Apple Is Separating Itself From The Rest Of The Stock Market

Apple’s extraordinary $657 billion market value makes it the largest stock in the S&P 500.

But that doesn’t mean the stock market goes wherever Apple goes.

In true Apple fashion, the iPhone maker has increasingly separated itself from the rest of the stock market.

According to research conducted by Birinyi & Associates, Apple has a low 0.41 correlation with the S&P 500. In contrast, the average stock in the index boasts a correlation of 0.58.

The closer the number is to 1, the tighter the correlation.

Apple’s correlation is down from a high of 0.72 earlier this year. 

Here’s a chart from Birinyi:

apple correlation

Photo: Ticker Sense

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.