APO vs. CG

Last updated Aug 1, 2026

APO (Apollo Global Management, Inc.) and CG (The Carlyle Group Inc.) are both stocks. Both operate in the Asset Management industry within the Financial Services sector. Over the past 10 years, APO returned 27.17%/yr vs 15.81%/yr for CG. Their 0.58 correlation means they have sometimes moved together and sometimes differently.

Performance

APO vs. CG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Apollo Global Management, Inc. (APO) and The Carlyle Group Inc. (CG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APO achieves a -12.52% return, which is significantly higher than CG's -21.07% return. Over the past 10 years, APO has outperformed CG with an annualized return of 27.17%, while CG has yielded a comparatively lower 15.81% annualized return.

APO

• 1D: 4.44%
• 1M: 5.88%
• 6M: -5.88%
• YTD: -12.52%
• 1Y: -7.73%
• 3Y*: 17.12%
• 5Y*: 18.75%
• 10Y*: 27.17%
• ALL TIME*: 20.44%

CG

• 1D: 1.46%
• 1M: 7.45%
• 6M: -20.62%
• YTD: -21.07%
• 1Y: -19.55%
• 3Y*: 12.55%
• 5Y*: 1.35%
• 10Y*: 15.81%
• ALL TIME*: 10.94%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
APO Apollo Global Management, Inc.	$435.36M	$496.01M	$510.65M
CG The Carlyle Group Inc.	$125.47M	$119.43M	$152.66M

APO vs. CG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
APO Apollo Global Management, Inc.	-12.52%	-11.12%	79.87%	49.44%	-9.59%	53.25%	8.00%	106.46%	-22.03%	85.29%
CG The Carlyle Group Inc.	-21.07%	20.20%	28.05%	42.55%	-43.78%	78.46%	1.62%	116.75%	-27.28%	59.83%

Correlation

The correlation between APO and CG is 0.66, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.66
Correlation (3Y) Balances recent behavior with more history.	0.64
Correlation (5Y) Shows whether the relationship held over a longer period.	0.68
Correlation (10Y) Provides a long-term view across more market conditions.	0.64
Correlation (All Time) Calculated using the full available price history since May 3, 2012	0.58

The correlation between APO and CG has been stable across timeframes, ranging from 0.58 to 0.68 - a consistent structural relationship.

Fundamentals

Market Cap APO : $72.40B CG : $16.57B
EPS APO : $3.56 CG : $1.48
PE Ratio APO : 35.26 CG : 31.15
PEG Ratio APO : 0.09 CG : 0.19
PS Ratio APO : 2.55 CG : 4.27
PB Ratio APO : 4.03 CG : 2.24
Total Revenue (TTM) APO : $29.68B CG : $3.99B
Gross Profit (TTM) APO : $26.52B CG : $2.92B
EBITDA (TTM) APO : $9.28B CG : $1.01B

Return for Risk

APO vs. CG — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

APO

APO Risk / Return Rank: 29
APO Sharpe Ratio Rank: 29
APO Sortino Ratio Rank: 27
APO Omega Ratio Rank: 28
APO Calmar Ratio Rank: 33
APO Martin Ratio Rank: 29

CG

CG Risk / Return Rank: 20
CG Sharpe Ratio Rank: 17
CG Sortino Ratio Rank: 18
CG Omega Ratio Rank: 19
CG Calmar Ratio Rank: 24
CG Martin Ratio Rank: 24

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

APO vs. CG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Apollo Global Management, Inc. (APO) and The Carlyle Group Inc. (CG). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	APO	CG	Difference
Sharpe ratio: Return per unit of total volatility	-0.34	-0.61	+0.27
Sortino ratio: Return per unit of downside risk	-0.25	-0.68	+0.43
Omega ratio: Gain probability vs. loss probability	0.97	0.92	+0.05
Calmar ratio: Return relative to maximum drawdown	-0.36	-0.55	+0.19
Martin ratio: Return relative to average drawdown	-0.76	-0.95	+0.19

APO vs. CG - Sharpe Ratio Comparison

The current APO Sharpe Ratio is -0.34, which is higher than the CG Sharpe Ratio of -0.61. The chart below compares the historical Sharpe Ratios of APO and CG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

APO vs. CG - Drawdown Comparison

The maximum APO drawdown since its inception was -56.99%, smaller than the maximum CG drawdown of -62.69%. Use the drawdown chart below to compare losses from any high point for APO and CG.

Drawdown Indicators

	APO	CG	Difference
Max Drawdown Largest peak-to-trough decline	-56.99%	-62.69%	+5.70%
Max Drawdown (1Y) Largest decline over 1 year	-34.05%	-40.36%	+6.31%
Max Drawdown (3Y) Largest decline over 3 years	-42.82%	-40.36%	-2.46%
Max Drawdown (5Y) Largest decline over 5 years	-42.82%	-56.75%	+13.93%
Max Drawdown (10Y) Largest decline over 10 years	-53.48%	-56.75%	+3.27%
Current Drawdown Current decline from peak	-28.10%	-32.27%	+4.17%
Average Drawdown Average peak-to-trough decline	-16.50%	-21.87%	+5.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.05%	23.42%	-7.37%

Volatility

APO vs. CG - Volatility Comparison

Apollo Global Management, Inc. (APO) and The Carlyle Group Inc. (CG) have volatilities of 9.03% and 8.71%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APO	CG	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.03%	8.71%	+0.32%
Volatility (6M) Calculated over the trailing 6-month period	28.28%	27.96%	+0.32%
Volatility (1Y) Calculated over the trailing 1-year period	36.03%	36.50%	-0.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.31%	39.88%	-2.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.93%	37.46%	+0.47%

Dividends

APO vs. CG - Dividend Comparison

APO's dividend yield for the trailing twelve months is around 1.67%, less than CG's 3.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
APO Apollo Global Management, Inc.	1.67%	1.38%	1.10%	1.81%	2.51%	2.90%	4.72%	4.23%	7.86%	5.53%	6.46%	12.91%
CG The Carlyle Group Inc.	3.04%	2.37%	2.77%	3.38%	4.11%	1.82%	3.18%	4.24%	7.87%	5.41%	11.02%	21.70%

Financials

Frequently Asked Questions

Can I hold both APO and CG in my portfolio?

APO and CG have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APO or CG?

APO has higher volatility (9.03%) compared to CG (8.71%). In terms of maximum drawdown, APO dropped -56.99% vs CG's -62.69%.

Which has better risk-adjusted returns?

APO currently has the higher Sharpe Ratio (-0.34 vs -0.61), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.