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:
Photo: Ticker Sense
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