OWL vs. APO

Last updated Jun 23, 2026

OWL (Blue Owl Capital Inc.) and APO (Apollo Global Management, Inc.) are both stocks. Both operate in the Asset Management industry within the Financial Services sector. Over the past 5 years, OWL returned -1.67%/yr vs 20.75%/yr for APO. A 0.60 correlation means they provide meaningful diversification when combined.

Performance

OWL vs. APO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Blue Owl Capital Inc. (OWL) 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, OWL achieves a -35.51% return, which is significantly lower than APO's -5.82% return.

OWL

• 1D: -3.15%
• 1M: -8.25%
• YTD: -35.51%
• 6M: -39.33%
• 1Y: -47.15%
• 3Y*: -1.02%
• 5Y*: -1.67%
• 10Y*: —

APO

• 1D: -1.67%
• 1M: 5.21%
• YTD: -5.82%
• 6M: -8.43%
• 1Y: 2.12%
• 3Y*: 24.76%
• 5Y*: 20.75%
• 10Y*: 29.69%

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

OWL vs. APO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
OWL Blue Owl Capital Inc.	-35.51%	-32.83%	61.76%	47.40%	-26.29%	32.18%	5.86%
APO Apollo Global Management, Inc.	-5.82%	-11.12%	79.87%	49.44%	-9.59%	53.25%	2.25%

Correlation

The correlation between OWL and APO is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (All Time) Calculated using the full available price history since Dec 14, 2020	0.60

The correlation between OWL and APO has been stable across timeframes, ranging from 0.60 to 0.67 - a consistent structural relationship.

Fundamentals

Market Cap OWL : $6.29B APO : $80.45B
EPS OWL : $0.13 APO : $3.58
PE Ratio OWL : 71.02 APO : 37.75
PEG Ratio OWL : 0.25 APO : 0.10
PS Ratio OWL : 2.10 APO : 2.73
PB Ratio OWL : 2.99 APO : 4.34
Total Revenue (TTM) OWL : $2.94B APO : $29.68B
Gross Profit (TTM) OWL : $1.99B APO : $26.52B
EBITDA (TTM) OWL : $876.72M APO : $9.28B

Return for Risk

OWL vs. APO — Risk / Return Rank

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

OWL

OWL Risk / Return Rank: 7
OWL Sharpe Ratio Rank: 4
OWL Sortino Ratio Rank: 5
OWL Omega Ratio Rank: 7
OWL Calmar Ratio Rank: 11
OWL Martin Ratio Rank: 9

APO

APO Risk / Return Rank: 42
APO Sharpe Ratio Rank: 44
APO Sortino Ratio Rank: 39
APO Omega Ratio Rank: 38
APO Calmar Ratio Rank: 43
APO Martin Ratio Rank: 43

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.

OWL vs. APO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Blue Owl Capital Inc. (OWL) 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.

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.

	OWL	APO	Difference
Sharpe ratio: Return per unit of total volatility	-1.07	0.06	-1.13
Sortino ratio: Return per unit of downside risk	-1.67	0.33	-2.00
Omega ratio: Gain probability vs. loss probability	0.81	1.04	-0.23
Calmar ratio: Return relative to maximum drawdown	-0.81	0.06	-0.87
Martin ratio: Return relative to average drawdown	-1.38	0.13	-1.51

OWL vs. APO - Sharpe Ratio Comparison

The current OWL Sharpe Ratio is -1.07, which is lower than the APO Sharpe Ratio of 0.06. The chart below compares the historical Sharpe Ratios of OWL 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.

Drawdowns

OWL vs. APO - Drawdown Comparison

The maximum OWL drawdown since its inception was -67.10%, which is greater than APO's maximum drawdown of -56.99%. Use the drawdown chart below to compare losses from any high point for OWL and APO.

Drawdown Indicators

	OWL	APO	Difference
Max Drawdown Largest peak-to-trough decline	-67.10%	-56.99%	-10.11%
Max Drawdown (1Y) Largest decline over 1 year	-58.59%	-34.97%	-23.62%
Max Drawdown (3Y) Largest decline over 3 years	-67.10%	-42.82%	-24.28%
Max Drawdown (5Y) Largest decline over 5 years	-67.10%	-42.82%	-24.28%
Max Drawdown (10Y) Largest decline over 10 years	—	-53.48%	—
Current Drawdown Current decline from peak	-62.23%	-22.60%	-39.63%
Average Drawdown Average peak-to-trough decline	-24.27%	-16.39%	-7.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.15%	16.76%	+17.39%

Volatility

OWL vs. APO - Volatility Comparison

Blue Owl Capital Inc. (OWL) has a higher volatility of 13.36% compared to Apollo Global Management, Inc. (APO) at 8.25%. This indicates that OWL'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

	OWL	APO	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.36%	8.25%	+5.11%
Volatility (6M) Calculated over the trailing 6-month period	34.70%	27.00%	+7.70%
Volatility (1Y) Calculated over the trailing 1-year period	44.23%	35.30%	+8.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	42.08%	37.14%	+4.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.76%	37.85%	+4.91%

Dividends

OWL vs. APO - Dividend Comparison

OWL's dividend yield for the trailing twelve months is around 9.80%, more than APO's 1.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
APO Apollo Global Management, Inc.	1.55%	1.38%	1.10%	1.81%	2.51%	2.90%	4.72%	4.23%	7.86%	5.53%	6.46%	12.91%
OWL Blue Owl Capital Inc.	9.80%	5.72%	2.92%	3.69%	4.06%	0.87%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials

OWL vs. APO - Profitability Comparison

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

OWL - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Blue Owl Capital Inc. reported a gross profit of 753.81M and revenue of 753.81M. Therefore, the gross margin over that period was 100.0%.

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%.

OWL - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Blue Owl Capital Inc. reported an operating income of 109.49M and revenue of 753.81M, resulting in an operating margin of 14.5%.

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%.

OWL - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Blue Owl Capital Inc. reported a net income of 15.54M and revenue of 753.81M, resulting in a net margin of 2.1%.

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 OWL and APO in my portfolio?

OWL and APO have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OWL or APO?

OWL has higher volatility (13.36%) compared to APO (8.25%). In terms of maximum drawdown, OWL dropped -67.10% vs APO's -56.99%.

Which has better risk-adjusted returns?

APO currently has the higher Sharpe Ratio (0.06 vs -1.07), 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.