company JR 2017B NT 770/5 short0/1 long−3.0%−8.3%−12.0%−11.7%−14.8%+5.0%10.8%0.21−22.1%—$18B—
DTW Regulated ElectricDTE Energy Company 5.25 % Debentures 2017-01.12.77 Global0/5 short0/1 long−5.5%−10.2%−14.0%−12.3%−15.3%+2.5%12.3%0.13−33.9%—$26B—
DTG Regulated ElectricDTE Energy Company 2021 Series0/5 short0/1 long−6.4%−10.4%−10.6%−10.3%−13.9%+1.3%13.7%0.10−35.4%—$3.1B—
DTB Regulated ElectricDTE Energy Company 2020 Series0/5 short0/1 long−4.3%−10.0%−10.8%−10.7%−14.4%+0.5%13.7%0.08−33.6%—$3.0B—
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How did APOS do year by year?

This table shows each investment's total return in every full calendar year since 2024, along with where APOS ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with APOS and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: APOS began trading on August 29, 2023, so the table starts with 2024, its first full calendar year, and cannot show how it fared during the dot-com bust, the 2008 financial crisis or eight other sell-offs.

Newest year first. Green marks a year in which the fund came out ahead of APOS; gray means the two finished within a fraction of a point. The rank row places APOS among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of APOS20252024
APOS This pageApollo Global Management, Inc.—+6.8%+3.6%
Rank among alternativesTop quarter in 1 of 23 of 169 of 16
SPY S&P 500State Street SPDR S&P 500 ETF2 of 2+17.7%+24.9%
APO Apollo Global Management, Inc.1 of 2−11.1%+79.9%
BEPI Brookfield Renewable Partners L.P.1 of 2+5.0%+10.5%
BEPH Brookfield BRP Holdings (Canada) Inc 4.625 % Notes 2021-Without Fixed Maturity Global Sub1 of 2+5.2%+8.2%
HYG iShares iBoxx $ High Yield Corporate Bond ETF2 of 2+8.6%+8.0%
BIPH Brookfield Infrastructure Finance ULC 5 % Notes 2021-24.05.81 Global1 of 2+5.3%+6.3%
BNJ Brookfield Finance Inc. 4.50% P1 of 2+2.5%+4.7%
BND Vanguard Total Bond Market ETF0 of 2+7.1%+1.4%
PFF iShares Preferred and Income Securities ETF1 of 2+4.9%+7.2%
PGX Invesco Preferred ETF1 of 2+3.4%+6.6%
SOJD Southern Company (The) Series 20 of 2+3.8%−2.7%
SOJE Southern Company (The) Series 20 of 2−0.5%+0.3%
SOJC The Southern Company JR 2017B NT 770 of 2+4.3%−3.1%
DTW DTE Energy Company 5.25 % Debentures 2017-01.12.77 Global0 of 2+1.7%−4.8%
DTG DTE Energy Company 2021 Series0 of 2−0.5%−7.5%
DTB DTE Energy Company 2020 Series0 of 2−0.3%−2.5%
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Risk and diversification

How APOS has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

How closely does APOS 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 APOS with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 3 years.

Monthly total returns over the past 3 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 APOS's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
APOS This pageApollo Global Management, Inc.27%14%1.900.19
HYG iShares iBoxx $ High Yield Corporate Bond ETF35%32%1.100.28
BND Vanguard Total Bond Market ETF23%34%0.660.22
BEPI Brookfield Renewable Partners L.P.66%114%0.580.64
BEPH Brookfield BRP Holdings (Canada) Inc 4.625 % Notes 2021-Without Fixed Maturity Global Sub60%112%0.540.71
PFF iShares Preferred and Income Securities ETF48%103%0.460.56
BNJ Brookfield Finance Inc. 4.50% P60%139%0.430.64
APO Apollo Global Management, Inc.124%299%0.411.43
PGX Invesco Preferred ETF43%110%0.390.57
BIPH Brookfield Infrastructure Finance ULC 5 % Notes 2021-24.05.81 Global73%198%0.370.91
SOJD Southern Company (The) Series 236%136%0.270.60
DTG DTE Energy Company 2021 Series34%125%0.270.66
SOJC The Southern Company JR 2017B NT 7742%161%0.260.76
DTW DTE Energy Company 5.25 % Debentures 2017-01.12.77 Global46%179%0.260.85
SOJE Southern Company (The) Series 232%135%0.230.55
DTB DTE Energy Company 2020 Series40%180%0.220.77
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What diversifies APOS?

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 APOS's. Because such investments tend not to fall at the same time, pairing APOS with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 3 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The last two columns show a portfolio that is 80% APOS and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation3Y returnSharpe80/20 mix volatility80/20 mix annual return
APOS Apollo Global Management, Inc. (this page)1.00+22.3%0.975.5%+6.9%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.11+92.3%2.124.8%+9.9%
CLSE Broad MarketConvergence Long/Short Equity ETF0.22+115%1.935.4%+11.2%
SEIV Broad MarketSEI QiM U.S. Large Cap Value Active ETF0.46+114%1.815.9%+10.8%
INCM Multi-AssetFranklin Income Focus ETF0.45+44.3%1.745.2%+7.8%
CGDV Dividend & IncomeCapital Group Dividend Value ETF0.48+97.2%1.735.9%+10.3%
FMAR Multi-AssetFT Vest U.S. Equity Buffer ETF - March0.40+54.4%1.725.1%+8.5%
VLUE Broad MarketiShares MSCI USA Value Factor ETF0.37+136%1.716.9%+12.0%
AVDV InternationalAvantis International Small Cap Value ETF0.29+118%1.705.9%+11.1%

Stocks

InvestmentCorrelation3Y returnSharpe80/20 mix volatility80/20 mix annual return
APOS Apollo Global Management, Inc. (this page)1.00+22.3%0.975.5%+6.9%
CM Banks - DiversifiedCanadian Imperial Bank of Commerce0.48+261%2.278.0%+14.6%
BNY Investment - Banking & Investment ServicesBank of New York Mellon Corp0.40+272%2.196.8%+15.4%
TIGO Telecommunications ServicesMillicom International Cellular S.A.0.08+540%1.997.2%+20.7%
CIB Banks - RegionalGrupo Cibest S.A.0.12+398%1.958.1%+17.8%
NTRA Medical - Diagnostics & ResearchNatera, Inc.0.36+896%1.9112.5%+24.9%
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Common questions

What was APOS's worst drawdown?

APOS's deepest decline since it began trading in 2023 was 4.5%, from December 2024 to January 2025. It took two months from the low to climb back to its old high. Because APOS launched in August 2023, that record does not include the dot-com bust, the 2008 financial crisis or eight other sell-offs.

What were APOS's best and worst years?

Over two full calendar years, APOS's best year was 2025, when it returned 6.8%. Its worst was 2024, with a return of +3.6%.

Is there a better investment than APOS?

Among APOS's popular alternatives, HYG earned more than APOS with less volatility over the past 3 years: 8.4% a year at 4.9% volatility, against 6.9% a year at 7.2%. Looking beyond its popular alternatives, FPE (preferred securities) earned more than APOS with less volatility over the past 3 years: 9.3% a year at 4.8% volatility, against 6.9% a year at 7.2%.

Is APOS more volatile than the S&P 500?

No. APOS's volatility over the past 3 years was 7.2%, 47% of the S&P 500's 15.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, APOS's return lands within 7.2% 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 APOS's Sharpe ratio?

APOS's Sharpe ratio over the past 3 years was 0.97, against 1.48 for the S&P 500, so APOS 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 APOS with the S&P 500?

Over the past 3 years, APOS's monthly returns had a correlation of 0.44 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 APOS instead: the lower it is, the more that option would diversify a APOS holding.

What are the best alternatives to APOS?

None of the 15 popular alternatives we compared outperformed APOS in at least 3 of 5 short-term and 1 of 1 long-term timeframes, which says more about APOS's strength than about its alternatives.

What diversifies APOS?

These had a low correlation with APOS over the past 3 years and still earned a positive 3-year return: among large ETFs, LVHI (correlation 0.11), CLSE (correlation 0.22) and SEIV (correlation 0.46); among large stocks, CM (correlation 0.48), BNY (correlation 0.40) and TIGO (correlation 0.08). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to APOS

Other stocks and ETFs