The Capital Asset Pricing Model and Arbitrage Pricing Theory: Tests and Application SpringerLink
Generally speaking APT performs better in empirical contexts, however you have to decide for yourself what relevance academic studies have to your investment decisions. For instance, CAPM makes many assumptions, some of which are difficult to justify in the real world. To give one example, CAPM assumes all individuals can borrow and lend at the risk-free rate, which is in practice the rate the US ...