Investment Managers

Apollo Global Management Inc. (New) vs Blackstone Inc.

Measured twinAPO / BXPrices through Oct 22, 2026

Why these are rivals: #1 and #3 by market value ($80B vs $66B) in Nasdaq's "Investment Managers" industry; SEC SIC 6282 / 6282 (same major group).

The price gap between these two has a measured habit of closing. A 2 standard deviation gap becomes a paired paper idea.

no divergence: z = -0.11 (needs |z| >= 2.0)

Business leadership

APO is the larger business

Annual revenue reported to the SEC. Scale, not market share.

Year	APO	BX	Larger
2025	$32.0B	$14.5B	APO
2024	$26.1B	$13.2B	APO
2023	$32.6B	$8.0B	APO
2022	$11.0B	$8.5B	APO
2021	$6.0B	$22.6B	BX
2020	$2.4B	$6.1B	BX

Revenue lead switched: 2022 to APO. Market value: APO $65.5B, BX $80.4B.

Stock leadership

Neither is clearly ahead

Measured against the pair's own last 252 trading days.

The gap is 0.11 standard deviations, close to the usual relationship. 1 lead switch in the last year.

Price change	3 mo	6 mo	12 mo
APO	-6.3%	-8.0%	-8.9%
BX	-8.7%	-2.9%	-26.4%

Relationship

The gap has closed before

Only these tests can make a pair tradable on paper.

Pass: Aligned sessions: 2521 (needs >= 254)
Pass: Co-movement: daily return correlation, 252 sessions: 0.74 (needs >= 0.60)
Pass: Mean reversion: ADF t-statistic of the spread: -3.23 (needs <= -2.873 (5% critical value))
Pass: Speed: half-life of the spread, sessions: 14.99 (needs <= 63)
Data: Both stocks current

The twins over two years

Prices side by side, and the gap between them

APO Apollo Global Management Inc. (New) BX Blackstone Inc.Price index, 100 = 2024-10-18. Tint = which stock is ahead of the pair's usual 1-year relationship (z beyond +/-0.5).

Spread z-score: APO relative to BX, against the 252 sessions before each day. Above 0: APO ahead; below 0: BX ahead. Lines at +/-2 (idea) and +/-4 (stop).

Data table (504 sessions)

Date	APO index	BX index	z	Ahead
2026-10-22	79.19	68.90	-0.11	near the usual relationship
2026-10-21	77.02	63.57	+0.63	APO ahead
2026-10-20	76.70	64.02	+0.48	near the usual relationship
2026-10-19	76.51	62.13	+0.85	APO ahead
2026-10-16	76.39	61.85	+0.89	APO ahead
2026-10-15	77.15	63.36	+0.71	APO ahead
2026-10-14	78.19	61.62	+1.24	APO ahead
2026-10-13	80.19	63.81	+1.12	APO ahead
2026-10-12	82.22	66.59	+0.90	APO ahead
2026-10-09	81.82	66.31	+0.89	APO ahead
2026-10-08	79.51	65.37	+0.72	APO ahead
2026-10-07	79.68	64.88	+0.84	APO ahead
2026-10-06	79.96	65.77	+0.72	APO ahead
2026-10-05	79.55	64.78	+0.84	APO ahead
2026-10-02	78.63	64.84	+0.70	APO ahead
2026-10-01	78.85	65.12	+0.69	APO ahead
2026-09-30	80.04	65.03	+0.88	APO ahead
2026-09-29	82.06	66.14	+0.97	APO ahead
2026-09-28	82.06	66.47	+0.92	APO ahead
2026-09-25	83.92	68.71	+0.81	APO ahead
2026-09-24	83.23	68.00	+0.84	APO ahead
2026-09-23	85.76	69.20	+0.98	APO ahead
2026-09-22	85.61	71.95	+0.55	APO ahead
2026-09-21	88.21	73.34	+0.67	APO ahead
2026-09-18	86.83	72.50	+0.63	APO ahead
2026-09-17	86.89	72.76	+0.60	APO ahead
2026-09-16	85.88	71.62	+0.65	APO ahead
2026-09-15	87.58	73.51	+0.59	APO ahead
2026-09-14	88.48	74.43	+0.58	APO ahead
2026-09-11	88.95	74.56	+0.62	APO ahead
2026-09-10	88.21	72.76	+0.78	APO ahead
2026-09-09	90.32	74.88	+0.74	APO ahead
2026-09-08	90.90	77.73	+0.44	near the usual relationship
2026-09-04	92.18	78.99	+0.43	near the usual relationship
2026-09-03	92.75	79.88	+0.38	near the usual relationship
2026-09-02	91.23	79.38	+0.29	near the usual relationship
2026-09-01	90.81	79.29	+0.27	near the usual relationship
2026-08-31	94.19	83.11	+0.17	near the usual relationship
2026-08-28	93.12	82.61	+0.13	near the usual relationship
2026-08-27	92.02	83.34	-0.06	near the usual relationship
2026-08-26	92.18	83.08	-0.01	near the usual relationship
2026-08-25	91.84	83.20	-0.05	near the usual relationship
2026-08-24	91.57	83.34	-0.09	near the usual relationship
2026-08-21	91.50	83.19	-0.07	near the usual relationship
2026-08-20	89.64	82.01	-0.13	near the usual relationship
2026-08-19	92.15	84.18	-0.11	near the usual relationship
2026-08-18	92.30	81.57	+0.20	near the usual relationship
2026-08-17	92.78	81.56	+0.25	near the usual relationship
2026-08-14	97.07	83.51	+0.46	near the usual relationship
2026-08-13	99.01	86.63	+0.31	near the usual relationship
2026-08-12	95.59	84.94	+0.17	near the usual relationship
2026-08-11	96.74	85.39	+0.24	near the usual relationship
2026-08-10	91.04	82.19	+0.04	near the usual relationship
2026-08-07	87.88	79.56	+0.01	near the usual relationship
2026-08-06	88.26	77.43	+0.30	near the usual relationship
2026-08-05	89.47	78.92	+0.25	near the usual relationship
2026-08-04	91.86	79.60	+0.42	near the usual relationship
2026-08-03	89.25	78.14	+0.33	near the usual relationship
2026-07-31	86.61	74.12	+0.54	APO ahead
2026-07-30	82.93	74.30	+0.13	near the usual relationship
2026-07-29	82.59	75.08	+0.01	near the usual relationship
2026-07-28	85.99	77.69	+0.07	near the usual relationship
2026-07-27	85.68	76.93	+0.12	near the usual relationship
2026-07-24	84.55	75.42	+0.19	near the usual relationship
2026-07-23	82.06	72.23	+0.31	near the usual relationship
2026-07-22	82.09	71.26	+0.43	near the usual relationship
2026-07-21	81.65	72.03	+0.29	near the usual relationship
2026-07-20	81.54	71.72	+0.32	near the usual relationship
2026-07-17	83.08	73.63	+0.25	near the usual relationship
2026-07-16	85.06	74.83	+0.32	near the usual relationship
2026-07-15	84.01	73.71	+0.35	near the usual relationship
2026-07-14	82.70	72.27	+0.39	near the usual relationship
2026-07-13	81.95	70.81	+0.49	near the usual relationship
2026-07-10	82.99	71.41	+0.53	APO ahead
2026-07-09	82.64	70.87	+0.56	APO ahead
2026-07-08	81.47	68.82	+0.70	APO ahead
2026-07-07	82.29	70.14	+0.62	APO ahead
2026-07-06	84.25	71.61	+0.65	APO ahead
2026-07-02	81.79	71.23	+0.43	near the usual relationship
2026-07-01	81.68	69.36	+0.66	APO ahead
2026-06-30	81.59	68.27	+0.80	APO ahead
2026-06-29	79.19	66.65	+0.75	APO ahead
2026-06-26	81.57	66.95	+0.98	APO ahead
2026-06-25	83.79	66.25	+1.32	APO ahead
2026-06-24	84.55	65.55	+1.50	APO ahead
2026-06-23	90.07	69.66	+1.54	APO ahead
2026-06-22	93.24	71.51	+1.63	APO ahead
2026-06-18	94.82	71.82	+1.75	APO ahead
2026-06-17	95.79	72.53	+1.77	APO ahead
2026-06-16	95.50	74.19	+1.55	APO ahead
2026-06-15	93.86	72.31	+1.63	APO ahead
2026-06-12	92.32	71.24	+1.63	APO ahead
2026-06-11	92.35	70.13	+1.80	APO ahead
2026-06-10	90.44	68.74	+1.80	APO ahead
2026-06-09	91.51	69.79	+1.79	APO ahead
2026-06-08	87.97	66.25	+1.93	APO ahead
2026-06-05	88.29	66.92	+1.89	APO ahead
2026-06-04	88.55	68.78	+1.66	APO ahead
2026-06-03	85.75	63.98	+2.08	APO ahead
2026-06-02	88.79	66.67	+2.04	APO ahead
2026-06-01	88.42	67.85	+1.84	APO ahead
2026-05-29	88.76	67.86	+1.90	APO ahead
2026-05-28	87.93	67.38	+1.89	APO ahead
2026-05-27	89.84	68.46	+1.97	APO ahead
2026-05-26	89.59	68.53	+1.95	APO ahead
2026-05-22	88.62	68.76	+1.82	APO ahead
2026-05-21	90.27	68.79	+2.03	APO ahead
2026-05-20	91.19	67.78	+2.31	APO ahead
2026-05-19	90.44	66.29	+2.49	APO ahead
2026-05-18	92.46	67.90	+2.50	APO ahead
2026-05-15	93.36	68.40	+2.57	APO ahead
2026-05-14	93.46	71.05	+2.19	APO ahead
2026-05-13	90.75	69.40	+2.15	APO ahead
2026-05-12	90.98	71.22	+1.91	APO ahead
2026-05-11	89.97	70.43	+1.93	APO ahead
2026-05-08	91.86	71.81	+1.96	APO ahead
2026-05-07	88.12	70.97	+1.64	APO ahead
2026-05-06	89.32	72.34	+1.58	APO ahead
2026-05-05	89.86	71.20	+1.84	APO ahead
2026-05-04	89.09	71.41	+1.71	APO ahead
2026-05-01	89.97	73.31	+1.53	APO ahead
2026-04-30	88.77	72.86	+1.44	APO ahead
2026-04-29	84.33	69.52	+1.39	APO ahead
2026-04-28	85.21	70.50	+1.36	APO ahead
2026-04-27	85.05	69.84	+1.45	APO ahead
2026-04-24	85.69	70.58	+1.41	APO ahead
2026-04-23	86.04	70.97	+1.40	APO ahead
2026-04-22	89.00	75.27	+1.12	APO ahead
2026-04-21	87.76	74.55	+1.07	APO ahead
2026-04-20	87.81	74.84	+1.03	APO ahead
2026-04-17	85.94	74.89	+0.78	APO ahead
2026-04-16	83.31	74.34	+0.51	APO ahead
2026-04-15	83.13	75.53	+0.30	near the usual relationship
2026-04-14	79.18	73.29	+0.08	near the usual relationship
2026-04-13	75.82	70.68	+0.00	near the usual relationship
2026-04-10	71.91	66.62	+0.07	near the usual relationship
2026-04-09	73.77	67.82	+0.16	near the usual relationship
2026-04-08	73.82	68.27	+0.09	near the usual relationship
2026-04-07	72.66	65.40	+0.40	near the usual relationship
2026-04-06	73.17	65.12	+0.53	APO ahead
2026-04-02	73.82	65.59	+0.54	APO ahead
2026-04-01	76.03	66.33	+0.75	APO ahead
2026-03-31	76.84	66.72	+0.80	APO ahead
2026-03-30	75.82	64.75	+0.99	APO ahead
2026-03-27	74.77	62.70	+1.20	APO ahead
2026-03-26	75.84	63.61	+1.20	APO ahead
2026-03-25	75.72	62.88	+1.32	APO ahead
2026-03-24	76.72	62.65	+1.52	APO ahead
2026-03-23	76.17	63.44	+1.30	APO ahead
2026-03-20	77.24	64.07	+1.35	APO ahead
2026-03-19	76.80	65.83	+0.98	APO ahead
2026-03-18	76.68	65.87	+0.96	APO ahead
2026-03-17	75.09	64.98	+0.87	APO ahead
2026-03-16	71.34	62.15	+0.79	APO ahead
2026-03-13	72.02	61.95	+0.94	APO ahead
2026-03-12	69.17	59.25	+0.99	APO ahead
2026-03-11	73.17	62.22	+1.08	APO ahead
2026-03-10	74.59	63.80	+1.02	APO ahead
2026-03-09	74.57	64.20	+0.95	APO ahead
2026-03-06	74.96	64.05	+1.04	APO ahead
2026-03-05	76.71	67.04	+0.79	APO ahead
2026-03-04	75.71	66.22	+0.78	APO ahead
2026-03-03	73.84	64.35	+0.82	APO ahead
2026-03-02	73.41	66.91	+0.30	near the usual relationship
2026-02-27	72.13	65.78	+0.29	near the usual relationship
2026-02-26	78.89	68.43	+0.88	APO ahead
2026-02-25	80.83	68.59	+1.14	APO ahead
2026-02-24	78.70	67.54	+1.01	APO ahead
2026-02-23	78.43	65.97	+1.25	APO ahead
2026-02-20	82.56	70.36	+1.10	APO ahead
2026-02-19	81.61	72.96	+0.54	APO ahead
2026-02-18	86.45	77.11	+0.56	APO ahead
2026-02-17	86.30	76.23	+0.67	APO ahead
2026-02-13	86.25	75.34	+0.80	APO ahead
2026-02-12	86.46	75.29	+0.84	APO ahead
2026-02-11	87.55	77.44	+0.65	APO ahead
2026-02-10	91.32	77.64	+1.12	APO ahead
2026-02-09	92.37	76.25	+1.48	APO ahead
2026-02-06	91.74	75.24	+1.56	APO ahead
2026-02-05	86.95	73.58	+1.20	APO ahead
2026-02-04	91.58	78.06	+1.11	APO ahead
2026-02-03	87.48	77.67	+0.63	APO ahead
2026-02-02	91.85	81.97	+0.57	APO ahead
2026-01-30	92.78	82.63	+0.59	APO ahead
2026-01-29	92.75	82.93	+0.55	APO ahead
2026-01-28	91.64	85.16	+0.09	near the usual relationship
2026-01-27	90.84	86.10	-0.15	near the usual relationship
2026-01-26	90.72	87.07	-0.30	near the usual relationship
2026-01-23	94.00	87.31	+0.09	near the usual relationship
2026-01-22	96.36	89.88	+0.04	near the usual relationship
2026-01-21	96.22	90.49	-0.06	near the usual relationship
2026-01-20	95.61	89.30	+0.02	near the usual relationship
2026-01-16	99.22	94.86	-0.26	near the usual relationship
2026-01-15	99.41	93.30	-0.04	near the usual relationship
2026-01-14	99.34	92.08	+0.10	near the usual relationship
2026-01-13	98.78	90.07	+0.30	near the usual relationship
2026-01-12	99.24	90.84	+0.25	near the usual relationship
2026-01-09	100.56	91.45	+0.32	near the usual relationship
2026-01-08	100.81	90.10	+0.53	APO ahead
2026-01-07	99.50	89.11	+0.50	APO ahead
2026-01-06	105.30	94.37	+0.49	near the usual relationship
2026-01-05	103.28	94.19	+0.28	near the usual relationship
2026-01-02	101.10	92.13	+0.29	near the usual relationship
2025-12-31	99.83	89.43	+0.49	near the usual relationship
2025-12-30	100.72	89.80	+0.54	APO ahead
2025-12-29	101.56	90.00	+0.61	APO ahead
2025-12-26	102.42	90.17	+0.68	APO ahead
2025-12-24	102.65	90.26	+0.70	APO ahead
2025-12-23	102.32	90.02	+0.68	APO ahead
2025-12-22	102.68	90.41	+0.67	APO ahead
2025-12-19	100.92	87.95	+0.79	APO ahead
2025-12-18	100.89	89.19	+0.63	APO ahead
2025-12-17	100.96	88.88	+0.68	APO ahead
2025-12-16	101.48	88.24	+0.82	APO ahead
2025-12-15	101.26	87.22	+0.94	APO ahead
2025-12-12	102.10	87.71	+0.97	APO ahead
2025-12-11	103.67	89.41	+0.93	APO ahead
2025-12-10	102.81	90.86	+0.65	APO ahead
2025-12-09	99.23	90.52	+0.27	near the usual relationship
2025-12-08	94.74	87.82	+0.09	near the usual relationship
2025-12-05	95.26	88.27	+0.09	near the usual relationship
2025-12-04	94.30	87.83	+0.03	near the usual relationship
2025-12-03	92.75	87.91	-0.18	near the usual relationship
2025-12-02	91.08	85.14	-0.02	near the usual relationship
2025-12-01	90.61	84.91	-0.05	near the usual relationship
2025-11-28	90.92	84.95	-0.01	near the usual relationship
2025-11-26	89.84	84.08	-0.03	near the usual relationship
2025-11-25	90.08	83.22	+0.13	near the usual relationship
2025-11-24	89.72	82.05	+0.25	near the usual relationship
2025-11-21	89.66	82.77	+0.14	near the usual relationship
2025-11-20	87.41	80.31	+0.19	near the usual relationship
2025-11-19	87.72	80.44	+0.22	near the usual relationship
2025-11-18	85.73	79.21	+0.13	near the usual relationship
2025-11-17	85.75	80.31	-0.03	near the usual relationship
2025-11-14	90.06	82.06	+0.29	near the usual relationship
2025-11-13	88.76	80.95	+0.28	near the usual relationship
2025-11-12	92.12	83.75	+0.32	near the usual relationship
2025-11-11	91.64	84.11	+0.21	near the usual relationship
2025-11-10	90.28	83.72	+0.09	near the usual relationship
2025-11-07	91.28	84.67	+0.09	near the usual relationship
2025-11-06	88.95	83.22	-0.01	near the usual relationship
2025-11-05	92.24	83.73	+0.34	near the usual relationship
2025-11-04	90.00	82.88	+0.18	near the usual relationship
2025-11-03	85.48	83.79	-0.54	BX ahead
2025-10-31	85.73	85.08	-0.69	BX ahead
2025-10-30	85.13	86.09	-0.91	BX ahead
2025-10-29	86.12	86.40	-0.82	BX ahead
2025-10-28	85.84	88.01	-1.07	BX ahead
2025-10-27	87.15	89.26	-1.07	BX ahead
2025-10-24	86.20	89.70	-1.26	BX ahead
2025-10-23	84.86	89.92	-1.48	BX ahead
2025-10-22	87.26	93.83	-1.66	BX ahead
2025-10-21	86.88	93.66	-1.70	BX ahead
2025-10-20	86.33	93.08	-1.72	BX ahead
2025-10-17	83.70	90.69	-1.80	BX ahead
2025-10-16	83.33	91.65	-2.00	BX ahead
2025-10-15	88.06	95.10	-1.80	BX ahead
2025-10-14	88.02	95.14	-1.83	BX ahead
2025-10-13	84.44	91.76	-1.92	BX ahead
2025-10-10	81.53	89.21	-2.03	BX ahead
2025-10-09	85.19	93.21	-2.05	BX ahead
2025-10-08	86.06	94.26	-2.09	BX ahead
2025-10-07	86.93	95.68	-2.18	BX ahead
2025-10-06	87.37	96.83	-2.29	BX ahead
2025-10-03	86.81	97.73	-2.53	BX ahead
2025-10-02	87.74	96.65	-2.27	BX ahead
2025-10-01	89.61	97.53	-2.12	BX ahead
2025-09-30	91.90	99.12	-2.01	BX ahead
2025-09-29	95.47	102.19	-1.92	BX ahead
2025-09-26	94.91	101.72	-1.94	BX ahead
2025-09-25	93.88	101.88	-2.12	BX ahead
2025-09-24	94.59	103.32	-2.21	BX ahead
2025-09-23	99.92	107.28	-1.97	BX ahead
2025-09-22	99.28	107.70	-2.10	BX ahead
2025-09-19	99.82	108.85	-2.17	BX ahead
2025-09-18	98.95	109.47	-2.35	BX ahead
2025-09-17	95.73	106.53	-2.43	BX ahead
2025-09-16	96.58	106.59	-2.33	BX ahead
2025-09-15	95.50	106.64	-2.48	BX ahead
2025-09-12	95.19	105.22	-2.34	BX ahead
2025-09-11	94.06	106.71	-2.70	BX ahead
2025-09-10	92.16	103.41	-2.57	BX ahead
2025-09-09	92.70	100.47	-2.11	BX ahead
2025-09-08	92.71	100.55	-2.13	BX ahead
2025-09-05	90.72	98.62	-2.17	BX ahead
2025-09-04	92.93	98.57	-1.85	BX ahead
2025-09-03	91.46	97.09	-1.86	BX ahead
2025-09-02	93.68	98.37	-1.72	BX ahead
2025-08-29	93.95	99.44	-1.83	BX ahead
2025-08-28	94.06	99.80	-1.86	BX ahead
2025-08-27	93.59	99.58	-1.90	BX ahead
2025-08-26	92.68	99.46	-2.02	BX ahead
2025-08-25	92.33	98.34	-1.92	BX ahead
2025-08-22	92.55	98.92	-1.98	BX ahead
2025-08-21	92.41	94.82	-1.43	BX ahead
2025-08-20	93.33	95.42	-1.38	BX ahead
2025-08-19	94.53	97.06	-1.43	BX ahead
2025-08-18	96.12	98.18	-1.35	BX ahead
2025-08-15	96.12	99.57	-1.54	BX ahead
2025-08-14	97.01	101.35	-1.65	BX ahead
2025-08-13	97.20	102.47	-1.77	BX ahead
2025-08-12	99.72	100.80	-1.20	BX ahead
2025-08-11	98.01	98.67	-1.14	BX ahead
2025-08-08	97.90	98.00	-1.05	BX ahead
2025-08-07	97.31	97.26	-1.02	BX ahead
2025-08-06	100.59	98.25	-0.70	BX ahead
2025-08-05	100.37	97.28	-0.60	BX ahead
2025-08-04	97.94	98.92	-1.15	BX ahead
2025-08-01	95.37	98.86	-1.50	BX ahead
2025-07-31	100.21	100.35	-1.04	BX ahead
2025-07-30	100.31	101.73	-1.21	BX ahead
2025-07-29	101.94	102.72	-1.13	BX ahead
2025-07-28	102.54	102.66	-1.05	BX ahead
2025-07-25	104.22	103.33	-0.92	BX ahead
2025-07-24	104.57	103.34	-0.88	BX ahead
2025-07-23	104.72	99.77	-0.39	near the usual relationship
2025-07-22	103.20	98.27	-0.38	near the usual relationship
2025-07-21	102.54	96.71	-0.26	near the usual relationship
2025-07-18	104.82	97.89	-0.12	near the usual relationship
2025-07-17	107.61	100.08	-0.07	near the usual relationship
2025-07-16	105.31	96.26	+0.16	near the usual relationship
2025-07-15	100.49	92.71	+0.03	near the usual relationship
2025-07-14	102.43	94.78	-0.01	near the usual relationship
2025-07-11	101.50	93.99	-0.02	near the usual relationship
2025-07-10	102.21	95.18	-0.10	near the usual relationship
2025-07-09	101.13	92.06	+0.20	near the usual relationship
2025-07-08	100.00	90.71	+0.25	near the usual relationship
2025-07-07	97.60	88.76	+0.21	near the usual relationship
2025-07-03	99.63	90.00	+0.30	near the usual relationship
2025-07-02	98.46	89.09	+0.27	near the usual relationship
2025-07-01	97.67	88.63	+0.23	near the usual relationship
2025-06-30	97.83	86.78	+0.53	APO ahead
2025-06-27	98.56	87.67	+0.50	APO ahead
2025-06-26	96.10	85.97	+0.42	near the usual relationship
2025-06-25	94.98	83.30	+0.69	APO ahead
2025-06-24	96.48	83.58	+0.85	APO ahead
2025-06-23	92.43	80.25	+0.82	APO ahead
2025-06-20	92.77	79.89	+0.93	APO ahead
2025-06-18	91.78	79.77	+0.81	APO ahead
2025-06-17	91.28	78.72	+0.92	APO ahead
2025-06-16	92.48	80.22	+0.84	APO ahead
2025-06-13	91.10	79.14	+0.82	APO ahead
2025-06-12	95.24	81.68	+0.99	APO ahead
2025-06-11	95.19	82.03	+0.93	APO ahead
2025-06-10	93.52	82.94	+0.55	APO ahead
2025-06-09	92.07	81.21	+0.62	APO ahead
2025-06-06	92.03	81.49	+0.57	APO ahead
2025-06-05	89.84	79.93	+0.50	APO ahead
2025-06-04	89.86	80.51	+0.40	near the usual relationship
2025-06-03	90.41	80.65	+0.46	near the usual relationship
2025-06-02	90.01	80.53	+0.42	near the usual relationship
2025-05-30	90.12	80.51	+0.44	near the usual relationship
2025-05-29	90.82	80.58	+0.53	APO ahead
2025-05-28	90.69	80.30	+0.56	APO ahead
2025-05-27	91.84	80.82	+0.64	APO ahead
2025-05-23	90.25	78.97	+0.72	APO ahead
2025-05-22	90.21	79.44	+0.64	APO ahead
2025-05-21	90.12	79.77	+0.58	APO ahead
2025-05-20	96.06	83.66	+0.80	APO ahead
2025-05-19	98.34	84.39	+1.00	APO ahead
2025-05-16	99.19	85.11	+1.01	APO ahead
2025-05-15	99.30	85.14	+1.03	APO ahead
2025-05-14	99.47	86.11	+0.90	APO ahead
2025-05-13	100.04	86.21	+0.97	APO ahead
2025-05-12	98.92	86.45	+0.79	APO ahead
2025-05-09	91.35	80.87	+0.61	APO ahead
2025-05-08	91.85	81.12	+0.65	APO ahead
2025-05-07	89.19	78.99	+0.61	APO ahead
2025-05-06	89.17	77.74	+0.82	APO ahead
2025-05-05	92.39	78.97	+1.10	APO ahead
2025-05-02	93.35	79.73	+1.11	APO ahead
2025-05-01	95.09	77.39	+1.78	APO ahead
2025-04-30	94.12	76.42	+1.84	APO ahead
2025-04-29	94.86	77.48	+1.77	APO ahead
2025-04-28	94.03	77.50	+1.66	APO ahead
2025-04-25	91.99	77.08	+1.44	APO ahead
2025-04-24	91.94	78.06	+1.27	APO ahead
2025-04-23	87.27	73.68	+1.36	APO ahead
2025-04-22	85.31	72.47	+1.28	APO ahead
2025-04-21	82.50	69.75	+1.36	APO ahead
2025-04-17	87.43	75.65	+1.04	APO ahead
2025-04-16	86.35	75.06	+0.98	APO ahead
2025-04-15	88.16	77.48	+0.83	APO ahead
2025-04-14	86.56	75.70	+0.91	APO ahead
2025-04-11	86.84	73.79	+1.33	APO ahead
2025-04-10	85.46	73.94	+1.08	APO ahead
2025-04-09	88.58	79.69	+0.52	APO ahead
2025-04-08	76.14	69.66	+0.28	near the usual relationship
2025-04-07	77.48	72.32	+0.00	near the usual relationship
2025-04-04	74.95	72.55	-0.52	BX ahead
2025-04-03	85.13	77.22	+0.41	near the usual relationship
2025-04-02	97.59	85.67	+0.88	APO ahead
2025-04-01	95.42	82.85	+1.05	APO ahead
2025-03-31	94.43	81.10	+1.22	APO ahead
2025-03-28	94.45	80.13	+1.40	APO ahead
2025-03-27	97.94	83.84	+1.28	APO ahead
2025-03-26	99.74	85.09	+1.34	APO ahead
2025-03-25	101.99	87.73	+1.23	APO ahead
2025-03-24	102.34	88.23	+1.21	APO ahead
2025-03-21	98.90	86.04	+1.09	APO ahead
2025-03-20	99.83	86.30	+1.19	APO ahead
2025-03-19	98.89	86.86	+0.96	APO ahead
2025-03-18	94.78	84.82	+0.69	APO ahead
2025-03-17	95.65	85.74	+0.67	APO ahead
2025-03-14	92.63	81.74	+0.91	APO ahead
2025-03-13	89.81	79.21	+0.92	APO ahead
2025-03-12	93.04	81.54	+1.02	APO ahead
2025-03-11	89.94	80.15	+0.78	APO ahead
2025-03-10	86.90	80.86	+0.14	near the usual relationship
2025-03-07	91.30	84.21	+0.28	near the usual relationship
2025-03-06	92.95	84.49	+0.49	near the usual relationship
2025-03-05	96.91	88.21	+0.48	near the usual relationship
2025-03-04	95.11	87.45	+0.33	near the usual relationship
2025-03-03	99.70	91.98	+0.28	near the usual relationship
2025-02-28	102.94	93.50	+0.52	APO ahead
2025-02-27	101.68	91.31	+0.69	APO ahead
2025-02-26	101.82	92.52	+0.52	APO ahead
2025-02-25	100.20	91.22	+0.49	near the usual relationship
2025-02-24	101.97	91.13	+0.77	APO ahead
2025-02-21	103.82	91.89	+0.92	APO ahead
2025-02-20	108.12	95.09	+1.02	APO ahead
2025-02-19	110.52	96.80	+1.09	APO ahead
2025-02-18	111.76	96.74	+1.28	APO ahead
2025-02-14	112.28	95.64	+1.53	APO ahead
2025-02-13	108.90	93.11	+1.49	APO ahead
2025-02-12	108.57	93.35	+1.42	APO ahead
2025-02-11	109.01	95.60	+1.13	APO ahead
2025-02-10	111.83	97.82	+1.18	APO ahead
2025-02-07	112.72	98.79	+1.16	APO ahead
2025-02-06	113.70	101.27	+0.92	APO ahead
2025-02-05	114.30	101.44	+0.98	APO ahead
2025-02-04	112.12	99.11	+1.05	APO ahead
2025-02-03	115.25	100.68	+1.24	APO ahead
2025-01-31	117.91	102.76	+1.28	APO ahead
2025-01-30	118.45	103.14	+1.30	APO ahead
2025-01-29	117.99	107.55	+0.62	APO ahead
2025-01-28	116.76	107.68	+0.45	near the usual relationship
2025-01-27	115.34	105.89	+0.52	APO ahead
2025-01-24	118.65	108.34	+0.61	APO ahead
2025-01-23	117.06	107.64	+0.51	APO ahead
2025-01-22	116.47	106.04	+0.67	APO ahead
2025-01-21	116.71	105.31	+0.80	APO ahead
2025-01-17	115.16	104.40	+0.74	APO ahead
2025-01-16	114.42	102.53	+0.92	APO ahead
2025-01-15	113.68	101.61	+0.97	APO ahead
2025-01-14	109.88	98.24	+0.97	APO ahead
2025-01-13	106.75	96.18	+0.86	APO ahead
2025-01-10	107.16	95.64	+1.01	APO ahead
2025-01-08	111.70	100.93	+0.83	APO ahead
2025-01-07	112.03	99.41	+1.11	APO ahead
2025-01-06	116.61	101.41	+1.41	APO ahead
2025-01-03	116.59	102.06	+1.32	APO ahead
2025-01-02	114.38	100.81	+1.22	APO ahead
2024-12-31	113.90	100.03	+1.27	APO ahead
2024-12-30	114.83	99.82	+1.41	APO ahead
2024-12-27	117.43	100.96	+1.56	APO ahead
2024-12-26	120.25	102.38	+1.69	APO ahead
2024-12-24	120.58	101.93	+1.79	APO ahead
2024-12-23	118.36	99.90	+1.81	APO ahead
2024-12-20	117.94	99.12	+1.88	APO ahead
2024-12-19	116.98	98.00	+1.93	APO ahead
2024-12-18	115.47	99.62	+1.56	APO ahead
2024-12-17	121.59	106.24	+1.40	APO ahead
2024-12-16	122.85	109.34	+1.16	APO ahead
2024-12-13	121.67	109.32	+1.05	APO ahead
2024-12-12	121.65	110.41	+0.92	APO ahead
2024-12-11	123.17	111.63	+0.95	APO ahead
2024-12-10	120.48	109.98	+0.86	APO ahead
2024-12-09	118.94	107.54	+0.99	APO ahead
2024-12-06	122.65	108.49	+1.29	APO ahead
2024-12-05	121.18	108.61	+1.13	APO ahead
2024-12-04	120.50	107.62	+1.18	APO ahead
2024-12-03	119.30	108.01	+1.01	APO ahead
2024-12-02	118.85	108.52	+0.91	APO ahead
2024-11-29	120.70	110.87	+0.84	APO ahead
2024-11-27	119.89	109.67	+0.90	APO ahead
2024-11-26	121.12	111.20	+0.86	APO ahead
2024-11-25	120.47	112.04	+0.69	APO ahead
2024-11-22	115.55	115.49	-0.24	near the usual relationship
2024-11-21	113.80	112.56	-0.11	near the usual relationship
2024-11-20	112.33	107.35	+0.34	near the usual relationship
2024-11-19	116.03	107.28	+0.78	APO ahead
2024-11-18	113.31	106.18	+0.61	APO ahead
2024-11-15	112.84	105.25	+0.67	APO ahead
2024-11-14	113.31	105.13	+0.74	APO ahead
2024-11-13	113.33	105.34	+0.72	APO ahead
2024-11-12	112.92	104.82	+0.75	APO ahead
2024-11-11	114.99	106.27	+0.81	APO ahead
2024-11-08	111.72	102.96	+0.85	APO ahead
2024-11-07	110.21	102.29	+0.76	APO ahead
2024-11-06	112.87	102.33	+1.07	APO ahead
2024-11-05	102.94	98.41	+0.38	near the usual relationship
2024-11-04	96.15	96.91	-0.32	near the usual relationship
2024-11-01	97.23	97.55	-0.26	near the usual relationship
2024-10-31	98.79	97.33	-0.02	near the usual relationship
2024-10-30	100.59	99.52	-0.08	near the usual relationship
2024-10-29	100.70	98.52	+0.07	near the usual relationship
2024-10-28	99.88	98.61	-0.05	near the usual relationship
2024-10-25	98.68	97.18	-0.02	near the usual relationship
2024-10-24	100.88	98.43	+0.10	near the usual relationship
2024-10-23	98.99	96.84	+0.06	near the usual relationship
2024-10-22	99.26	97.76	-0.03	near the usual relationship
2024-10-21	99.83	99.08	-0.13	near the usual relationship
2024-10-18	100.00	100.00	-0.23	near the usual relationship

No one-day company-specific move of 4+ standard deviations in this window. Upcoming earnings: BX Oct 22, 2026 (pre-market); APO Nov 3, 2026 (pre-market).

Paired trades

The shared paper book and the replay, kept apart

Forward paper record

No paper position on this pair yet.

Historical simulation (a diagnostic, same rules)

No simulated trade through Oct 20, 2026: the pair rarely passed every test while 2 standard deviations apart.

Per $10,000 a leg. A replay on today's companies cannot prove an edge.

The companies

APO and BX at a glance

APO Apollo Global Management Inc. (New)

Listing: NYSE · SEC CIK 1858681
Industry: Investment Managers · SIC 6282 Investment Advice
Market value: $65.5B
Price history: 2,521 daily closes, Oct 12, 2016 to Oct 22, 2026

BX Blackstone Inc.

Listing: NYSE · SEC CIK 1393818
Industry: Investment Managers · SIC 6282 Investment Advice
Market value: $80.4B
Price history: 2,521 daily closes, Oct 12, 2016 to Oct 22, 2026

Daily prices: Nasdaq.com. Filings and industry codes: SEC EDGAR. Earnings dates: Nasdaq earnings calendar.

All pairs →

Pair	Status	Ahead now	Industry
BX / KKR	Measured twin	BX by 0.80 sd	Investment Managers
BX / BAM	Watchlist	BAM by 0.96 sd	SIC 6282 Investment Advice
KKR / APO	Watchlist	APO by 0.26 sd	Investment Managers

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Paper only: hypothetical paired positions with modelled costs. No broker, no orders, no real money. A historical simulation is a diagnostic, not proof of an edge. Not investment advice.