Apple Becomes Nasdaq Hedge as Correlation Slumps to 20-Year Low
Apple stock rose 2.6% amid a tech rout as the company again acts as the Nasdaq’s hedge, with its 30‑day correlation to the Nasdaq‑100 sliding to about -0.82—the most inverted in two decades—while Apple outperformed the index: up ~7% in the last month and ~20% year-to-date versus a ~1% monthly and ~15% YTD gain for the Nasdaq. Heavy options activity, with roughly 1.5 million calls traded against 700k puts and bullish net delta positioning, signals traders expect the strength to persist even as AI concerns keep weighing on tech names.