APO vs. FTNT

Last updated Jun 13, 2026

APO (Apollo Global Management, Inc.) and FTNT (Fortinet, Inc.) are both stocks. APO operates in Asset Management (Financial Services), while FTNT operates in Software - Infrastructure (Technology). Over the past 10 years, APO returned 29.16%/yr vs 36.02%/yr for FTNT. At a 0.33 correlation, their price movements are largely independent.

Performance

APO vs. FTNT - Performance Comparison

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

Returns By Period

In the year-to-date period, APO achieves a -6.75% return, which is significantly lower than FTNT's 84.23% return. Over the past 10 years, APO has underperformed FTNT with an annualized return of 29.16%, while FTNT has yielded a comparatively higher 36.02% annualized return.

APO

• 1D: -0.02%
• 1M: -0.69%
• YTD: -6.75%
• 6M: -8.82%
• 1Y: 2.96%
• 3Y*: 22.69%
• 5Y*: 20.72%
• 10Y*: 29.16%

FTNT

• 1D: 0.85%
• 1M: 19.16%
• YTD: 84.23%
• 6M: 77.94%
• 1Y: 45.10%
• 3Y*: 27.56%
• 5Y*: 26.15%
• 10Y*: 36.02%

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

APO vs. FTNT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
APO Apollo Global Management, Inc.	-6.75%	-11.12%	79.87%	49.44%	-9.59%	53.25%	8.00%	106.46%	-22.03%	85.29%
FTNT Fortinet, Inc.	84.23%	-15.95%	61.42%	19.72%	-31.98%	141.97%	39.13%	51.58%	61.20%	45.05%

Correlation

The correlation between APO and FTNT is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (10Y) Calculated over the trailing 10-year period	0.37
Correlation (All Time) Calculated using the full available price history since Mar 30, 2011	0.33

The correlation between APO and FTNT shifts across timeframes, from 0.16 (1 year) to 0.41 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap APO : $79.66B FTNT : $108.67B
EPS APO : $3.58 FTNT : $2.58
PE Ratio APO : 37.38 FTNT : 56.81
PEG Ratio APO : 0.10 FTNT : 1.58
PS Ratio APO : 2.71 FTNT : 15.62
PB Ratio APO : 4.29 FTNT : 109.80
Total Revenue (TTM) APO : $29.68B FTNT : $7.11B
Gross Profit (TTM) APO : $26.52B FTNT : $5.74B
EBITDA (TTM) APO : $9.28B FTNT : $2.47B

Return for Risk

APO vs. FTNT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

APO

APO Risk / Return Rank: 39
APO Sharpe Ratio Rank: 41
APO Sortino Ratio Rank: 36
APO Omega Ratio Rank: 36
APO Calmar Ratio Rank: 42
APO Martin Ratio Rank: 42

FTNT

FTNT Risk / Return Rank: 69
FTNT Sharpe Ratio Rank: 73
FTNT Sortino Ratio Rank: 67
FTNT Omega Ratio Rank: 73
FTNT Calmar Ratio Rank: 70
FTNT Martin Ratio Rank: 63

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

APO vs. FTNT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Apollo Global Management, Inc. (APO) and Fortinet, Inc. (FTNT). 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	FTNT	Difference
Sharpe ratio: Return per unit of total volatility	-0.04	0.98	-1.02
Sortino ratio: Return per unit of downside risk	0.19	1.47	-1.28
Omega ratio: Gain probability vs. loss probability	1.02	1.23	-0.21
Calmar ratio: Return relative to maximum drawdown	-0.04	1.43	-1.47
Martin ratio: Return relative to average drawdown	-0.09	2.09	-2.18

APO vs. FTNT - Sharpe Ratio Comparison

The current APO Sharpe Ratio is -0.04, which is lower than the FTNT Sharpe Ratio of 0.98. The chart below compares the historical Sharpe Ratios of APO and FTNT, 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. FTNT - Drawdown Comparison

The maximum APO drawdown since its inception was -56.99%, which is greater than FTNT's maximum drawdown of -51.20%. Use the drawdown chart below to compare losses from any high point for APO and FTNT.

Drawdown Indicators

	APO	FTNT	Difference
Max Drawdown Largest peak-to-trough decline	-56.99%	-51.20%	-5.79%
Max Drawdown (1Y) Largest decline over 1 year	-34.97%	-30.90%	-4.07%
Max Drawdown (3Y) Largest decline over 3 years	-42.82%	-38.32%	-4.50%
Max Drawdown (5Y) Largest decline over 5 years	-42.82%	-38.32%	-4.50%
Max Drawdown (10Y) Largest decline over 10 years	-53.48%	-38.32%	-15.16%
Current Drawdown Current decline from peak	-23.36%	-2.25%	-21.11%
Average Drawdown Average peak-to-trough decline	-16.39%	-16.22%	-0.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.70%	21.07%	-4.37%

Volatility

APO vs. FTNT - Volatility Comparison

The current volatility for Apollo Global Management, Inc. (APO) is 8.49%, while Fortinet, Inc. (FTNT) has a volatility of 13.35%. This indicates that APO experiences smaller price fluctuations and is considered to be less risky than FTNT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APO	FTNT	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.49%	13.35%	-4.86%
Volatility (6M) Calculated over the trailing 6-month period	26.89%	31.79%	-4.90%
Volatility (1Y) Calculated over the trailing 1-year period	35.44%	45.18%	-9.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.11%	43.94%	-6.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.83%	40.88%	-3.05%

Dividends

APO vs. FTNT - Dividend Comparison

APO's dividend yield for the trailing twelve months is around 1.56%, while FTNT has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
APO Apollo Global Management, Inc.	1.56%	1.38%	1.10%	1.81%	2.51%	2.90%	4.72%	4.23%	7.86%	5.53%	6.46%	12.91%
FTNT Fortinet, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials

APO vs. FTNT - Profitability Comparison

The chart below illustrates the profitability comparison between Apollo Global Management, Inc. and Fortinet, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

APO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Apollo Global Management, Inc. reported a gross profit of 4.93B and revenue of 4.93B. Therefore, the gross margin over that period was 100.0%.

FTNT - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Fortinet, Inc. reported a gross profit of 1.49B and revenue of 1.85B. Therefore, the gross margin over that period was 80.3%.

APO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Apollo Global Management, Inc. reported an operating income of 330.00M and revenue of 4.93B, resulting in an operating margin of 6.7%.

FTNT - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Fortinet, Inc. reported an operating income of 580.00M and revenue of 1.85B, resulting in an operating margin of 31.4%.

APO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Apollo Global Management, Inc. reported a net income of -1.91B and revenue of 4.93B, resulting in a net margin of -38.7%.

FTNT - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Fortinet, Inc. reported a net income of 534.50M and revenue of 1.85B, resulting in a net margin of 28.9%.

Frequently Asked Questions

Can I hold both APO and FTNT in my portfolio?

APO and FTNT have a correlation of 0.16, 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 FTNT?

FTNT has higher volatility (13.35%) compared to APO (8.49%). In terms of maximum drawdown, APO dropped -56.99% vs FTNT's -51.20%.

Which has better risk-adjusted returns?

FTNT currently has the higher Sharpe Ratio (0.98 vs -0.04), 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.