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Apple zigs while Nasdaq zags, correlation turns negative
Apple's three-month correlation with the Nasdaq 100 turned negative at -0.12, the first time on record, and stayed negative for two consecutive months. Apple shares gained 9.7% over the period while the Nasdaq 100 rose 0.2%.
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What happened
Apple's three-month correlation with the Nasdaq 100 turned negative at -0.12, the first time on record, and stayed negative for two consecutive months. Apple shares gained 9.7% over the period while the Nasdaq 100 rose 0.2%.
Confirmed
Global impact / market context
Correlation measures how closely two investments move together. A negative reading means Apple and the Nasdaq 100 often moved in opposite directions, so Apple no longer reliably tracked the broad technology sector, changing how investors think about diversifying and hedging technology exposure.
Analyst inference
The article reports this relationship was +0.90 in June 2025 and never fell below +0.30 from 2006 through 2025. That makes the current split unusual: Apple rose far more than the index while the rest of the technology sector barely moved.
Analyst inference
What to watch
- Watch whether Apple's correlation with the Nasdaq 100 stays negative in the next reading, since the article says it has already been negative for two consecutive months. Confirmed
- Investors could review portfolios that hold both Apple and broad technology funds, because a negative correlation changes how much one holding offsets or adds to the other's moves. Proposed
- If Apple keeps moving separately from the technology index, money managers who treat it as a core technology holding may need to adjust position sizes to keep their intended sector exposure. Analyst inference