Apple zigs while Nasdaq zags, correlation turns negative
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Apple’s (AAPL) three-month correlation with the Nasdaq 100 has turned negative, reaching -0.12, for the first time on record.
The Kobeissi Letter said the correlation had remained negative for two consecutive months.
"By comparison, in June 2025, the 3-month correlation stood at +0.90, as Apple and other technology stocks rallied together. To put this into perspective, from 2006 through 2025, the correlation never fell below +0.30," The Kobeissi Letter said.
"The divergence between Apple and the rest of the tech sector is unprecedented," The Kobeissi Letter added.
Portfolio manager, Blake Millard, in a separate post, also highlighted the shift, saying Apple was negatively correlated with the QQQ ETF, which tracks the Nasdaq 100, for the first time in history.
Apple shares gained 9.7% over the period, while the Nasdaq 100 rose 0.2%.
The chart showed the correlation fluctuating mostly in positive territory over the past three decades before falling below zero in its latest reading.
Here is the chart:
The Kobeissi Letter
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