MORN vs. APO

Last updated Jun 9, 2026

MORN (Morningstar, Inc.) and APO (Apollo Global Management, Inc.) are both stocks. Both are in the Financial Services sector — MORN in Financial Data & Stock Exchanges, APO in Asset Management. Over the past 10 years, MORN returned 9.12%/yr vs 28.04%/yr for APO. At a 0.35 correlation, their price movements are largely independent.

Performance

MORN vs. APO - Performance Comparison

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

Returns By Period

In the year-to-date period, MORN achieves a -16.03% return, which is significantly lower than APO's -11.14% return. Over the past 10 years, MORN has underperformed APO with an annualized return of 9.12%, while APO has yielded a comparatively higher 28.04% annualized return.

MORN

• 1D: -2.29%
• 1M: 2.72%
• YTD: -16.03%
• 6M: -15.94%
• 1Y: -41.38%
• 3Y*: -3.23%
• 5Y*: -4.16%
• 10Y*: 9.12%

APO

• 1D: -0.36%
• 1M: -3.82%
• YTD: -11.14%
• 6M: -6.37%
• 1Y: -2.88%
• 3Y*: 22.38%
• 5Y*: 19.80%
• 10Y*: 28.04%

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

MORN vs. APO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MORN Morningstar, Inc.	-16.03%	-35.05%	18.29%	33.10%	-36.31%	48.23%	54.54%	38.93%	14.34%	33.38%
APO Apollo Global Management, Inc.	-11.14%	-11.12%	79.87%	49.44%	-9.59%	53.25%	8.00%	106.46%	-22.03%	85.29%

Correlation

The correlation between MORN and APO is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (10Y) Calculated over the trailing 10-year period	0.38
Correlation (All Time) Calculated using the full available price history since Mar 31, 2011	0.35

The correlation between MORN and APO shifts across timeframes, from 0.21 (1 year) to 0.45 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap MORN : $7.13B APO : $75.90B
EPS MORN : $9.74 APO : $3.58
PE Ratio MORN : 18.63 APO : 35.61
PEG Ratio MORN : 0.37 APO : 0.09
PS Ratio MORN : 2.99 APO : 2.58
PB Ratio MORN : 7.00 APO : 4.09
Total Revenue (TTM) MORN : $2.51B APO : $29.68B
Gross Profit (TTM) MORN : $1.55B APO : $26.52B
EBITDA (TTM) MORN : $743.90M APO : $9.28B

Return for Risk

MORN vs. APO — Risk / Return Rank

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

MORN

MORN Risk / Return Rank: 7
MORN Sharpe Ratio Rank: 2
MORN Sortino Ratio Rank: 4
MORN Omega Ratio Rank: 4
MORN Calmar Ratio Rank: 11
MORN Martin Ratio Rank: 13

APO

APO Risk / Return Rank: 37
APO Sharpe Ratio Rank: 39
APO Sortino Ratio Rank: 34
APO Omega Ratio Rank: 33
APO Calmar Ratio Rank: 40
APO Martin Ratio Rank: 39

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.

MORN vs. APO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morningstar, Inc. (MORN) and Apollo Global Management, Inc. (APO). 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.

	MORN	APO	Difference
Sharpe ratio: Return per unit of total volatility	-1.21	-0.08	-1.13
Sortino ratio: Return per unit of downside risk	-1.78	0.13	-1.91
Omega ratio: Gain probability vs. loss probability	0.78	1.02	-0.24
Calmar ratio: Return relative to maximum drawdown	-0.82	-0.08	-0.74
Martin ratio: Return relative to average drawdown	-1.27	-0.17	-1.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MORN vs. APO - Sharpe Ratio Comparison

The current MORN Sharpe Ratio is -1.21, which is lower than the APO Sharpe Ratio of -0.08. The chart below compares the historical Sharpe Ratios of MORN and APO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MORN	APO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.21	-0.08	-1.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.14	0.54	-0.67
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.33	0.74	-0.41
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.58	-0.19

Drawdowns

MORN vs. APO - Drawdown Comparison

The maximum MORN drawdown since its inception was -67.92%, which is greater than APO's maximum drawdown of -56.99%. Use the drawdown chart below to compare losses from any high point for MORN and APO.

Drawdown Indicators

	MORN	APO	Difference
Max Drawdown Largest peak-to-trough decline	-67.92%	-56.99%	-10.93%
Max Drawdown (1Y) Largest decline over 1 year	-50.65%	-34.97%	-15.68%
Max Drawdown (3Y) Largest decline over 3 years	-56.70%	-42.82%	-13.88%
Max Drawdown (5Y) Largest decline over 5 years	-56.70%	-42.82%	-13.88%
Max Drawdown (10Y) Largest decline over 10 years	-56.70%	-53.48%	-3.22%
Current Drawdown Current decline from peak	-48.81%	-26.97%	-21.84%
Average Drawdown Average peak-to-trough decline	-18.34%	-16.37%	-1.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.64%	16.62%	+16.02%

Volatility

MORN vs. APO - Volatility Comparison

Morningstar, Inc. (MORN) has a higher volatility of 13.81% compared to Apollo Global Management, Inc. (APO) at 8.60%. This indicates that MORN's price experiences larger fluctuations and is considered to be riskier than APO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MORN	APO	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.81%	8.60%	+5.21%
Volatility (6M) Calculated over the trailing 6-month period	30.59%	27.16%	+3.43%
Volatility (1Y) Calculated over the trailing 1-year period	34.33%	35.27%	-0.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.68%	37.07%	-6.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.75%	37.82%	-10.07%

Dividends

MORN vs. APO - Dividend Comparison

MORN's dividend yield for the trailing twelve months is around 1.05%, less than APO's 1.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
APO Apollo Global Management, Inc.	1.64%	1.38%	1.10%	1.81%	2.51%	2.90%	4.72%	4.23%	7.86%	5.53%	6.46%	12.91%
MORN Morningstar, Inc.	1.05%	0.84%	0.48%	0.52%	0.66%	0.28%	0.65%	0.74%	0.91%	0.95%	1.20%	0.95%

Financials

MORN vs. APO - Profitability Comparison

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

MORN - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Morningstar, Inc. reported a gross profit of 405.90M and revenue of 644.80M. Therefore, the gross margin over that period was 63.0%.

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%.

MORN - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Morningstar, Inc. reported an operating income of 900.00K and revenue of 644.80M, resulting in an operating margin of 0.1%.

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%.

MORN - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Morningstar, Inc. reported a net income of 107.10M and revenue of 644.80M, resulting in a net margin of 16.6%.

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%.

Frequently Asked Questions

Can I hold both MORN and APO in my portfolio?

MORN and APO have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MORN or APO?

MORN has higher volatility (13.81%) compared to APO (8.60%). In terms of maximum drawdown, MORN dropped -67.92% vs APO's -56.99%.

Which has better risk-adjusted returns?

APO currently has the higher Sharpe Ratio (-0.08 vs -1.21), 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.